PETALING JAYA: Insights Analytics Bhd
’s (IAB) earnings are expected to be supported by the commercialisation of its high-margin digital twin platform and a growing base of multi-year service contracts, as the company rides Malaysia’s increasing investment in smart water management and AI-driven non-revenue water (NRW) solutions.
TA Research, which initiated coverage on the company, said IAB’s digital twin platform represents the group’s most significant earnings rerating catalyst, underpinned by both technical readiness and a well-defined commercial framework.
“Having completed the migration of its intelligent asset management solutions (IAMS) platform onto an in-house source-code architecture during the third quarter of financial year 2026 (3Q26), the group now possesses the technical capacity to handle terabyte-scale data ingestion that digital twin deployments require.
“The commercial opportunity is both near-term and scalable.
“IAB has already finalised pricing for two active smart city tenders in Peninsular Malaysia, representing the first tangible conversion of this pipeline into revenue,” the research house said in a report recently.
TA Research said IAB differentiates itself through its cross-disciplinary approach, combining information technology, water engineering, telecommunications, and geospatial expertise, to deliver end-to-end solutions for water utilities, government agencies, and enterprises navigating Malaysia’s broader smart city and digital infrastructure agenda.
Furthermore, the research house projects a revenue growth from RM172.6mil in FY26 to RM215.7mil, RM258.9mil, RM310.6mil for FY27, FY28, FY29, respectively.
This topline expansion is expected to drive a substantial core earnings growth of 30.6%, 20%, 20% to RM53.9mil, RM64.7mil, RM77.7mil for FY27, FY28, FY29, respectively.
IAB has an unbilled outstanding order book of RM64.5mil as at April 2026 and an outstanding tender book of RM420mil as of April 2026, with a historical tender success rate of 30% to 35%.
“We believe the group’s order book replenishment is well supported by recurring and structural drivers.
IAB’s 25 active IAMS service levels agreements (SLAs) contracted to FY31 form a self-reinforcing base, with each completed project able to convert into a multi-year SLA.
