Maybank IB raised Zetrix’s earnings forecasts for 2026 and 2027 to account for the token sales.
PETALING JAYA: Zetrix AI Bhd is expected to get an earnings boost with the sales of its new stablecoins.
Maybank Investment Bank Research (Maybank IB) raised Zetrix’s earnings forecasts for 2026 and 2027 to account for the token sales.
It also lifted its target price to RM2.03 from RM1.66 a share and retained its “buy” call on the stock.
Bullish Aim Sdn Bhd, chaired and owned by Johor Regent Tunku Ismail Sultan Ibrahim, recently launched a new stablecoin, RMJDT, issued on the Zetrix blockchain platform.
In addition, Bullish Aim plans to establish digital asset treasury company (Datco) which will see an initial allocation of RM500mil in Zetrix tokens.
Maybank IB said by imputing the RM500mil token sales, it would boost Zetrix’s earnings for next year to RM1.19bil, up 39%.
Applying a similar price-to-earnings ratio of 15 times would suggest a fair value of RM2.30 a share for Zetrix, based on next year’s earnings.
The research house said it takes a conservative stance on the additional RM500mil, pending further clarity.
RMJDT, a ringgit-backed stablecoin issued on the Zetrix Layer-1 blockchain, was officially launched on Tuesday by Bullish Aim.
RMJDT was launched under a regulated-sandbox framework and is designed to serve the dual purpose of strengthening the use of the Malaysian ringgit in cross-border trade settlements and as a catalyst for attracting increased foreign direct investments into Malaysia.
Bullish Aim also intends to establish a Datco in conjunction with the rollout of the RMJDT stablecoin, with the purpose of ensuring stable network processing fees for RMJDT transactions.
The Datco will see an initial allocation of RM500mil in Zetrix tokens, with the possibility of increasing this to RM1bil, and has committed to stake Zetrix tokens, supporting up to 10% of the validator nodes within the Malaysia Blockchain Infrastructure.
Maybank IB said it believes that this would further strengthen the security and efficiency of the Zetrix blockchain.
Zetrix is a technology-solutions provider to the government and a national blockchain developer.
The company’s net profit improved to RM220.36mil in the third quarter of this year (3Q25), from RM195.05mil in the same quarter last year.
Revenue increased to RM341.65mil from RM248.13mil in 3Q24, supported by the contribution from web3 application service fees on the Zetrix blockchain platform, such as the Malaysia Blockchain Infrastructure, ZTrade, ZCert, global voting applications and Digital ID registrations and transactions.
For the first nine months of this year (9M25), Zetrix’s net profit increased to RM601.15mil from RM516.42mil in 9M24, while revenue rose to RM949.53mil from RM723.37mil previously.
The company said it expects to continue its initiatives to drive its organic growth, which includes the commercialisation of innovative services and wider adoption of the Zetrix token.
