Broker: Maybank Investment Bank Berhad
Date of Report: April 16, 2026
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- Stock: ITMAX System Bhd (ITMAX MK)
- Action: BUY (Maintain)
- Target Price: MYR 5.90 (raised from MYR 5.83)
- Key Highlights:
- ITMAX secured a MYR604m contract (VO3) from Majlis Bandaraya Johor Bahru (MBJB) for AI-powered CCTV deployment, increasing its CCTV count for MBJB to 2,500 units.
- The contract covers a 20-year period and is expected to contribute to earnings from FY27 onwards.
- ITMAX is collaborating with MBJB on a “Digital Twin” solution for city intelligence and planning.
- FY27-28 earnings forecasts raised by 2-3% due to the new mandate; FY26 estimates unchanged.
- The stock’s target price was lifted due to continued contract wins and growth prospects, especially as current deployments are well below MBJB’s estimated requirement of 34,000 CCTVs.
- Actionable Insight: Investors are encouraged to BUY ITMAX System Bhd, with a new target price of MYR 5.90, supported by contract wins and long-term growth visibility.
above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website : https://www.maybank.com/investment-banking
