Analyst Report
Download
PDF
Integrated SME ecosystem; Initiate with BUY
Info-Tech Systems (ITSL) provides integrated cloud-based HRMS, payroll and accounting solutions, alongside training and ancillary services, primarily to SMEs across Singapore, Malaysia, Hong Kong and India. We initiate coverage with BUY and a SGD1.46 TP, based on 16.5x FY26E P/E, supported by a 20.8% FY25-28E PATMI CAGR, net cash balance sheet, 50% dividend payout ratio and c.4.6% FY26E dividend yield. Key risks include intense competition, SME customer attrition, AI related disruption and reduced government subsidies for software adoption and training.
Multiple growth engines to drive earnings growth
We forecast revenue and PATMI to deliver FY25-28E CAGRs of 13.7% and 20.8%, respectively. Core HRMS growth will be supplemented by faster expansion in Malaysia and India. Accounting revenue is projected to more than double from SGD2.0m in FY25 to SGD4.7m in FY28E. AI-related training demand and the CRM rollout from 2H26 provide additional growth.
Asset-light model supports shareholder returns
ITSL's upfront subscription model limits working-capital requirements and supports strong cash generation. The group had SGD67.3m of cash and zero borrowings at end-FY25, providing acquisition and capital-return optionality. We forecast a 50% payout ratio and c.4.6% FY26E dividend yield, with potential for special dividends from surplus cash.
Attractive valuation
We value ITSL at 16.5x FY26E P/E, implying a TP of SGD1.46 and 55% upside from the current share price of SGD0.97. Our target multiple represents a c.54.5% discount to the global software peer average of c.36.3x, which we believe adequately reflects ITSL's smaller operating scale and relatively short-listed track record.
Liu Miaomiao
miaomiao.liu@maybank.com
(65) 6231 5845
Company Description
Info-Tech Systems Ltd. engages in the development of Human Resource Management Software (HRMS) for Small and Medium-sized Enterprises (SMEs).
Abbreviations used
HRMS – Human resources management system
SME – small and medium-sized enterprises
CRM – client relationship management
Value Proposition
- ITSL addresses SMEs’ limited manpower, budgets and technical expertise by integrating HR, payroll, compliance and accounting functions into an affordable platform.
- The company is evolving from a Singapore-focused HRMS provider into a regional SME software ecosystem, supported by accounting, CRM and academy training.
- It is positioned to benefit from structural growth in SME digitalisation, cloud adoption, regulatory outsourcing and AI upskilling.
- Its localised payroll engines across four markets, implementation expertise and 90% customer retention create meaningful barriers to entry.
Price Drivers
Historical share price trend
Source: Company, Maybank IBG Research
1. Jul-25: IPO debut supported by oversubscribed offering and quality cornerstone investors
2. 2H25: Share price corrected post-listing as liquidity constraints outweighed solid operating fundamentals.
3. Jan-26: Re-rating potential given recurring SaaS revenue and attractive valuation.
4. Apr-26: Vendor placement by Executive Chairman created near-term overhang despite improving free float.
5. Jul-26: Profit guidance reaffirmed earnings momentum, driving
renewed investor confidence.
Financial Metrics
- We forecast revenue/PATMI to deliver FY25-28E CAGRs of 13.7%/14.9%, supported by customer growth, cross-selling and regional expansion.
- Gross margin should remain at c.85%, while EBITDA margin expands from 37.5% in FY25 to 39.2% in FY28E as revenue scales over a largely fixed cost base.
- Subscription growth, customer retention and contract liabilities should be monitored, given ITSL’s 90% retention rate and c.SGD29m order book.
- Upfront annual subscription payments, low working-capital requirements and limited capex should enable profit growth to translate into strong operating free cash flow.
Swing Factors
Upside
- Faster customer growth in Malaysia and India, supported by accounting and CRM cross-selling.
- Sustained AI-training demand beyond the SFEC expiry and successful Malaysia expansion.
- Stronger margin expansion, special dividends, share buybacks or accretive acquisitions.
Downside
- Slower customer growth or higher churn, particularly among price-sensitive SMEs.
- Weaker training demand following the expiry or reduction of government subsidies.
- Intensifying competition, higher costs or unsuccessful overseas expansion weighing on margins.
miaomiao.liu@maybank.com
miaomiao.liu@maybank.com
Business Model & Industry Issues
- Operates as a one-stop Software-as-a-Service (SaaS) and digital solutions provider for small and medium enterprises (SMEs), with an integrated ecosystem across Human Resource Management System (HRMS), accounting software and Customer Relationship Management (CRM), supported by training services under Info-Tech Academy.
- Anchors earnings visibility on recurring subscription revenues, supported by a stated customer retention rate of 90%, and growth in annual recurring revenue (ARR) and order book to SGD29.0m in FY2025.
- Expands addressable spend per customer through product broadening, including launch of CRM in February 2026, extending the platform into sales and customer engagement functions.
- Depends on trust and operating continuity as key valuation drivers, given data handling and platform usage intensity, with continued investment highlighted in technology infrastructure, data governance and cybersecurity
Material E issues
- Defers quantified environmental disclosures, as the company was listed on 4 July 2025 and states it will issue its first Sustainability report for FY2026 in accordance with SGX-ST Listing Rule 711A and Practice Note 7.6.
- Implements SGX-mandated sustainability reporting using global Reporting Initiative (GRI) standards, with detailed environmental indicators expected to be developed in the first Sustainability report cycle.
Material S issues
- Scaled workforce and SME upskilling outcomes through Info-Tech Academy, with FY2025 registrations exceeding 18,000 and more than 80% of registrations relating to artificial intelligence (AI) courses.
- Broadens access to structured training, including SkillsFuture Singapore’s Workforce Skills Qualifications (WSQ) programmes focused on digital and AI productivity.
- Expands training delivery capacity through additional facilities in Bendmeer and Jurong in 4Q25, supporting growth in the training segment.
- Supports stakeholder’s engagement through formal communication channels and periodic management review of engagement practices and areas of significant impact.
Key G metrics and issues
- Maintains a seven-member Board with majority independent oversight, comprising four independent directors and three executive directors, supporting independent governance checks and balances.
- Reinforces risk oversight through an Audit and Risk Committee (ARC) that provides oversight on financial reporting, internal controls and risk management, with a whistle-blowing channel that allows employees and external parties to raise concerns directly to the ARC Chairman.
- Strengthens audit governance by approaching KPMG LLP as external auditor and disclosing auditor tenure from FY2020.
- Maintains governance discipline through disclosure-based controls, including SGX-ST reporting practices and detailed financial disclosures.
