IAB is strategically aligned with major public sector initiatives, including the RM2.53bn National NRW Programme (2025–2030), RM20bn Sarawak Water Master Plan, and multiple smart city and digitalisation programmes under WST 2040 and MyDigital. These initiatives create significant demand for IoT-enabled leak detection, smart metering, predictive maintenance, and real-time monitoring, all core solutions offered by IAB.At IPO, IAB is priced at just 10.4x FY2025 earnings, a steep discount to ITMax System Berhad, a Peninsular Malaysia smart city infrastructure peer trading at ~55x P/E. Despite similar exposure to IoT infrastructure, data analytics, and smart city solutions, IAB trades at an 80%+ valuation discount, offering significant potential for re-rating as its technology platform scales beyond Sarawak.