Monday 15 Jul 2024
main news image

KUALA LUMPUR (Dec 1): Infomina Bhd has jumped 53.3% to 82 sen a share at the end of Thursday (Dec 1) after the stock closed at 53.5 sen last Friday, the day it made its ACE Market debut.

The information technology solution provider was traded at 62 sen to 85.5 sen a share on Thursday. It was the most active counter on Bursa Malaysia, with some 173.3 million shares exchanged.

Infomina made a strong debut last Friday, settling 13.5 sen or 34% higher than its issue price of 40 sen per share.

The group's listing raised approximately RM32.47 million via a public issue of 81.17 million new ordinary shares, with the majority of funds (43%) allocated as working capital.

Broker firm CGS-CIMB has initiated coverage of Infomina with an “add” call and a target price of RM1.15, implying 20 times calendar year 2024 price-earnings ratio.

“As the sole Tier 1 VAD (value added distributor) for Broadcom Mainframe Software in eight countries currently, Infomina should benefit from rising demand for mainframe services,” it said.

It projected a three-year earnings per share CAGR of 29.6% (FY2022-2025) for Infomina, driven by a robust order book (cover ratio at 2.2 times), coupled with new clients and geographical expansion. 

Edited ByKamarul Azhar Azmi
      Text Size