CGSCIMB ada mengeluarkan satu report untuk review dan analisis potensi dan halatuju kaunter Infomina Berhad. (Symbol INFOM. Code 0265. Sektor Teknologi. Status Syariah.) Scroll down untuk chart review. Ok sambung. Report sebanyak 44 muka surat memang sangat mendalam ulasan tentang syarikat Infomina Berhad ini. KLIK SINI untuk download report. CGSCIMB meletakan harga target (target price) untuk Infomina bernilai RM1.15 dengan status “ADD”. Berikut adalah antara isi kandungan report oleh CGSCIMB:
IT solutions provider, specialises in mainframe software technology
Infomina is a Malaysia-listed information technology (IT) solutions provider, specialising in mainframe-related technology. It has two key business segments: i) Turnkey – design and delivery of technology infrastructure solutions (50.3% of FY5/22 revenue), and ii) Renewal technology infrastructure operations, maintenance and support services (49.7%). Infomina has a strong regional clientele base that includes government bodies, financial
institutions, and other industries (automotive, telecommunications, etc.).
Sole Premier Tier I VAD for CA (Broadcom) in eight countries
In our view, Infomina’s key strength is its status as sole appointed Premier Tier 1 ValueAdded Distributor (VAD) of Broadcom Mainframe Software in eight countries since 2019 (Computer Associates Partner Regions). We think it can benefit from: i) growing adoption of Broadcom mainframe technology, and ii) repeat business from users of Broadcom
mainframe software whose contracts are up for renewal (signed with Broadcom prior to VAD appointment). Based on Gartner’s research (2020), Broadcom had the largest global market share (37%) in mainframe software market – potential value of >US$7bn
Robust orderbook (2.2x FY22 revenue) and rising tender book
Across FY23-27F, Infomina has an orderbook of RM443.6m (2.2x of FY22 revenue); 34.7% from turnkey and 65.3% from tenewal segments. It has tendered for projects with total value of RM376m (55%: turnkey segment). We expect robust orderbook replenishment from: i) client acquisitions (new users of mainframe and onboarding Broadcom clients), ii) upgrading works for mainframe users (capabilities enhancement), and iii) higher demand for renewal segment (clients tend to sign service level agreement post turnkey projects).
Projecting 3-year net profit CAGR of 29.6% (FY22-25F)
We project Infomina to post a 3-year core net profit CAGR of 29.6% (FY22-25F). This is driven by i) higher sales from both turnkey and renewal segments, ii) regional expansion into new markets, and iii) higher economies of scale. We initiate coverage on Infomina with Add and TP of RM1.15, pegged to our 20x CY24F P/E; in-line with local peers’ average CY23F P/E in the IT industry (19.9x, Figure 55). Our Add call is backed by: i) robust NP growth profile, ii) regional presence as Broadcom’s Tier I VAD, and iii) robust balance sheet (RM73.3m net cash at end-1QFY5/23). Re-rating catalysts: robust EPS growth and rise in institutional holdings (currently:c.1%). Downside risks: non-renewal of Tier 1 VAD status with Broadcom, sharp dip in orderbook value and lower-than-expected margins.
Ada apa dengan chart Infomina? Oleh sebab baru didagangkan di Bursa Malaysia (4 hari), jadi, kalau lihat pada chart daily memang tak boleh nak analisis. Jadi kena tengok pada chart Time Frame yang lebih kecil iaitu TF5 mnt, 15mnt ata 30 mnt. Kami pilih untuk kongsikan chart TF5mnt. Kuat kenaikkan hari ini, 23.5 sen dari 0.620 aras terendah ke 0.855 harga tertinggi untuk dagangan pada 1 Dec 2022. Garisan pada chart berdasarkan aras SnR Teknik Trade IPO. Dapat dilihat candle tersangkut dan banyak berbincang di aras 0.825, jadi secara teorinya boleh jadikan 0.825 sebagai aras rintangan keras buat masa ini. Jika selepas ini masih tidak berjaya memecahkan aras 0.825, kemungkinan harga akan turun berehat. Untuk mengekalkan kekuatan bullish, tak boleh bocor aras 0.740. Jika berjaya memecahkan aras R 0.825, potensi untuk menguji aras rintangan di 0.875 seterusnya cubaan mendaki ke aras 1.09.
KLIK SINI jika berminat untuk belajar tentang Teknik Trade Kaunter IPO dan KLIK SINI jika berminat untuk belajar tentang Analisis Teknikal.
(Disclaimer : Analisis chart sekadar kajian dan pembelajaran semata-mata).
