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1月5日早盘，A股三大指数集体高开。截至发稿，上证指数时隔3...https://cj.sina.cn/article/normal_detail?u=https%3A%2F%2Ffinance.sina.com.cn%2Froll%2F2026-01-05%2Fdoc-inhffmxt2220549.shtml
1月5日早盘，A股三大指数集体高开。截至发稿，上证指数时隔3...https://cj.sina.cn/article/normal_detail?u=https%3A%2F%2Ffinance.sina.com.cn%2Froll%2F2026-01-05%2Fdoc-inhffmxt2220549.shtml
📢 CIMB Securities 🐙: INITIATION OF COVERAGE – Turning the Digital Tap on Water Losses 💧
🔗 Report link: https://tinyurl.com/bd7ja6kj (full note)
🏢 Company: Insight Analytics Berhad (IAB MK)
🌏 Sector: Small-Mid Caps: Digital Water & Smart Infrastructure
💵 Call: BUY initiated ✅ | 🎯 TP: RM2.10 (18.5x CY27F P/E)
⬆️ Upside: 86% (vs RM1.13) (ex-div yield 3.2% in CY27F) 📈
☪️ Shariah-compliant ✅ | 📌 ACE Market
Key highlights - Why should you own IAB? 🔖
1. Unparalleled setup: scarcity premium + accelerating growth + recurring income + Sarawak incumbency ⭐️
🔹 Malaysia’s only listed, asset-light pure-play proxy to NRW/digital water — offering a scarcity premium with high growth 🚀, a rising recurring income base 🔁, and Sarawak incumbency 🏞
2. Sarawak proxy + near-term catalyst 🏗
🔹 IAB is the sole NRW technology provider in Sarawak — entrenched with JBALB + Sarawak Water Sdn Bhd 🤝 (post-merger Aug 2025)
🔹 With Sarawak now in execution mode after consolidation, we expect faster project rollouts ⚡️
🔹 Ahead of Sarawak’s budget cycle (and state-election cycle due by Apr-2027; widely expected 2026/early-2027) 🗳, project rollouts typically accelerate
3. Why this matters (and why now) 🚰
🔹 Direct beneficiary of WST2040 + Budget 2026 priorities: NRW reduction & utility digitalisation
🔹 NRW remains a national leakage problem (35–37% water loss; ~RM2bn value leakage) — urgency is rising ⏳
4. The KJTS / ITMAX parallel + valuation gap — “policy-aligned, tech-led essential infra” 🧩
🔹 Like KJTS (NETR / energy efficiency) and ITMAX (smart-city infrastructure), IAB is a niche, tech-led infra enabler with an annuity overlay
🔹 Common DNA: national policy tailwinds + platform moat + recurring income profile
🔹 IAB: 9.6x CY27F P/E vs KJTS: 22.0x and ITMAX: 35.9x — a wide gap
5. TP anchor + re-rating path 🧮
🔹 Our TP implies 18.5x CY27F P/E, in line with foreign water-tech peers’ CY27F P/E
🔹 We see meaningful re-rating headroom as the market prices in scarcity + recurring earnings quality 📈
6. Multi-year visibility with tangible catalysts 📊
🔹 RM46.8m order book (21 Nov 2025; 35.9% recurring) + ~RM200m tender pipeline (our est.)
🔹 We forecast FY25–28F core NP CAGR of 51.6% driven by new project rollouts + rising recurring-income contributions
🔹 Earnings visibility improves as the installed base expands — driving repeat updates, upgrades, support and replacement works, complemented by recurring O&M contracts
🔹 Importantly, the reported order book likely understates true visibility: we estimate ~70% of revenue is ad hoc purchase-order recurring works vs ~30% from formal order book contracts — supporting an annuity-like earnings profile
🔹 Sarawak kicker: RM20bn Water Supply Master Plan + pipeline replacement programme (RM1.1bn; 2,740 km ageing pipes)
🏆 Key Take: We view IAB as an asset-light digital water proxy in Malaysia — KJTS/ITMAX-like characteristics but at a material valuation discount, with Sarawak exposure and structural NRW/digital-utility tailwinds driving a re-rating setup ✨
【美股开年红：AI 狂潮再起，半导体板块强势领涨】
2026年美股迎来“开门红”，AI 核心叙事继续主导市场情绪。受算力需求持续爆发及大模型商业化加速提振，科技巨头集体走强，NVIDIA (NVDA) 与 Alphabet (GOOGL) 引领纳指上行。半导体行业情绪极度亢奋，SOXL（三倍做多半导体指数ETF） 开盘录得 13% 的惊人涨幅，显示出资本对 AI 硬件供应链的高度信心。
Britain's FTSE-100 index hits 10,000 mark for first time
https://theedgemalaysia.com/node/787881
