Latest news with #ITMaxSystemBhd
The Star
2 days ago
- Automotive
- The Star
Itmax secures second smart parking contract in Selangor
KUALA LUMPUR: ITMax System Bhd 's subsidiary Selmax Sdn Bhd has been appointed the operator of the Selangor Intelligent Parking (SIP) system by the Shah Alam City Council (MBSA). Pursuant to the contract, Selmax will deploy, manage and operate all gazetted parking bays within MBSA's jurisdiction. The contract, which has a tenure of 10 years with a five-year optional extension, will adopt a revenue-sharing model with Selamx entitled to 50% of the revenue generated from parking fees and compound collections. 'We are honoured to be appointed once again as the SIP operator in Selangor, marking our second smart parking contract in the state. "This appointment reaffirms our role as a trusted technology partner in supporting local councils to modernise urban mobility. "Through the integration of advanced AI CCTV monitoring and Mobile Patrol License Plate Recognition technologies, we aim to significantly improve parking compliance, operational efficiency, and public safety," said Itmax System managing director and CEO William Tan Wei Lun in a statement.
The Star
31-07-2025
- Business
- The Star
ITMAX wins RM145mil smart traffic light deal
PETALING JAYA: ITMax System Bhd has secured a contract worth RM145mil from the Johor Baru City Council (MBJB) for the deployment and maintenance of the smart traffic light system across the Johor Baru area. In a filing with Bursa Malaysia, the artificial intelligence-powered integrated digital infrastructure service provider said the contract spans a duration of 240 months. ITMAX System managing director and chief executive officer William Tan Wei Lun said: 'We are pleased to secure this second award from MBJB, which further expands our smart city footprint in Johor Baru.' Tan said the award reflects the growing confidence that local councils place in the company's artificial intelligence-powered infrastructure solutions and reaffirms the company's position as a trusted long-term partner in Johor's smart city transformation.
The Star
31-07-2025
- Business
- The Star
ITMAX wins RM145mil smart traffic light system maintenance job
PETALING JAYA: ITMax System Bhd has secured a contract worth RM145mil from the Johor Baru City Council (MBJB) for the deployment and maintenance of the smart traffic light system across the Johor Baru area. In a filing with Bursa Malaysia, the artificial intelligence-powered integrated digital infrastructure service provider said the contract spans a duration of 240 months. ITMAX System managing director and chief executive officer William Tan Wei Lun said: 'We are pleased to secure this second award from MBJB, which further expands our smart city footprint in Johor Baru.' Tan said the award reflects the growing confidence that local councils place in the company's artificial intelligence-powered infrastructure solutions and reaffirms the company's position as a trusted long-term partner in Johor's smart city transformation. 'Through the implementation of our smart traffic light system, we aim to not only enhance traffic efficiency across the city but also contribute towards reducing carbon emissions and advancing Johor state's broader environmental, social and governance objectives.'
The Star
27-05-2025
- Business
- The Star
ITMAX expects to secure more town council projects
PETALING JAYA: ITMax System Bhd , which has a total unbilled order book of more than RM1.45bil, is in a good position to secure more projects in the near term. Hong Leong Investment Bank (HLIB) Research, in its latest report on ITMAX, said: 'After securing five out of 16 Johor councils, we expect all to come on board over time to realise the integrated smart city system. 'Furthermore, these deals only comprised digital infrastructure solutions and smart traffic light systems. 'We do not discount that other solutions such as network lighting and more smart parking (currently it has secured jobs from seven councils) could be included. 'Along with the recently awarded Kuala Lumpur City Hall variation order and maiden penetration into Penang, ITMAX is expected to continue to scale new heights,' it said. As at the end of the first quarter of 2025 (1Q25), ITMAX had a total unbilled order book of more than RM1.45bil, which would be recognised progressively up to May 2039. At the end of 1Q25, ITMAX's tender book stood at more than RM500mil. ITMAX is a provider of public space networked systems focusing on lighting, video surveillance and traffic management, as well as communications network services. ITMAX recorded a revenue of RM50.7mil in 1Q25 and yielded a quarterly core net profit of RM20.3mil, which matched expectations, accounting for 24% and 22% of HLIB Research's and consensus full-year forecasts, respectively. The research house is reiterating its 'buy' call with an unchanged target price of RM5.17. 'We opine that ITMAX deserves a premium valuation as it has unique direct exposure to the artificial intelligence theme, especially at the application level. 'We believe that this home-grown smart city integrated system and solution provider, has a compelling investment case, given its multi-year growth potential, on the back of solid order and tender books.'
