QES Group Berhad

KLSE:QES Stock Report

Market Cap: RM 425.4m

QES Group Berhad Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 QES when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: QES (MYR0.51) is trading above our estimate of fair value (MYR0.12)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for QES. This is calculated by dividing QES's market cap by their current earnings.
What is QES's PE Ratio?
PE Ratio33.7x
EarningsRM 12.63m
Market CapRM 425.41m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for QES vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average42.8x
MIKROMB Mikro MSC Berhad
6.9xn/aRM 246.9m
K1 K-One Technology Berhad
38.3xn/aRM 137.3m
ITMAX ITMAX System Berhad
52.2x22.0%RM 3.7b
SOLUTN Solution Group Berhad
73.6xn/aRM 60.5m
QES QES Group Berhad
33.7x37.8%RM 425.4m

Price-To-Earnings vs Peers: QES is good value based on its Price-To-Earnings Ratio (33.7x) compared to the peer average (42.8x).

Price to Earnings Ratio vs Industry

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

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
QES 33.7xIndustry Avg. 31.1xNo. of Companies4PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QES is expensive based on its Price-To-Earnings Ratio (33.7x) compared to the MY Electronic industry average (31.9x).

Price to Earnings Ratio vs Fair Ratio

What is QES'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.

QES PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio33.7x
Fair PE Ratio32.7x

Price-To-Earnings vs Fair Ratio: QES is expensive based on its Price-To-Earnings Ratio (33.7x) compared to the estimated Fair Price-To-Earnings Ratio (32.7x).

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 QES forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentRM 0.51
RM 0.84
+64.1%
5.7%RM 0.88RM 0.77n/a3
Nov ’25RM 0.51
RM 0.86
+71.3%
1.2%RM 0.88RM 0.85n/a3
Oct ’25RM 0.55
RM 0.86
+57.3%
1.2%RM 0.88RM 0.85n/a3
Sep ’25RM 0.57
RM 0.86
+51.8%
1.2%RM 0.88RM 0.85n/a3
Aug ’25RM 0.69
RM 0.86
+25.2%
0.3%RM 0.86RM 0.85n/a2
Jul ’25RM 0.72
RM 0.86
+19.1%
0.3%RM 0.86RM 0.85n/a2
Jun ’25RM 0.66
RM 0.86
+30.9%
0.3%RM 0.86RM 0.85n/a2
Dec ’24RM 0.50
RM 0.71
+42.5%
1.8%RM 0.72RM 0.70n/a2
Nov ’24RM 0.50
RM 0.71
+42.5%
1.8%RM 0.72RM 0.70RM 0.512
Oct ’24RM 0.55
RM 0.71
+30.7%
1.8%RM 0.72RM 0.70RM 0.552
Sep ’24RM 0.59
RM 0.71
+20.8%
1.8%RM 0.72RM 0.70RM 0.572
Aug ’24RM 0.58
RM 0.71
+22.2%
2.1%RM 0.73RM 0.70RM 0.692
Jul ’24RM 0.56
RM 0.71
+26.5%
2.1%RM 0.73RM 0.70RM 0.722
Jun ’24RM 0.56
RM 0.68
+22.0%
6.8%RM 0.73RM 0.62RM 0.663
May ’24RM 0.58
RM 0.72
+24.1%
10.8%RM 0.81RM 0.62RM 0.583
Apr ’24RM 0.61
RM 0.72
+17.1%
10.8%RM 0.81RM 0.62RM 0.613
Mar ’24RM 0.63
RM 0.72
+14.3%
10.8%RM 0.81RM 0.62RM 0.533
Feb ’24RM 0.70
RM 0.64
-8.7%
2.6%RM 0.66RM 0.62RM 0.493
Jan ’24RM 0.64
RM 0.64
+0.5%
2.6%RM 0.66RM 0.62RM 0.513
Dec ’23RM 0.61
RM 0.64
+5.5%
2.6%RM 0.66RM 0.62RM 0.503
Nov ’23RM 0.46
RM 0.65
+40.2%
2.3%RM 0.66RM 0.63RM 0.502

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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