Insights Analytics Berhad IPO's Analysis
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Insights Analytics Berhad
Insights Analytics Berhad is a technology solutions provider primarily involved in the supply of water technology solutions for water management across the utility supply chain, from treatment to distribution, mainly in Sarawak. The Group also provides intelligent asset management solutions for customers in other industries such as hospitality, transportation, and construction. Through its key subsidiary, Exxor Technologies, the company offers its in-house intelligent water management solution, the Intelli Water System, which utilizes IoT, data analytics, and AI to optimize water operations. Other subsidiaries include Intelli Technologies, which focuses on software development, and the dormant Exxor Data Solutions, intended for future data hosting services. The Group also holds an interest in an associated company, Intelli Technology Joint Stock Company in Vietnam.
IPO Details
Market:
ACE
Principal Adviser:
M & A Securities Sdn Bhd
Issuing House:
Tricor Investor & Issuing House (TIIH)
Shariah Status:
SC (Yes)
Listing Price:
0.36
MITI allocation?:
Yes
Closing Date:
13-Oct-2025
Balloting Date:
15-Oct-2025
Listing Date:
27-Oct-2025
Oversubscription rate:
53.62x
Average Analysts FV
:
TA (0.55), Mplus (0.68), Tradeview (0.48), Public Invest (0.60), Kenanga (0.88)
iSaham IPO Score
:
Market Cap:
198.00 M
Number of Shares:
550.00 M
( info)
Median Sectors PE:
N/A
Median Peers PE:
Strategic Overview & Data Visuals
Utilisation of Proceeds
| Purpose | Amount (RM'000) | % | |
|---|---|---|---|
| Expansion | Expansion of corporate office in Sarawak with a mini data centre | 4,400 | 10.1 |
| Expansion | Expansion of IT operations | 1,860 | 4.3 |
| Expansion | Expansion of West Malaysia branch office | 1,212 | 2.8 |
| Working capital | General working capital | 22,181 | 50.9 |
| Others | Strategic investments, mergers and acquisitions opportunities | 9,000 | 20.7 |
| Listing expenses | Estimated listing expenses | 4,907 | 11.2 |
| Total | 43,560 | 100 | |
Analyst Highlights
| Date | Analyst Highlights |
|---|---|
|
15-Oct-2025
Kenanga |
|
|
13-Oct-2025
Mplus |
|
|
13-Oct-2025
TradeView |
|
|
13-Oct-2025
Public Invest |
|
|
10-Oct-2025
TA |
|
Utilisation of Proceeds
Business Segments
Geographical Segments
Major Customers
Revenue by Financial Year Ended
Profit After Tax (PAT) by Financial Year Ended
SWOT Analysis
Strengths
- Established track record with 20 years of experience in the water management industry in Sarawak, supported by an experienced management team.
- Holds the highest Grade G7 contractor license from CIDB, allowing it to tender for construction contracts of unlimited value, providing a significant competitive advantage.
- Possesses a strong portfolio of key customers in the Sarawak water management industry, including JBALB and other water agencies, with whom it has longstanding relationships.
- Demonstrates the capability to adapt its core water technology expertise into higher-margin intelligent asset management solutions for diverse industries like hospitality, transportation, and construction.
Weaknesses
- Extreme revenue concentration on a few major customers, particularly JBALB and other Sarawak water agencies, making the company highly vulnerable to changes in their capital expenditure and project awards.
- Business model is predominantly project-based with no long-term contracts, leading to potential revenue volatility and a lack of predictable, recurring income streams.
- Exposed to significant credit risk, evidenced by a high trade receivables turnover of 226 days in FYE 2025 and a substantial amount of overdue receivables, which could strain cash flow.
- Dependent on key principals for the supply of critical IoT devices and technology, and on subcontractors for project execution, posing risks related to supply chain disruptions and third-party performance.
Opportunities
- Poised to benefit from significant government initiatives and budget allocations aimed at improving water infrastructure, such as the national NRW programme (RM2.5 billion budget) and the Sarawak Water Supply Grid programme (RM4 billion allocation).
- Strategic expansion into West Malaysia, funded by IPO proceeds, opens up a new, larger market for both its water technology and intelligent asset management solutions.
- Allocation of RM9.0 million from IPO proceeds for strategic mergers and acquisitions provides a pathway to accelerate growth, enhance technological capabilities, and enter new industry verticals.
- Increasing demand for digitalisation and smart city solutions across Malaysia, driven by initiatives like the Sarawak Digital Economy Blueprint 2030, creates a favorable market for its intelligent asset management solutions.
Threats
- The rapid pace of technological evolution poses a risk of its software solutions becoming obsolete if the company fails to innovate and adapt to new disruptive technologies.
- Operates in a competitive and fragmented market for both water management and IAM solutions, facing pressure from existing players and new entrants.
- The digital nature of its solutions exposes the company to cybersecurity threats, including hacking and data breaches, which could damage its reputation and lead to financial loss.
- Business operations are subject to regulatory requirements and licenses from bodies like CIDB and UPKJ; any failure to renew or comply with these regulations could disrupt its ability to secure and execute projects.
Key Highlights
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Conclusion
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