Risk Rating & Score - derived by Sustainalytics and assesses the company’s exposure to unmanaged ESG risks. Scores range between 0 - 50 in order of increasing severity with low/high scores & ratings representing negligible/significant risk to the company’s enterprise value, respectively, from ESG-driven financial impacts. ²Score Momentum - indicates changes to the company's score since the last update – a negative integer indicates a company’s improving risk score; a positive integer indicates a deterioration. ³Controversy Score - reported periodically by Sustainalytics in the event of material ESG-related incident(s), with the impact severity scores of these events ranging from Category 0-5 (0 - no reports; 1 - negligible risks; ...; 5 - poses serious risks & indicative of potential structural deficiencies at the company).
1. Investment thesis
Multiple growth engines support a c.15% FY25-28E PATMI CAGR
We expect ITSL to deliver a three-year revenue CAGR of 13.7% on the back of the expansion in its core subscription business, which is supplemented by accounting software, academy training and new product launches. PATMI is forecast to increase from SGD15.0m to SGD26.5m over the same period, translating into a markedly stronger CAGR of c.20.8%, as operating leverage and a lighter effective tax rate increasingly flow through to the bottom line. The HRMS business should remain the group's largest recurring-revenue contributor, with revenue forecast to rise from SGD37.1m in FY25 to SGD46.1m in FY28E — albeit along a lumpier near-term path, with a temporary spike to SGD49.3m in FY26E (driven by an anticipated surge in new Singapore customer sign-ups) before normalising to SGD44.3m in FY27E. Singapore is likely to remain the key earnings market, supported by ITSL's estimated 10% local market share and its established position among SMEs. However, incremental customer growth is expected to be faster in Malaysia and India, where management anticipates double-digit user growth in FY26E compared with mid-single-digit growth in Singapore. ITSL's largely fixed platform and development cost base allows the group to reuse its core infrastructure across markets, with only incremental spending required to localise payroll and compliance functions. As regional revenue scales faster than operating costs, we expect positive operating leverage to support continued gross margin expansion of 0.3ppt in FY26E to 85.5%. Its early expansion into the Middle East offers further longer-term optionality. While the new market is unlikely to contribute materially in FY26E, the region's stronger corporate spending capacity and sizeable SME population could support better pricing and customer growth over time.
Accounting software should provide a second, faster-growing subscription stream. We forecast revenue from accounting software to more than double from SGD2.0m in FY25 to SGD4.7m in FY28E, representing a CAGR of c.32.6%. We anticipate its accounting customer base, which stood at around 1,700 companies at end-FY25, to expand by c.50% in FY26E before growth moderates to the mid-20s over FY27-28E as the base scales. By bundling its accounting solution with HRMS, ITSL can cross-sell additional products to existing customers, lifting revenue per client at a relatively low incremental acquisition cost. The planned CRM rollout from 2H26 should further expand its product ecosystem, strengthening ITSL's position as an integrated digital solutions provider for SMEs and creating more opportunities to deepen and monetise existing customer relationships.
Academy training represents another earnings driver. Services revenue is forecast to rise 26.6% YoY to SGD19.0m in FY26E and reach SGD21.8m by FY28E, equivalent to a FY25-28E CAGR of c.13.3%. Within this segment, academy revenue is projected to increase from SGD12.0m in FY25 to SGD17.0m in FY28E. Demand should be supported by strong corporate interest in AI-related skills, which already accounts for c.80% of course registrations. Near-term enrolment is also likely to benefit from companies utilising their remaining SkillsFuture Enterprise Credit before the existing scheme expires in November 2026. Management expects a seasonally stronger second half, with training revenue historically weighted around 30:70 between 1H and 2H. The planned launch of similar AI-related training programmes in Malaysia provides an additional route to enlarge the addressable customer base. Collectively, continued HRMS adoption, rapid accounting-software expansion, AI-led course demand and new CRM functionality should allow ITSL to outgrow the broader SME software market and sustain strong PATMI growth through FY28E.
1.2 Asset-light model, high margins and net cash underpin higher shareholder returns
I ITSL's financial quality is supported by an asset-light operating model, resilient gross margins and robust balance sheet. Customers generally pay for 12-month software subscriptions upfront, while ITSL recognises the corresponding revenue over the service period. This structure provides the group with cash before a significant portion of the revenue is booked, reducing working-capital requirements and limiting the need for external financing. Management indicated an order book of c.SGD29m, largely reflecting contracted subscription revenue that has been collected or secured but cannot yet be recognised. The recurring nature of these payments improves earnings visibility and allows the business to finance product development, regional expansion and customer acquisition.
We forecast gross margin remaining exceptionally stable at 85.5-85.7% during FY26-28E, compared with 85.2% in FY25. EBITDA margin is projected to step up from 37.5% in FY25 to 42.4% in FY26E, before moderating to c.40.2-40.3% in FY27-28E as the group continues to invest in new products and overseas markets. ITSL plans to maintain R&D spending at c.6% of FY26 revenue, or around SGD3.9m based on our forecast, broadly consistent with its historical annual investment of SGD3-4m. These investments should support the introduction of CRM and additional AI capabilities while improving the efficiency of software development and customer service. Management expects AI-related system enhancements to begin generating productivity benefits within approximately six months, potentially reducing the incremental manpower required for development and support.
Its balance sheet provides an additional layer of downside protection and strategic flexibility. ITSL ended FY25 with SGD67.3m of cash and no bank borrowings, equivalent to cash of approximately SGD0.26 per share based on 258m shares outstanding. Our model projects cash balances to increase further to SGD81.9m in FY26E, SGD98.8m in FY27E and SGD114.9m in FY28E while borrowings remain at zero. This substantial net cash position gives the group the capacity to fund regional expansion, invest in new products and pursue acquisitions without diluting shareholders or taking on meaningful financial risk. Management has indicated that potential acquisitions would likely focus on Singapore-based SaaS businesses and remain within the group's existing cash resources. Given the fragmented HR and SME software market, targeted acquisitions could accelerate customer acquisition, add complementary products or consolidate smaller competitors. At the same time, acquisitions are not required to support the base-case growth forecast, leaving the cash balance as genuine upside optionality.
The strong cash position also supports a more attractive capital-return profile. Following its FY25 DPS of 3.5 SG cents — equivalent to a payout ratio of only c.36% of core net profit that year — we expect the payout ratio to step up to c.50% of core earnings from FY26E onward. This produces forecast DPS of SGD4.41c in FY26E, SGD4.81c in FY27E and SGD5.32c in FY28E, a meaningful increase on FY25 as the payout-ratio step-up and underlying core earnings growth compound together. DPS subsequently grows at c.9.8% annually over FY26-28E as core earnings continue to rise. With operating cash generation expected to exceed ordinary investment requirements, the balance sheet should continue accumulating cash even after dividends. Management has also indicated that surplus capital could eventually be returned through special dividends, while a potential share-buyback mandate would provide another capital-management tool following the 1H26 results.
