KUALA LUMPUR: Rakuten Trade is maintaining its BUY call on Inta Bina Group Bhd, highlighting the contractor's ability to secure fresh projects and sustain earnings growth after winning three sizeable contracts worth a combined RM346.6 million since late August.
The new jobs lift the group's outstanding order book to over RM1.8 billion, providing clear earnings visibility through 2028.
The research house has kept its target price unchanged at 99 sen, citing "steady job replenishment, a healthy balance sheet and an attractive forward dividend yield" as key investment merits.
The largest award, worth RM212.3 million, came on Sept 3, 2025, from Sime Darby Property (KL East) Sdn Bhd for the main building, external and mechanical and electrical works on a high-rise residential development in Setapak, Kuala Lumpur. Construction is scheduled to begin on Oct 7, 2025, with completion by October 2028.
Inta Bina also secured an RM66.52 million contract from Eco Majestic Development for a landed residential project in Beranang, Selangor. Spanning 20 months (September 2025–May 2027), it covers bungalows, semi-detached and terrace homes as well as a main switch station. Rakuten Trade views this as an important step in strengthening ties with EcoWorld.
A further RM67.8 million job from Symphony Hills Sdn Bhd, part of the UEM Sunrise group, entails constructing 68 semi-detached homes over a similar 20-month period (late August 2025–April 2027), broadening Inta Bina's exposure to another established developer.
Rakuten Trade noted that Inta Bina's net gearing stood at just 0.14x as at the second quarter of the financial year (Q2 FY25) and expects the company to return to a net cash position by end-2025, supported by stronger FY25 earnings.
While the group does not have a formal dividend policy, it has historically distributed 33–56 per cent of net profit. The broking projects dividends of 2.4 sen for FY25 and 2.7 sen for FY26, translating into yields of 5.5 per cent and 6.2 per cent, respectively.
With an order book exceeding RM1.8 billion and a proven ability to win contracts from blue-chip developers, Inta Bina is well placed to deliver sustainable earnings growth, Rakuten Trade said.
The expanding client network, strong balance sheet and consistent dividend payouts, it added, continue to underpin the stock's investment appeal.