Prestariang remains committed to SKIN, says PublicInvest

KUALA LUMPUR: Prestariang Bhd's management has guided that it is fully committed to the Sistem Keselamatan Imigresen Nasional (SKIN) project despite the uncertainties surrounding the concession contract, said Public Invest Research.

The research house added that Prestariang will focus on execution while consolidating and streamlining its operations. 

"The construction of the SKIN project officially commenced on 25 April 2018. It is currently at the design stage, which will take about 6 months. 

"The next stage will be setting up of the data centre, which is then expected to see hardware deployment by October. 

"To fully participate in the SKIN project, the Immigration Department of Malaysia has assigned 60 officials to Prestariang’s office for its involvement with the project in various aspects," said PublicInvest in its Thursday report.

As part of its consolidation and streamlining strategy, management plans to expand its assets to scale its business to bring in more recurring income. 

With regards to UniMy, the loss-making education arm has failed to secure enough students for its courses, said the research house. 

"Management said it is looking at various solutions or industry partners to help turn around the education segment. For 1QFY18, it registered similar losses of RM1.4m."

 PublicInvest reaffirmed its sum-of-parts-based outperform call on Prestariang with an unchanged target price of RM1.39.