PETALING JAYA: ITMax System Bhd
is set to monetise its infrastructure capabilities further by rolling out smart-city applications, positioning itself as a key driver of urban digital transformation, analysts say.
The provider of networked systems for public spaces secured its third Selangor smart parking contract through its 70%-owned subsidiary, Selmax Sdn Bhd, which will act as the operator of Selangor’s intelligent parking systems.
The contract to manage gazetted parking areas under the Selayang Municipal Council (MPS) runs for 10 years, with an option for a five-year extension.
MPS manages about 15,000 parking bays with all currently operating. This brings the total number of parking bays under ITMAX’s management in Selangor to about 116,000.
The parking fees and compound collections will be distributed according to a revenue-sharing arrangement where Selmax receives 50%, MPS 40% and Rantaian Mesra Sdn Bhd 10%.
Hong Leong Investment Bank Research (HLIB Research) said in a report that the group is projected to record a revenue of RM728,000 per month, equivalent to RM8.7mil per year.
This estimation is calculated based on the assumption of five days parking operations for 16,000 parking bays at 50 sen per hour, with an average of 4.2 hours parking timing for each vehicle.
ITMAX recorded net profit of RM23.1mil in the second quarter of this year (2Q25), against RM19.2mil in 2Q24.
The group also posted a revenue of RM58.5mil in 2Q25, a rise of 9.8% from RM53.2mil in the same quarter last year.
HLIB Research added that Selmax will be responsible for the emoluments and bonuses of parking attendants managing the parking spaces. The research house raised ITMAX’s earnings forecasts for next year (FY26) and FY27 by 12% to 15%, respectively, taking into consideration the contribution of the latest smart-parking deal.
HLIB Research has maintained a “buy” rating on ITMAX with a higher target price of RM5.71 from RM5.17, using a weighted average cost of capital of 7% and terminal growth rate of 3%.