1.3 SME-focused platform creates strong customer stickiness and meaningful barriers to entry
ITSL’s competitive advantage lies in its ability to offer SMEs a comprehensive yet affordable digital operating platform that is substantially easier to adopt than enterprise-grade alternatives. Smaller businesses typically operate with lean HR teams, limited technology budgets and little in-house implementation expertise, yet they must still comply with increasingly complex payroll, leave, tax and statutory reporting requirements. ITSL addresses these constraints through a unified, cloud-based suite that combines essential functions such as payroll processing, attendance tracking and leave administration with more sophisticated tools including recruitment management, AI-assisted performance reviews and employee analytics. These functions can be accessed through both web browsers and mobile applications, allowing SMEs to digitise their HR processes without maintaining costly internal IT infrastructure. The platform is also configured differently across markets: Singapore customers can purchase a broad, integrated package, while customers in markets with lower purchasing power may subscribe only to the modules they require. This combination of breadth, usability and flexible deployment strengthens ITSL’s value proposition relative to both expensive enterprise systems and cheaper standalone applications that may not offer the same level of integration or customer support.
Importantly, ITSL has developed its own payroll and compliance infrastructure across Singapore, Malaysia, Hong Kong and India. Although the SaaS industry may appear to have relatively low technological entry barriers, building a reliable payroll engine across several jurisdictions is considerably more difficult than launching a basic HR application. Each market has distinct employment regulations, statutory contribution requirements, tax rules, reporting formats and local operating practices, all of which must be continuously updated as regulations change. A new competitor would therefore need to invest not only in software development but also in country-specific regulatory knowledge, implementation personnel and ongoing customer support. ITSL’s established regional infrastructure, coupled with dedicated onboarding, training and data-migration services, creates a more defensible position than its headline software offering may initially suggest.
Customer behaviour provides evidence that this proposition is working. Group customer retention improved from 87% in FY22 to 90% in FY25, above the estimated industry range of 70-85%. Management also indicated that most customer losses were attributable to business closures rather than clients switching to competing software providers, suggesting that product-related churn remains relatively contained. The standard contract duration has remained at 12 months, while customers generally pay their subscriptions upfront, reinforcing revenue visibility and reducing collection risk. Pricing is another important differentiator: ITSL’s first-year HRMS package for micro-SMEs is estimated to be around 7-19% cheaper than comparable offerings, while its recurring monthly subscription charge from the second year is approximately SGD4 per employee, around 21% below the local peer average. Despite this affordability, ITSL is not simply competing as the cheapest provider; it combines software, implementation, migration, training and after-sales support in one package. This should allow the group to continue expanding its customer base while maintaining strong retention, particularly as SMEs increasingly seek integrated, compliance-ready systems rather than managing multiple disconnected applications.
2. Corporate information
2.1 Business description
Info-Tech Systems Ltd is a Singapore-headquartered SaaS and digital solutions provider serving SMEs, delivering cloud-based business software that enables customers to digitalise and streamline core operational workflows. The group’s platform is positioned as a unified ecosystem spanning workforce administration, financial operations and customer engagement through its HRMS, Accounting software and CRM.
The Group operates across Singapore, Malaysia, Hong Kong and India, and incorporated a wholly-owned subsidiary in Dubai in November 2025 as part of a longer-term regional expansion strategy. The business model is supported by a large installed base and usage footprint, with disclosures indicating HRMS adoption across more than 25,000 organisations and a user base of more than 970,000 active users.
Info-Tech’s go-to-market is anchored on subscription-led delivery of mission-critical applications (including payroll, HR and financial management), which supports recurring revenue visibility and customer stickiness. Operational scale is supported by a broad customer base and large user footprint, with the Annual Report highlighting 27,000+ customers, 1M+ HRMS active users, presence across five countries, and an industry-leading” after-sales service turnaround time of four hours.
Integrated platform and services layer
Info-Tech complements subscription software with services such as training, payroll outsourcing and software customisation. A key services pillar is Info-Tech Academy, launched in 2023, which offers 12 approved Workforce Skills Qualifications (WSQ) courses targeted at digital office skills and generative AI productivity, supporting customer engagement and an additional growth vector alongside software subscriptions.
2.2 Analyse revenue/EBIT mix
Info-Tech’s revenue is segmented into subscription, services and hardware. In FY2025, total revenue increased 29% year-on-year to SGD56.486m, underpinned by expansion of the subscription and services segments. Subscription revenue rose 8% to SGD39.102m, reflecting continued demand for HRMS and accounting software. The services segment grew strongly, with revenue increasing three-fold to SGD15.009m, driven by rising demand
for digital and AI training courses delivered through Info-Tech Academy. Hardware revenue remained a smaller component at SGD2.375m.
From an earnings standpoint, operating leverage is supported by the scalability of the SaaS model. FY2025 gross profit increased to SGD$48.123m, while operating profit rose to SGD18.938m. Net profit was SGD15.020m, and adjusted profit (excluding one-off listing and relocation expenses) was SGD18.020m.
Revenue mix and earnings quality
Subscription revenue growth was driven by continued customer acquisition and deeper adoption across the HRMS and Accounting Software platforms, supported by growth in active HRMS users (+23% YoY) and Accounting Software customers (+51% YoY). Services revenue quality has improved as training becomes a meaningful contributor, with Academy-led training accounting for a significant portion of the services segment. The Group also reports recurring revenue visibility indicators, including a 90% retention rate and FY2025 annual recurring revenue (ARR) of SGD29.0m.
2.3 Analyse key management mix/changes
Info-Tech remains founder-led, with Mr Lee Kim Heng Peter (Executive Chairman) and Mr Setin Subramanian Dilip Babu (Chief Executive Officer and Executive Director) providing continuity since 27 June 2007. Management depth was strengthened with the appointment of Ms Yeoh Sin Yee as Chief Operating Officer and Executive Director on 20 June 2025, supporting operational scaling post listing.
The Board comprises seven directors, with four independent directors, and Mr Wan Kum Tho serves as Lead Independent Director (appointed 20 June 2025), supporting major independent oversight
Board and committee oversight
The audit and Risk Committee is chaired by Mr Wan Kum Tho and includes Mr Lee Ooi Keong and Mr Lek Ken Vin. The Nominating Committee is chaired by Mr Tong Wei Min Raymond and includes Mr Lee Kim Heng Peter and Mr Wan Kum Tho. The Remuneration Committee is chaired by Mr Tong Wei Min Raymond and includes Mr Lee Ooi Keong and Mr Lek Ken Vin.
3 Investment focus
3.1 Sources of growth (SOG)
Info-Tech’s growth strategy is centred on expanding its integrated SaaS ecosystem and increasing share of wallet within its SME customer base. A near-term product catalyst is the launch of CRM on 2 February 2026, which broadens the Group’s offering beyond HRMS and accounting into customer engagement and sales workflow management, supporting cross-selling opportunities within an existing installed base.
