Saw the recent CLSA report on Zetrix and it feels like the market is still valuing it as a traditional e-government business, but the direction now looks quite different.

From what can be observed, they’re transitioning into an AI + blockchain infrastructure play (Avatar, ZTrade, digital ID etc.), and already ~65% of revenue is coming from blockchain + AI segments.

The interesting part is not just AI, but the “agentic AI + identity + transaction layer” angle. If AI agents can actually transact (not just chat), that’s a different business model altogether.

Also noticed the planned US SPAC listing for their AI/blockchain segment — if that goes through, could potentially unlock valuation vs current Malaysia listing.

Still early stage though, execution and adoption will be key. But feels like one of the few local names trying to position into the global AI narrative.