Dec 13, 2022
Public space networked systems provider ITMAX gains 29% on Main Market debut
by Syafiqah Salim
Plans to increase video surveillance facilities (artificial intelligence cameras) in Kuala Lumpur to 50,000 over the next 10 years as part of its expansion plans.
“Now we have 5,000 cameras in KL, compared to around 1,000 cameras in 2018. But to cover blind spots we need 50,000 cameras in the city. It will take some time, 10 years is achievable”.
ITMAX is principally involved in the business of supply and installation and provision of public space networked systems and investment holdings.
IPO price of RM1.07.
About RM600m orderbook to provide earnings visibility until FY2029
ITMAX has secured 19 contracts and has a current orderbook of about RM600 million, which provides earnings visibility until the financial year 2029 (FY2029).
About 70% of the company's total order book (RM420 million) came from its major single customer DBKL, Tan said.
“We will also get contracts from Home Affairs Ministry and other local councils.
Its profit after tax climbed to RM29.2 million in FY2021, compared with RM12.7 million in FY2020 and RM1.6 million in FY2019.
Revenue grew to RM79.8 million in FY2021 from RM47.5 million in FY2020 and RM37.2 million in FY2019.
Strong balance sheet with a net cash position of RM146 million (or 14 sen per share).
Source: theedgemarkets.com
https://www.theedgemarkets.com/article/ ... rice-rm107
