PETALING JAYA: Insights Analytics Bhd
(IAB) is well-positioned to benefit from national initiatives such as the National Non-Revenue Water Programme (2025–2030) and other government-led infrastructure efforts aimed at improving water efficiency and digitalising utilities.
“Backed by a healthy order book, a recurring client base, and a proven execution track record, the company is well-positioned to sustain robust margins, deliver consistent earnings growth, and maintain a strong balance sheet and net cash position post-listing,” Rakuten Trade Research said in its report yesterday.
IAB made a robust debut on the ACE Market of Bursa Malaysia yesterday, opening at 62 sen, a 72% premium to its initial public offering (IPO) price of 36 sen, underscoring strong investor appetite for the Sarawak-based water technology and asset management solutions provider.
The Sarawak-based water technology and asset management solutions provider ended its maiden trading day at 65.5 sen.
Rakuten Trade initiated coverage on IAB with a “buy” call and a fair value of 58 sen, premised on an 11 times financial year 2027 (FY27) price-to-earnings ratio, “a discount to sector valuations given its smaller market capitalisation.”
The brokerage projects the group to register core net earnings of RM25mil and RM29mil for FY26 and FY27 respectively, driven by the strong growth of its intelligent asset management solutions and improving margins.
“IAB maintains a strong customer portfolio within the water management industry and has over 10 years of relationships with key clients including Jabatan Bekalan Air Luar Bandar Sarawak, Sibu Water Board, Sarawak Water and Kuching Water Board, thus providing solid foundation for future contract wins and sustainable business growth,” said Rakuten Trade.
As of September 2025, the company’s unbilled order book stood at RM35.3mil, supported by a net margin of 38.2% in FY2025 – one of the highest in the industry.
Rakuten Trade noted that these margins were bolstered by contributions from its IntelliConstruct System, which has become a major revenue driver.
“We expect net margins to remain above the 30% thresholds for FY26 to FY28,” it added, citing strong profitability and a healthy balance sheet post-listing.
IAB recently signed a memorandum of understanding with the Sarawak Artificial Intelligence Centre to jointly develop sovereign artificial intelligence and digital twin technologies for sectors such as energy, utilities, construction, and agriculture, aligning the group with Sarawak’s Digital Economy Blueprint 2030.
At the IPO price, IAB was valued at RM198mil.
The company raised RM43.56mil from its IPO, comprising a public issue of 121 million new shares and an offer for sale of 27.5 million existing shares.
Of the proceeds, RM22.18mil will be allocated for working capital, RM9mil for investments or acquisitions, and RM7.47mil for the expansion of its Kuching office and establishment of a mini data centre to strengthen information technology operations across Sarawak and Peninsular Malaysia.
Managing director Frank Wee said the listing marks a significant milestone for the company as it positions itself to tap into Malaysia’s growing water and digitalisation initiatives.
“With our proven technology and track record, IAB is well-positioned to play a meaningful role in supporting Malaysia’s water transformation and digitalisation goals,” he said in a statement yesterday.