A second growth driver is the scaling of its services platform, particularly the Academy business. The Group expanded training facilities at Bendemeer and Jurong in 4Q2025 to increase training capacity and support continued demand for digital and AI training. This supports services-led revenue growth alongside software subscriptions, and aligns with broader workforce digitalisation initiatives.
Geographic expansion remains a medium-term lever. The Group incorporated a wholly-owned subsidiary in Dubai in November 2025 as a platform for entry into the Middle East market, with the entity currently undergoing administrative and regulatory set-up pending operational readiness.
Funding capacity also supports growth optionality. The Group disclosed SGD28.7m of IPO gross proceeds, with allocations towards sales and marketing, R&D for new product lines, expansion into new markets and potential acquisitions, providing financial flexibility to invest in growth initiatives beyond the core markets.
Near-term catalysts include CRM commercial ramp-up and cross-sell penetration, continued scaling of Academy training capacity following the 4Q2025 facility expansion, and execution progress on new-market entry initiatives as the Dubai platform becomes operational.
3.2 How does production /service input factors support SOG
Info-Tech’s growth execution is supported by a set of operating “inputs” that reinforce customer acquisition, retention and cross-sell. A key input is product affordability and value-for-money positioning, with external research indicating HRMS pricing at SGD2.5 per employee per month versus peers’ average of SGD6.2 in Singapore, supporting penetration within cost-sensitive SMEs.
Adoption is further supported by government-linked demand enablers. Info-Tech is referenced as a Productivity Solutions Grant (PSG)-approved provider, where eligible SMEs can receive up to 50% funding support for first-year subscription and adoption costs, lowering upfront barriers to digitalisation.
Operational capability is reinforced by service quality and responsiveness. Research notes that the company targets a four-hour customer support response time, which supports customer satisfaction and retention in a category where switching friction can be meaningful for payroll and HR workflows.
A further growth input is cost-efficient scaling through regional operating leverage. The Group’s India operations support research and development, product maintenance and customer service functions, enabling scale while maintaining cost competitiveness as the customer base expands across markets.
Policy-driven training demand and services scaling
The Academy growth vector is supported by policy-linked training incentives. Research highlights that SkillsFuture-related credits and enterprise programmes such as the SkillsFuture Enterprise Credit (SFEC) can support demand for training courses, and that policy timelines can influence training registrations and services revenue momentum.
3.3 How do processes support SOG
Info-Tech’s growth is supported by repeatable operating processes that convert customer acquisition into recurring subscription cashflows and incremental cross-sell over time. A core process is continuous product enhancement on its cloud platform, including the integration of automation, analytics and artificial intelligence-driven workflow support, which strengthens product competitiveness and supports upsell adoption across modules.
Commercially, the Group’s integrated ecosystem is supported by a structured cross-selling process across HRMS, Accounting Software and CRM, designed to deepen wallet share and improve customer stickiness within the existing SME base.
Operational execution is reinforced by customer support processes that prioritise responsiveness for mission-critical workflows. The Group highlights a four-hour turnaround time for after-sales service and support, which supports retention and service quality as the user base scales.
The services growth vector is supported by a structured course development and delivery process under Info-Tech Academy. Capacity is scaled through additional training facilities, while programme design is aligned to workforce digitalisation and AI upskilling demand.
Finally, cashflow visibility is supported by the Group’s subscription contracting and billing process. External research indicates customers typically sign 12-month contracts paid up front, which supports working capital discipline and recurring cash generation as the customer base expands.
How do output factors support SOG
Info-Tech’s output profile is characterised by improving revenue visibility, scalable earnings conversion and balance sheet capacity to fund growth initiatives. Revenue visibility is supported by a growing base of contracted subscription income, alongside a higher deferred revenue base with contract liabilities of SGD28.97m as at 31 Dec 2025, which underpins near-term revenue recognition. The Group’s operating leverage remains intact as scale increases, with FY2025 operating profit of SGD18.94m and continued strong cash generation, evidenced by SGD16.83m net cash from operations and SGD67.28m cash and cash equivalents at year-end, supporting reinvestment flexibility. This translates into tangible shareholder return capacity, with FY2025 total dividends of 3.50 cents per share, while retaining financial headroom for product expansion and regional execution.
4. Competitive landscape and positioning
4.1 Analyse industry landscape & impact on SWOT
Info-Tech operates in the SME-focused cloud software market, where demand is supported by continued digitalisation of HR, payroll, accounting and compliance workflows. The addressable market across Info-Tech’s operating countries is estimated to increase from USD3.69b in 2025 to USD4.65b in 2028, implying an 8.0% CAGR, while SMEs remain an underpenetrated customer segment relative to larger enterprises.
The competitive landscape remains fragmented, with competition from local HR and accounting software vendors, international enterprise software providers, and manual or legacy systems. However, Info-Tech’s positioning is differentiated by its SME-native product design, affordable pricing and local compliance capabilities across Singapore, Malaysia, Hong Kong and India. Its HRMS pricing of SGD2.5 per employee per month compares favourably against peers’ average of SGD6.2, while the company had an estimated 10% market share in Singapore’s cloud-based SaaS SME HRMS and accounting software market in 2024.
Industry positioning and SWOT implications
From a SWOT perspective, Info-Tech’s strengths lie in its affordable SME-focused platform, high retention rate, recurring revenue model and local compliance expertise. Key weaknesses include its smaller scale versus global enterprise software providers and reliance on SME customer health. Opportunities are supported by SME digitalisation, government grants, regional expansion and product cross-selling across HRMS, accounting, CRM and Academy training. Threats include aggressive pricing from new entrants, larger enterprise vendors moving downmarket, and macro weakness that may affect SME formation, closures and renewal rates.
4.2. Analyze regulations & trends (social, political, economic, technology trends).
Info-Tech operates in a favourable regulatory and policy environment as governments continue to encourage SME digitalisation and workforce upskilling. In Singapore, programmes such as Productivity Solutions Grant (PSG), Enterprise Development Grant (EDG) and SkillsFuture lower adoption barriers by subsidising productivity-enhancing tools, automation, cloud software and digital training. PSG reimburses up to 50% of eligible costs, while EDG also supports eligible transformation projects, improving affordability for SMEs adopting SaaS solutions.
Beyond Singapore, policy support for digitalisation is also visible in regional markets. Malaysia has introduced initiatives such as the Smart Automation Grant (SAG) and MSME Digital Grant, which encourage SMEs to adopt digital tools and automation solutions. This supports Info-Tech’s expansion strategy in Malaysia, where cloud-based SME HRMS and accounting software demand is expected to grow alongside digital adoption.
