Cloudpoint Shares Rise In Early Trade Amid Positive Outlook

KUALA LUMPUR, Nov 4 (Bernama) -- Cloudpoint Technology Bhd’s shares rose in early trade today, amid the company’s positive outlook of riding Malaysia’s digital transformation.

At 10.04 am, the company’s shares rose 2.5 sen to 74 sen, with a total of 423,730 shares traded.

CIMB Securities Sdn Bhd said the financial services industry (FSI) remains Cloudpoint’s core earnings anchor, contributing more than 90 per cent of its financial year 2024 revenue through long-standing Tier 1 bank and insurer relationships.

“We expect FSI information technology budgets to stay robust in a digital-driven era, driven by rising cybersecurity needs, ongoing digitalisation, and adoption of emerging technologies such as generative artificial intelligence, advanced customer relationship management, and regulatory technology.

“This positions Cloudpoint to broaden its wallet share as a one-stop solutions provider with a proven track record, allowing it to capture more contracts,” it said in a note today.

Hence, the research firm initiated a “buy” call on Cloudpoint with a target price of RM1.20 per share.

-- BERNAMA