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: Maintain BUY
- Target Price: MYR 5.90 (raised from MYR 5.83)
- Current Price (at time of report): MYR 4.94
- Key Idea: ITMAX secured a MYR604m contract with Majlis Bandaraya Johor Bahru (MBJB) for the provision of AI-powered CCTVs over 20 years, which will increase their CCTV deployment for MBJB to 2,500 units. This is still well below MBJB’s estimated requirement of 34,000 CCTVs, indicating significant growth potential. Contributions from this new contract are expected from FY27 onwards.
- Highlights:
- ITMAX will also collaborate with MBJB on developing a “Digital Twin” city intelligence solution, enhancing their position as a key digital infrastructure partner in Johor.
- FY27-28 earnings forecasts are raised by 2-3% based on the new contract win.
- Strong earnings growth is expected, supported by a robust pipeline and opportunities from new and existing customers.
- Implications: The expanded CCTV mandate and digital twin project enhance ITMAX’s revenue visibility and growth prospects, reinforcing its leadership in Malaysia’s smart city and digital infrastructure space. The target price implies a potential upside of 20% from the current price.
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