From a social and economic perspective, SMEs remain structurally underserved by enterprise software vendors, despite being a large and important employer base. The Asia-Pacific human capital management software market remains more skewed towards large enterprises, while SMEs are the faster-growing adopter segment, creating a structural gap for SME-native platforms with lower pricing and simpler implementation.
How do output factors support SOG
Info-Tech’s output profile is characterised by improving revenue visibility, scalable earnings conversion and balance sheet capacity to fund growth initiatives. Revenue visibility is supported by a growing base of contracted subscription income, alongside a higher deferred revenue base with contract liabilities of SGD28.97m as at 31 Dec 2025, which underpins near-term revenue recognition. The Group’s operating leverage remains intact as scale increases, with FY2025 operating profit of SGD18.94m and continued strong cash generation, evidenced by SGD16.83m net cash from operations and SGD67.28m cash and cash equivalents at year-end, supporting reinvestment flexibility. This translates into tangible shareholder return capacity, with FY2025 total dividends of 3.50 cents per share, while retaining financial headroom for product expansion and regional execution.
Policy-led digitalisation and AI adoption tailwinds
Technology trends remain supportive as SMEs adopt cloud platforms, AI-enabled workflows and compliance tools to automate payroll, HR, accounting and customer engagement. Info-Tech’s FY2025 Annual Report highlights growing AI-driven capabilities, including automation, analytics and intelligent workflow support, while the Academy business benefits from rising demand for digital and AI-related training.
4.3 Analyse supply dynamics
Info-Tech’s supply dynamics are primarily driven by the availability of software development talent, customer support capacity and scalable cloud infrastructure. As a SaaS provider, the Group does not face traditional inventory constraints; instead, service delivery depends on maintaining reliable platform infrastructure, product localisation capability and sufficient implementation and support resources as its SME customer base expands.
A key supply advantage is Info-Tech’s regional operating structure. The Group leverages its India operations for research and development, product maintenance and customer service functions, supporting scalable growth while maintaining cost competitiveness. This is important as the business continues to expand across markets where local compliance, payroll rules and customer support requirements differ
The customer support model is also a key capacity input. Info-Tech provides ongoing support through dedicated support specialists, while external research notes that customers typically sign 12-month contracts paid up front, supporting cash conversion and reducing working capital strain relative to traditional software implementation models.
4.4 Analyse demand dynamics
Demand for Info-Tech’s solutions is supported by rising SME digitalisation, as businesses increasingly adopt cloud-based systems to automate HR, payroll, accounting and customer engagement workflows. The Group’s core demand base is underpinned by SMEs seeking affordable, easy-to-deploy software that helps improve productivity and manage regulatory compliance, particularly in markets where payroll, tax and employment rules require frequent updates.
Demand visibility is reinforced by Info-Tech’s recurring subscription model and customer retention profile. In FY2025, the Group maintained a 90% customer retention rate, while HRMS active users grew 23% YoY to approximately 970,000 and Accounting Software customers increased 51% YoY to approximately 1,700, reflecting continued adoption of cloud-based enterprise tools among SMEs.
Training demand has also become a meaningful growth driver, supported by AI adoption and workforce upskilling needs. Info-Tech Academy recorded more than 18,000 registrations in FY2025, with over 80% of registrations relating to AI courses, indicating strong demand from businesses and individuals for digital capability development.
SME digitalisation and compliance-led demand
Overall, demand is driven by SME adoption of cloud software, regulatory compliance requirements and rising AI-related training needs. Info-Tech’s market opportunity is further supported by regional expansion, with FY2025 revenue growth across Singapore, Malaysia and other markets, and planned entry into Dubai providing an additional long-term demand channel.
5. Financial analysis
5.1 Earnings model analysis (managing topline and op costs)
Info-Tech’s earnings model is driven by a scalable SaaS-led revenue base, supported by a fast-growing services segment and disciplined cost management. In FY2025, revenue grew 29% YoY to SGD56.5m, driven by subscription revenue growth and a sharp expansion in services revenue. Subscription revenue increased 8% YoY to SGD39.1m, while services revenue rose 184% YoY to SGD15.0m, mainly supported by higher demand for digital and AI training courses under Info-Tech Academy.
The Group’s top-line quality is supported by a high proportion of recurring and contract-backed revenue. Subscription revenue remains the core earnings base, while contract liabilities increased to SGD29.0m as at 31 Dec 2025, reflecting upfront billing and supporting near-term revenue visibility. The services segment provides an additional growth lever, although its contribution may be more sensitive to government training incentives and course demand cycles compared with recurring SaaS subscriptions.
On operating costs, Info-Tech’s cost base is mainly driven by staff, sales and marketing, administrative expenses and R&D investment. FY2025 cost of sales rose 33% YoY to SGD8.4m, broadly in line with revenue growth, while selling and distribution expenses increased only 5% YoY, reflecting operating leverage as the customer base scaled. Administrative expenses rose 28% YoY to SGD11.4m, partly reflecting listed-company costs and expansion activities, while R&D expenses increased 13% YoY to SGD4.2m as the Group continued investing in platform development.
Operating leverage and margin sustainability
Info-Tech’s profitability remains supported by high gross margins and an asset-light model. FY2025 gross profit rose 29% YoY to SGD48.1m, while operating profit increased 27% YoY to SGD18.9m despite one-off listing-related expenses. Gross margin remained high at 85.2%, while adjusted PAT rose 46% YoY to SGD18.0m after excluding one-off listing expenses and Malaysia office relocation costs. This indicates that the core earnings model remains scalable, although margin sustainability will depend on maintaining subscription retention, controlling expansion costs and sustaining Academy demand beyond the initial AI-training surge.
5.2 Balance sheet, capital structure analysis
Info-Tech maintains a conservative balance sheet, supported by a net cash position and absence of material debt. As at 31 Dec 2025, total assets increased to SGD83.93m from SGD39.67m in FY2024, largely driven by the increase in cash and cash equivalents to SGD67.28m following the IPO and continued operating cash generation. Equity attributable to owners rose to SGD39.89m from SGD3.98m, reflecting the enlarged share capital post-listing and retained earnings growth.
The liability structure is mainly operating in nature, with total liabilities of SGD44.05m as at 31 Dec 2025. Contract liabilities remained the largest component at SGD28.97m, reflecting upfront customer billings and deferred revenue recognition from subscription contracts. This supports revenue visibility while limiting reliance on external borrowings.
Net cash position and capital allocation flexibility
The Group remained free of material debt and maintained a conservative capital structure, with cash of SGD67.3m providing flexibility to fund product development, regional expansion and strategic initiatives. IPO proceeds also remain a key capital allocation lever, with SGD28.7m gross proceeds raised and SGD21.3m balance remaining as at the announcement date, allocated mainly toward sales and marketing, R&D, new-market expansion, potential acquisitions and working capital.
