HLIB positive with ITMAX's RM47mil contract win

TheStar Fri, Feb 09, 2024 10:43am - 2 months View Original


KUALA LUMPUR: Hong Leong Investment Bank Research (HLIB Research) is positive on ITMax System Bhd’s RM47.2mil street lights replacement.

ITMAX gained four sen, or 1.97% to RM2.07 with 584,800 shares traded at 10.36 am.

The company has recently secured a variation order (VO) from Kuala Lumpur City Hall (DBKL) for the replacement of LED street lights in Kuala Lumpur, for RM47.20mil.

“We view this news positively and remain upbeat on its prospects. This VO will cover the replacement of about 18,000 street lights which is about one third of the total in KL (about 45,000 - 50,000) and we believe that it is likely to win the remaining with potential contract value of RM71-RM84mil. This VO is expected to be completed within 1-2 years,” HLIB said.

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