Broker Name: UOB Kay Hian
Date of Report: 18 March 2026

Excerpt from UOB Kay Hian report.

• Zetrix AI received positive investor interest at the ASEAN Gems Conference, with its blockchain and web3 ventures expected to strengthen earnings and unlock shareholder value through a potential spin-off and Nasdaq listing.
• The World Bank’s IFC invested US\$40m for a 2.5% stake, supporting Zetrix’s rollout of blockchain public infrastructure and AI tools across Malaysia and ASEAN.
• Zetrix’s blockchain services, including ZTrade and My Digital ID, are gaining traction in e-government and cross-border trade, with anticipated significant monetisation from registration and recurring fees.
• Financial forecasts show strong revenue and profit growth, improving margins, reduced capex, and potential for special dividends.
• Zetrix maintains robust ESG practices, with limited environmental footprint, community contributions, and adherence to corporate governance standards.
• UOB Kay Hian maintains a BUY rating with a target price of RM1.56, citing catalysts like improved cash flow, lower debt, and higher dividends.

Above is an excerpt from a report by UOB Kay Hian. Clients of UOB Kay Hian can be the first to access the full report from the UOB Kay Hian website: https://www.uobkayhian.com