Cash flow, free cash flow analysis
Info-Tech’s cash flow profile is supported by its subscription-led model, where upfront customer billings and low inventory requirements support cash generation. In FY2025, the Group generated SGD16.83m of net operating cash flow, compared with SGD18.03m in FY2024, with cash generated from operations of SGD20.19m before tax payments.
Working capital movements were mixed during the year. Trade and other receivables increased by SGD7.41m, reflecting business growth and timing of collections, while contract liabilities increased by SGD3.26m, consistent with the Group’s upfront billing structure and deferred revenue base. This supports future revenue recognition but also means cash conversion remains partly influenced by billing cycles and receivables collection timing.
Investing cash flow was broadly neutral in FY2025, with net cash generated from investing activities of SGD0.09m. Capital outlays remained modest, comprising SGD0.96m purchase of property, plant and equipment, SGD0.02m purchase of intangible assets and SGD0.17m capitalised development costs, consistent with an asset-light software model.
Cash conversion and reinvestment capacity
Overall, free cash flow remains supported by positive operating cash generation and low capital intensity. Financing cash flow was positive at SGD20.47m, mainly due to SGD28.71m proceeds from share issuance, partly offset by SGD5.31m dividends paid and SGD1.45m share issuance expenses. As a result, cash and cash equivalents increased to SGD67.28m as at 31 Dec 2025, providing funding flexibility for product development, regional expansion and shareholder returns.
5.4 Capital expenditure analysis
Info-Tech’s capital expenditure profile remains consistent with an asset-light software business, with investment needs primarily tied to office infrastructure, technology equipment, software tools and selective capitalised development costs rather than heavy physical assets. In FY2025, capital expenditure was modest, with SGD0.96m spent on property, plant and equipment and SGD0.02m on intangible assets, while the Group also capitalised SGD0.17m of development costs.
The increase in property, plant and equipment investment was mainly linked to operational expansion, including office and training capacity needs, while software and development-related spend remains limited relative to the Group’s cash balance and operating cash flow. This supports a high free cash flow conversion profile, as growth does not require material manufacturing assets or large upfront infrastructure investment.
Asset-light reinvestment model
Overall, Info-Tech’s capex requirements are low relative to revenue and cash generation, allowing the Group to fund product development, platform enhancement and regional expansion from internal resources and IPO proceeds while retaining flexibility for dividends and potential strategic investments.
6. Valuation
We value ITSL at 16.5x FY26E P/E, implying a TP of SGD1.46 and 55% upside from the current share price of SGD0.97. Our target multiple of 16.5x represents a c.55% discount to the global software peer average of c.36.3x, which we believe adequately reflects ITSL's smaller operating scale and relatively short listed track record. At the same time, the discount should not be wider given its recurring subscription income, high customer retention, asset-light model and net cash balance sheet. ITSL currently trades at only c.10.8x FY26E P/E, which appears undemanding against our forecast 20.8% PATMI CAGR over FY25-28E.
Potential re-rating catalysts include sustained double-digit customer growth in Malaysia and India, stronger AI-training demand, successful cross-selling of accounting and CRM solutions, and evidence of continued margin expansion. Its SGD67.3m net cash position, 50% forecast dividend payout ratio and potential capital returns provide further valuation support.
7. Risks
7.1 Technology and cybersecurity risk
Info-Tech’s SaaS model depends on platform reliability, data security and continuous system availability. As the Group stores and processes customers’ confidential and proprietary information, it is exposed to risks from cyberattacks, unauthorised access, data breaches and system disruptions. The Group mitigates this through access controls, system monitoring, cybersecurity awareness initiatives and periodic vulnerability assessment and penetration testing by external specialists.
7.2 AI-related disruption
While Info-Tech could benefit from rising demand for AI-related training and software features, rapid advances in generative AI may also disrupt its broader operations. Larger competitors could embed comparable HRMS, accounting and CRM capabilities into their platforms more quickly and at lower cost, increasing price competition and customer churn. AI-enabled automation may also reduce demand for certain conventional training programmes, while requiring Infotech to sustain higher R&D spending to keep its products competitive. Failure to adapt its offerings promptly could therefore weigh on revenue growth and margins.
7.3 Customer retention and SME market risk
Info-Tech’s revenue is largely derived from subscription fees for its HRMS and accounting software solutions, making customer retention and new customer acquisition critical to earnings growth. As the Group is SME-focused, prolonged macro weakness, business closures or reduced IT budgets could affect renewals, upselling and customer additions.
7.4 Competitive risk
The HR and accounting software markets are highly competitive, with both domestic and international providers offering competing solutions. Larger enterprise software players could move downmarket, while local peers or new entrants may use aggressive pricing to capture SME customers, which could pressure Info-Tech’s market share, pricing power and customer acquisition costs.
7.5 Government grant dependency risk
Info-Tech benefits from government support schemes that lower adoption costs for SMEs. In Singapore, the Productivity Solutions Grant subsidises up to 50% of first-year adoption costs, and around 66% of new SME customers for HRMS and accounting software in FY2024 were grant recipients. Any reduction, discontinuation or failure to renew approved vendor status could weaken a key customer acquisition channel.
7.6 Cloud infrastructure concentration risk
Info-Tech’s SaaS delivery model relies on cloud infrastructure to host customer data and operate its HRMS and accounting software platforms. External research highlights dependence on Microsoft Azure and notes that the company does not disclose a secondary cloud provider arrangement. A prolonged outage, adverse change in commercial terms, or data-centre level cybersecurity incident could disrupt service delivery and affect customer trust.
7.7 Geographic concentration risk
The Group remains concentrated in Singapore and Malaysia, which together accounted for the majority of FY2025 revenue. This exposes Info-Tech to country-specific macro conditions, regulatory changes and SME digitalisation policies, although the Group is expanding into markets such as India, Hong Kong and Dubai.
7.8 Rising employee cost and talent risk
Staff costs are a major operating cost for Info-Tech, given the need for software developers, sales staff, customer support teams and product specialists. Wage inflation, competition for technology talent, or labour law changes in key operating markets could increase operating costs and pressure margins, particularly as the Group scales new products and overseas operations.
7.9 Intellectual property risk
Info-Tech relies on proprietary software, source code and intellectual property to maintain its competitive advantage. Any unauthorised use, infringement, or inability to protect its intellectual property rights could affect product differentiation and business performance. The Group manages this through copyright protection, trademark registrations and confidentiality obligations imposed on employees and relevant parties.
7.10 New product and expansion execution risk
Info-Tech continues to expand its product offerings and geographic footprint, including new products and entry into new markets. These initiatives may require investment in product development, sales, compliance and local support, and may not generate expected returns if adoption is slower than planned.
