Itmax System’s recent LED street light replacement job win worth MYR47.2 million from Kuala Lumpur’s city council could support its earnings prospects, Maybank IB analysts Desmond Ch’ng and Arvind Jayaratnam say in a note. Given the LED street light replacement job is expected to take at least 24 months to finish, Itmax’s turnover for 2024 and 2025 may rise by about MYR23.6 million annually, they reckon. The analysts raise Itmax’s 2024-2025 earnings forecasts by 14% and 12%, respectively, and continue to like the company for its cost, security and technical advantages against its peers. Maybank raises Itmax’s target price to MYR2.40 from MYR2.10 while maintaining a buy rating on the stock. Shares are 1.0% higher at MYR2.08. ([email protected])
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