Fully charged
Initiating at BUY on Malaysia Tech's purest EV proxy
Genetec's market cap has increased 22.5x since 2021, but the best is yet to come,
in our view. It is poised to capture a portion of the US$137bn capex for battery
plants through 2035 (Bloomberg Intelligence) and we expect earnings to surge 88%
over the next two years on new orders. Opportunities over the next nine months
could lift 23CL earnings by 302% YoY. Upside to valuations can come from earnings
in Malaysia Tech. Initiate BUY at a target price of RM4.50, implying 82% upside.