Insights Analytics Bhd (IAB) BUY maintained with target price RM1.95; CIMB Investment Bank Bhd analysts said the group’s exclusive Malaysia rights to p-CAT technology, alongside its Peninsular Malaysia water sector pilot with Lembaga Air Perak and long-term non-revenue water reduction opportunity, support a dual-engine growth outlook and justify its valuation re-rating potential
Insights Analytics is gaining strategic momentum after securing exclusive Malaysian rights to p-CAT, a non-destructive pipeline assessment technology developed by Australia-based Pipeline Inspection & Assessment, according to CIMB analysts. They said the move strengthens the group’s non-revenue water reduction toolkit and positions it to scale its smart water solutions across Malaysia’s utility sector.
CIMB analysts noted that the exclusivity allows Insights Analytics Berhad to represent, distribute and commercialise the technology nationwide, with p-CAT™ enabling pipeline condition assessment without disrupting water supply. They added that the solution provides actionable asset health data that supports maintenance planning and improves lifecycle management of ageing infrastructure.
The analysts highlighted that the group has also begun Malaysia’s first p-CAT™ pilot deployment with Lembaga Air Perak covering about seven kilometres of pipelines. While channel checks suggest the contract value is below RM1 million, they said the project is strategically important as it marks the company’s first non-revenue water-related water sector breakthrough in Peninsular Malaysia in a decade.
They added that successful validation could accelerate wider adoption among water operators as Malaysia intensifies efforts to reduce non-revenue water losses. CIMB analysts said this would allow Insights Analytics Berhad to expand beyond its Sarawak base and deepen its footprint in Peninsular Malaysia’s water ecosystem.
On valuation, CIMB maintained its Buy call with an unchanged target price of RM1.95 based on 18.5 times CY27F price-to-earnings. The analysts said no changes were made to earnings estimates, adding that the group’s scarcity value as a listed digital water proxy, improving order book and exposure to water sector digitalisation support its longer term re-rating potential.
Insight Analytics’ stock price rose 7.04% to RM1.52.