Research Offices
ECONOMICS
Chief Economist
Malaysia | Philippines | Global
(603) 2297 8682
suhaimi_ilias@maybank-ib.com
Regional Thematic Macroeconomist
(65) 6231 5830
chuahb@maybank.com
China | Thailand
(65) 6231 5844
erica.tay@maybank.com
Indonesia | Singapore | Vietnam
(65) 6231 5846
brian.lee1@maybank.com
Malaysia | Philippines | Global
(603) 2082 6818
azri.rosli@maybank-ib.com
(65) 6231 8467
hana.thuhuong@maybank.com
FX
Head of FX Research
(65) 6320 1379
saktiandi@maybank.com
(65) 6320 1374
fionalim@maybank.com
(65) 6320 1378
alanlau@maybank.com
(65) 6320 1371
shaunlim@maybank.com
STRATEGY
ASEAN
(603) 2297 8783
anand.pathmakanthan@maybank-ib.com
FIXED INCOME
Head of Fixed Income
(65) 6231 5831
winsonphoon@maybank.com
(603) 2630 2541
munyi.st@maybank-ib.com
(603) 2074 7606
erine.yu@maybank.com
PORTFOLIO STRATEGY
(65) 6231 5839
ongsengyeow@maybank.com
(603) 2297 8888
lim.tzekhang@maybank.com
(852) 2268 0641
benjaminhow.ho@maybank.com
MIBG SUSTAINABILITY RESEARCH
Head of Sustainability Research
(91) 22 4223 2632
jigars@maybank.com
(91) 22 4223 2606
neerav@maybank.com
REGIONAL EQUITIES
Head of Regional Equity Research
(603) 2297 8783
anand.pathmakanthan@maybank-ib.com
Head of ASEAN Equity Research
(603) 2297 8686
wchewh@maybank-ib.com
MALAYSIA
(603) 2297 8612
suelin.lim@maybank-ib.com
• Equity Strategy
(603) 2297 8680
desmond.chng@maybank-ib.com
• Banking & Finance • Insurance
(603) 2297 8678
ct.ong@maybank-ib.com
• Plantations - Regional
(603) 2297 8916
samuel.y@maybank-ib.com
• Gaming - Regional • Construction
• Aviation • Non-Bank Financials
(603) 2297 8690
chiwei.t@maybank-ib.com
• Utilities • Telcos
(603) 2297 8679
weisum@maybank-ib.com
• Property • Glove
(603) 2297 8687
jade.tam@maybank-ib.com
• Consumer Staples & Discretionary
(603) 2297 8675
nurfarahsyifaa.mohamadfuad@maybank-ib.com
• REITs
(603) 2297 8687
lohyanzin.loh@maybank-ib.com
• Ports • Automotive
(603) 2297 8688
jeremie.yap@maybank-ib.com
• Oil & Gas • Petrochemicals
(603) 2297 8691
natashaariza.arizai@maybank-ib.com
• Healthcare • Media
(603) 2082 6824
lucas.sim@maybank-ib.com
• Technology (EMS)
(603) 2297 8677
kei.jun.thong@maybank-ib.com
• Renewable Energy
(603) 2082 8676
justin.yeoh@maybank-ib.com
• Technology (Software)
(603) 2082 6858
szechiah.t@maybank-ib.com
• Retail Research
(603) 2082 8769
amirah.azmi@maybank-ib.com
• Retail Research
(603) 2082 8767
asela.zahari@maybank-ib.com
• Retail Research
(603) 2297 8694
rusydy.azizi@maybank.com
• Chartist
SINGAPORE
(65) 6231 5840
thilanw@maybank.com
• Strategy • Consumer
• Banking & Finance - Regional
(65) 6231 5849
ericong@maybank.com
• Healthcare • Transport • SMDs
(65) 6231 5848
jarick.seet@maybank.com
• Technology • SMDs
(65) 6231 5842
krishna.guha@maybank.com
• REITs • Industrials
(65) 6231 5837
hussaini.saifee@maybank.com
• Telcos • Internet • Consumer
(65) 6231 5820
xuantao.toh@maybank.com
• Financials • SMDs
(65) 6231 5845
miaomiao.liu@maybank.com
• REITs
PHILIPPINES
(63) 2 5322 5005
kervin.sisayan@maybank.com
• Strategy • Banking & Finance • Telcos
(63) 2 5322 5008
daphne.sze@maybank.com
• Consumer
(63) 2 5322 5010
joserafael.mendoza@maybank.com
• Property • REITs • Gaming
(63) 2 5322 5006
germaine.guinto@maybank.com
• Utilities
(63) 2 5322 5009
ronal.lalimo@maybank.com
• Industrials • Tourism
VIETNAM
(84 28) 44 555 888 ext 8184
thanh.quan@maybank.com
• Strategy • Banks
(84 28) 44 555 888 ext 8181
hoanghuy@maybank.com
• Strategy • Technology
(84 28) 44 555 888 ext 8082
chuyen.le@maybank.com
• Oil & Gas • Logistics
(84 28) 44 555 888 ext 8084
tran.nguyen@maybank.com
• Consumer Discretionary
(84 28) 44 555 888 ext 8088
nhan.tran@maybank.com
• Consumer Staples
(84 28) 44 555 888 ext 8182
loi.nguyen@maybank.com
• Property
(84 28) 44 555 888 ext 8081
thanhhai.nguyen@maybank.com
• Industrials
(84 28) 44 555 888 ext 8201
vietlinh.vu@maybank.com
• Strategy
(84 28) 44 555 888 ext 8086
thanh.lam.nguyen@maybank.com
• Retail Research
INDONESIA
(62) 21 8066 8680
jeffrosenfer.lim@maybank.com
• Strategy • Banking & Finance • Property
(62) 21 8066 8688
willy.goutama@maybank.com
• Consumer
(62) 21 8066 8683
etta.putra@maybank.com
• Telcos • Internet • Construction
(62) 21 8066 8690
paulina.toa@maybank.com
• Autos • Healthcare
(62) 21 8066 8694
hasan.barakwan@maybank.com
• Metals & Mining • Oil & Gas
(62) 21 8066 8692
faiq.asad@maybank.com
• Banking & Finance
(62) 21 8066 2687
kevin.halim@maybank.com
• Property • Cement
(62) 21 8066 8689
jennifer.henry@maybank.com
• Consumer
(62) 21 8066 8682
satrianwan@maybank.com
• Chartist
THAILAND
(66) 2658 5000 ext 1399
chak.reungsinpinnya@maybank.com
• Strategy • Energy
(66) 2658 5000 ext 1395
jesada.ta@maybank.com
• Banking & Finance
(66) 2658 5000 ext 1392
wasu.m@maybank.com
• Telcos • Technology (Software) • REITs
• Property • Consumer Discretionary
(66) 2658 5000 ext 1430
suttatip.p@maybank.com
• Consumer Staples & Discretionary
(66) 2658 5000 ext 1393
natthaphon.rodjanarawan@maybank.com
• Utilities • Property
(66) 2658 5000 ext 1394
boonyakorn.amornsak@maybank.com
• Services (Hotels, Transport)
(66) 2658 5000 ext 2352
nontapat.sakhanitpiyano@maybank.com
• Healthcare • Construction • Insurance
• Industrial Estate
(66) 2658 5000 ext 1530
yugi.takeshima@maybank.com
• Technology (EMS & Semiconductor) • Automotive
• Industrials
(66) 2658 5000 ext 1396
tanida.jirapornsaksuk@maybank.com
• Food & Beverage
(66) 2658 5000 ext 2518
aomsdub.ngowsiri@maybank.com
• Industrials
APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES
DISCLAIMERS
This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.
