ITMAX System Berhad

KLSE:ITMAX Stock Report

Market Cap: RM 3.6b

ITMAX System Berhad Valuation

Is ITMAX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ITMAX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ITMAX (MYR3.56) is trading above our estimate of fair value (MYR2.34)

Significantly Below Fair Value: ITMAX is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ITMAX?

Key metric: As ITMAX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ITMAX. This is calculated by dividing ITMAX's market cap by their current earnings.
What is ITMAX's PE Ratio?
PE Ratio52.2x
EarningsRM 70.16m
Market CapRM 3.58b

Price to Earnings Ratio vs Peers

How does ITMAX's PE Ratio compare to its peers?

The above table shows the PE ratio for ITMAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.7x
QES QES Group Berhad
34x37.8%RM 433.8m
MIKROMB Mikro MSC Berhad
7.2xn/aRM 257.6m
K1 K-One Technology Berhad
37.1xn/aRM 137.3m
VS V.S. Industry Berhad
20.5x18.4%RM 4.2b
ITMAX ITMAX System Berhad
52.2x22.0%RM 3.6b

Price-To-Earnings vs Peers: ITMAX is expensive based on its Price-To-Earnings Ratio (52.2x) compared to the peer average (24.7x).

Price to Earnings Ratio vs Industry

How does ITMAX's PE Ratio compare vs other companies in the MY Electronic Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
HM Harvest Miracle Capital Berhad
5xn/aUS$7.33m
No more companies available in this PE range
ITMAX 52.2xIndustry Avg. 28.7xNo. of Companies4PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ITMAX is expensive based on its Price-To-Earnings Ratio (52.2x) compared to the MY Electronic industry average (28.7x).

Price to Earnings Ratio vs Fair Ratio

What is ITMAX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ITMAX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio52.2x
Fair PE Ratio28.6x

Price-To-Earnings vs Fair Ratio: ITMAX is expensive based on its Price-To-Earnings Ratio (52.2x) compared to the estimated Fair Price-To-Earnings Ratio (28.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ITMAX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 3.56
RM 4.40
+23.7%
5.7%RM 4.71RM 4.10n/a3
Nov ’25RM 3.51
RM 4.40
+25.5%
5.7%RM 4.71RM 4.10n/a3
Oct ’25RM 3.51
RM 4.35
+24.0%
6.0%RM 4.71RM 4.10n/a3
Sep ’25RM 3.43
RM 4.35
+26.9%
6.0%RM 4.71RM 4.10n/a3
Aug ’25RM 3.23
RM 3.19
-1.3%
18.4%RM 4.00RM 2.65n/a3
Jul ’25RM 2.55
RM 2.82
+10.6%
4.3%RM 2.91RM 2.65n/a3
Jun ’25RM 2.28
RM 2.78
+21.7%
4.5%RM 2.90RM 2.65n/a2
May ’25RM 2.25
RM 2.78
+23.3%
4.5%RM 2.90RM 2.65n/a2
Apr ’25RM 2.33
RM 2.78
+19.1%
4.5%RM 2.90RM 2.65n/a2
Mar ’25RM 2.33
RM 2.69
+15.2%
8.0%RM 2.90RM 2.47n/a2
Feb ’25RM 2.00
RM 2.09
+4.5%
0.5%RM 2.10RM 2.08n/a2
Jan ’25RM 1.79
RM 2.09
+16.8%
0.5%RM 2.10RM 2.08n/a2
Dec ’24RM 1.74
RM 2.09
+20.1%
0.5%RM 2.10RM 2.08n/a2
Nov ’24RM 1.77
RM 2.09
+18.1%
0.5%RM 2.10RM 2.08RM 3.512
Oct ’24RM 1.81
RM 2.09
+15.5%
0.5%RM 2.10RM 2.08RM 3.512
Sep ’24RM 1.43
RM 1.76
+22.7%
2.6%RM 1.80RM 1.71RM 3.432
Aug ’24RM 1.42
RM 1.76
+23.6%
2.6%RM 1.80RM 1.71RM 3.232
Jul ’24RM 1.40
RM 1.53
+9.5%
15.0%RM 1.80RM 1.24RM 2.554
Jun ’24RM 1.40
RM 1.47
+5.2%
16.2%RM 1.80RM 1.24RM 2.283
May ’24RM 1.43
RM 1.47
+3.0%
16.2%RM 1.80RM 1.24RM 2.253
Apr ’24RM 1.35
RM 1.31
-3.0%
5.3%RM 1.38RM 1.24RM 2.332
Mar ’24RM 1.43
RM 1.31
-8.4%
5.3%RM 1.38RM 1.24RM 2.332
Feb ’24RM 1.55
RM 1.31
-15.5%
5.3%RM 1.38RM 1.24RM 2.002
Jan ’24RM 1.42
RM 1.31
-7.7%
5.3%RM 1.38RM 1.24RM 1.792

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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