If infom can go 1.5 , Infotec can go at least RM 3 . Jesse deemed it as undervalue at this juncture , as they have more than 30 mil unbill , strong order book, new entity and new customer at Singapore, currently trading at only 230 mil market cap , which is significant lower compared to the nearest peers ( LGMS , Infomina which has 580 mil and 830 mil market cap )

【行家论股】盈获数码 3年财测上修
Nanyang Thu, Dec 29, 2022 05:44pm - 18 hours



分析：联昌国际投行研究

目标价：1.70令吉

最新进展:

盈获数码（INFOM，0265，创业板）获得泰国汇商银行颁发一揽子合约，价值2844万美元（约1亿2514万令吉）。

该合约旨在为泰国汇商银行提供技术应用和基建营运、维护和支持服务，并为其API网关的改进和实施提供解决方案，以符合该集团转型至金融科技经济的战略。盈获数码获得的新合约对我们来说是一个惊喜；这让该公司手持订单扩张32.2%，达到5.3亿令吉之多。

泰国汇商银行是泰国、甚至东盟领先的银行之一；这项合约正可以证明了盈获数码在主机架构以及提供数字转型的能力。

我们也了解到，盈获数码放眼在未来3到6个月里，继续拿下更多来自国内外客户的合约，预计这些新合约总值可达1亿至1.5亿令吉。

纳入更多合约收获之后，我们提高了盈获数码未来3个财年的盈利预测，并将目标价上调至1.70令吉，重申“增持”评级。

目标价相当于2024年25.3倍本益比，这较同行的21倍本益比溢价20.5%。

这是因为该公司可以提供独一无二的主机架构相关业务、是博通（Broadcom）指定的区域独家主机架构软件增值分销商，以及拥有41.6%每股净利年均复增的强劲展望。

Infomina's 1H net earnings within expectation, stronger 2H expected, says CGS-CIMB Research
NST Wed, Jan 18, 2023 04:18pm - 23 minutes



The firm expects a stronger 2H for the company owing to its typically strong progress billings in 2H of Infomina's financial year and higher orderbook recognition.
KUALA LUMPUR: Infomina Bhd's net profit of RM11.2 million in the first half (1H) of FY23 came within CGS-CIMB Research's expectations, making up 36.3 per cent of its full-year FY23 earnings per share estimates.

The firm expects a stronger 2H for the company owing to its typically strong progress billings in 2H of Infomina's financial year and higher orderbook recognition.

As of December 2022, CGS-CIMB Research estimated that Infomina is sitting on an orderbook of RM530 million, which

should last until end-FY27.

"On top of that, we gather that Infomina's tenderbook is above RM380 million. From this amount, the company expects to win several contracts from its domestic and foreign markets in the next three to six months.

"We also believe Infomina stands to benefit from the ongoing expansion plans by its new and existing customers in the mainframe and IT transformation space," it said in a note today.

Meanwhile, CGS-CIMB Research said that as of end-1H, Infomina's cash position was at RM94 million.

Hence, the firm forecasted Infomina's annual dividend payout of 20 per cent for FY23-FY25, translating into dividend yields of 0.7-1.0 per cent.

"While we believe that there is an opportunity for Infomina to pay more dividends, we believe that it is likely to keep its cash to fund any large-scale projects (especially for turnkey projects that require upfront purchases while payments are based on project milestones) and for working capital for each overseas subsidiary," it added.

CGS-CIMB Research has maintained its 'Add' call on Infomina with an unchanged target price of RM1.70.

Infotec maintain TP RM 2.50 , undervalue compared to Infomina (812mil mc) , lgms (600mil mc) . The company aims to start own Security Operation office and network operation centre on first Q of 2023 , and expand to international presence. Current Quarter consist impairment losses on financial assets of Rm 1.90 mil if not the PBT will be Rm 6.3 mil. The company is zero debt and with RM 37.84 mil cash. Net cash from operating: RM 15,076,000. FYE2022 : RM 72.84 mil
FYE2021 : RM 44.59 mil