The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “Maybank IBG”) and consequently no representation is made as to the accuracy or completeness of this report by Maybank IBG and it should not be relied upon as such. Accordingly, Maybank IBG and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives”) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.
This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estimate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. Maybank IBG expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events.
Maybank IBG and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. One or more directors, officers and/or employees of Maybank IBG may be a director of the issuers of the securities mentioned in this report to the extent permitted by law.
This report is prepared for the use of Maybank IBG’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of Maybank IBG and Maybank IBG and its Representatives accepts no liability whatsoever for the actions of third parties in this respect.
This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report.
Malaysia
Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa Malaysia Securities Berhad in the equity analysis.
Singapore
This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Research Pte. Ltd. (“MRPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contact MRPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act 2001), MRPL shall be legally liable for the contents of this report.
Thailand
Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Securities (Thailand) Public Company Limited. Maybank Securities (Thailand) Public Company Limited (“MST”) accepts no liability whatsoever for the actions of third parties in this respect.
If you are an authorised recipient, you hereby tacitly acknowledge that the research reports from MST Research are first produced in Thai and there is a time lag in the release of the translated English version.
The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. MST does not confirm nor certify the accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, MST does not confirm, verify, or certify the accuracy and completeness of the assessment result.
US
This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Wedbush Securities Inc. (“Wedbush”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Wedbush in the US shall be borne by Wedbush. This report is not directed at you if Wedbush is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Wedbush is permitted to provide research material concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this report and wishing to effect transactions in any security mentioned within must do so with: Wedbush Securities Inc. 1000 Wilshire Blvd, Los Angeles, California 90017, +1 (646) 604-4232 and not with the issuer of this report.
UK
This document is being distributed by Maybank Securities (London) Ltd (“MSUK”) which is authorized and regulated, by the Financial Conduct Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.
DISCLOSURES
Legal Entities Disclosures
Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by MRPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Sekuritas Indonesia (“PTMSI”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia). Thailand: MST (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank Securities Inc (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: MIB Securities (Hong Kong) Limited (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: MIB Securities India Private Limited (“MIBSI”) is a participant of the National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010538). MIBSI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057). UK: Maybank Securities (London) Ltd (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.
Disclosure of Interest
Malaysia: Maybank IBG and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.
Singapore: As of 12 August 2026, Maybank Research Pte. Ltd. and the covering analyst do not have any interest in any companies recommended in this research report.
Thailand: MST may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MST, its associates, directors, connected parties and/or employees may from time to time have interests and/or underwriting commitments in the securities mentioned in this report.
Hong Kong: As of 12 August 2026, MIB Securities (Hong Kong) Limited and the authoring analyst do not have any interest in any companies recommended in this research report.
India: As of 12 August 2026, and at the end of the month immediately preceding the date of publication of the research report, MIBSI, authoring analyst or their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report. In the past twelve months MIBSI and authoring analyst or their associate did not receive any compensation or other benefits from the subject companies or third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.
Maybank IBG may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.
OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of Maybank IBG.
Malaysia
Maybank Investment Bank Berhad
(A Participating Organisation of
Bursa Malaysia Securities Berhad)
33rd Floor, Menara Maybank,
100 Jalan Tun Perak,
50050 Kuala Lumpur
Tel: (603) 2059 1888;
Fax: (603) 2078 4194
Stockbroking Business:
Lot, 18, Tower C, Dataran Maybank,
No.1, Jalan Maarof
59000 Kuala Lumpur
Tel: (603) 2297 8888
Fax: (603) 2282 5136
Singapore
Maybank Securities Pte Ltd
Maybank Research Pte Ltd
50 North Canal Road
Singapore 059304
Tel: (65) 6336 9090
Indonesia
PT Maybank Sekuritas Indonesia
Sentral Senayan III, 22nd Floor
Jl. Asia Afrika No. 8
Gelora Bung Karno, Senayan
Jakarta 10270, Indonesia
Tel: (62) 21 2557 1188
Fax: (62) 21 2557 1189
Thailand
Maybank Securities (Thailand) PCL
999/9 The Offices at Central World,
20th - 21st Floor,
Rama 1 Road Pathumwan,
Bangkok 10330, Thailand
Tel: (66) 2 658 6817 (sales)
Tel: (66) 2 658 6801 (research)
London
Maybank Securities (London) Ltd
PNB House
77 Queen Victoria Street
London EC4V 4AY, UK
Tel: (44) 20 7332 0221
Fax: (44) 20 7332 0302
India
MIB Securities India Pte Ltd
1101, 11th floor, A Wing, Kanakia
Wall Street, Chakala, Andheri -
Kurla Road, Andheri East,
Mumbai City - 400 093, India
Tel: (91) 22 6623 2600
Fax: (91) 22 6623 2604
Vietnam
Maybank Securities Limited
Floor 10, Pearl 5 Tower,
5 Le Quy Don Street,
Vo Thi Sau Ward, District 3
Ho Chi Minh City, Vietnam
Tel: (84) 28 44 555 888
Fax: (84) 28 38 271 030
Hong Kong
MIB Securities (Hong Kong)
Limited
28/F, Lee Garden Three,
1 Sunning Road, Causeway Bay,
Hong Kong
Tel: (852) 2268 0800
Fax: (852) 2877 0104
Philippines
Maybank Securities Inc
17/F, Tower One & Exchange
Plaza
Ayala Triangle, Ayala Avenue
Makati City, Philippines 1200
Tel: (63) 2 8849 8888
Fax: (63) 2 8848 5738
Sales Trading
Helen Widjaja
helen.widjaja@maybank.com
Tel: (62) 21 2557 1188
Keith Roy
keith.roy@maybank.com
Tel: (63) 2 5322 3184
Greg Smith
gsmith@maybank.com
Tel: (44) 207 332 0221
Sanjay Makhija
sanjay.makhija@maybank.com
Tel: (91) 22 6623 2629
