ITMAX Secures Strategic Foothold To Offer Smart City, AI Solutions In Penang – HLIB

KUALA LUMPUR, March 20 (Bernama) -- With a new contract in hand, ITMAX Bhd has secured a strategic foothold to offer its full range of smart city and artificial intelligence (AI) solutions in Penang, as the state embarks on its smart city transformation, Hong Leong Investment Bank (HLIB) said today.  

The investment bank noted that Penang Island alone would require an estimated 10,000 closed-circuit television (CCTV) cameras for full coverage, presenting a significant growth opportunity for ITMAX.  

“We are confident ITMAX is well-positioned to secure the remaining CCTV contracts as they are rolled out in the coming years,” HLIB said in a research note.  

ITMAX has secured its third contract in Penang, worth RM26.6 million, to install and maintain a CCTV system for Seberang Perai City Council from April 15, 2025 to Oct 14, 2034.  

The installation services are valued at RM2.6 million, while comprehensive maintenance will be carried out over eight years at RM250,000 per month.  

As of the financial year ended Dec 31, 2024, ITMAX had an unbilled order book exceeding RM1.43 billion, to be recognised progressively until May 2039, while its tender book stood at more than RM600 million.  

“We believe this homegrown smart city solutions provider presents a compelling investment case, given its multi-year growth potential supported by a solid order and tender book,” HLIB said.  

At 10 am, ITMAX eased one sen to RM3.80, with 37,100 shares traded.  

-- BERNAMA