13/06/2026

BIZ & FINANCE SATURDAY | JUNE 13, 2026

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Research Sdn Bhd has resumed coverage of Lagenda Properties Bhd and expects sales momentum to strengthen in second-half 2026, supported by a robust launch pipeline across multiple states, continued resilience in affordable housing demand, and the group’s proven track record of high take up rates. In a research note, Berjaya Research said Lagenda Properties recorded property sales of RM372.5 million in Q1 of 2026, primarily driven by contributions from the La’ Lumiere, Lagenda Ardea and La’ Indera develop ments. “This represents 20.9% of our projected sales target of RM1.78 billion for 2026. “Looking ahead, we expect stronger property sales in 2H The arrangement forms part of the ongoing services provided by Mesiniaga to Maybank Shared Services, extending an existing relationship through a renewed licensing framework. Mesiniaga noted that the main operational risks are tied to meeting service level commit ments and delivery timelines set by the customer. The company said it has already implemented measures to manage and mitigate these re quirements. Mesiniaga board’s has con firmed that none of its directors, major shareholders, or persons connected to them has any interest in the contract. It described the agreement as being in the ordinary course of business and aligned with the group’s strategic interests. The contract is expected to contribute positively to earnings and net assets over the duration of the agreement, beginning from the financial year ending Dec 31, 2026, through to com pletion in 2029, and it will not have any impact on the company’s share capital or shareholding structure. Mesiniaga wins renewal contract worth RM43m from Maybank Shared Services PETALING JAYA: Mesiniaga Bhd has secured a three-year renewal contract with Maybank Shared Services Sdn Bhd for the subscription of software licences, valued at RM43.28 million. In its filing to Bursa Malaysia yesterday, the IT services provider said the agreement, signed on Thursday covers licence subs cription services over a fixed term ending May 31, 2029. The contract includes 8% Sales and Service Tax. There is no automatic renewal clause once the term expires.

Mitsui-backed LGMS positions itself for regional growth

PETALING JAYA: Mitsui-backed LGMS Bhd is positioning itself for regional growth as demand for cybersecurity rises across Southeast Asia, with local trust, market presence and technical expertise becoming key factors in winning customers. LGMS non-independent non executive director Toshio Kanki, who represents Mitsui & Co on the board, said cybersecurity remains a local, trust-based business in which service providers need to be close to customers. “Cybersecurity is a local business. If you provide security services in Japan, you should be in Japan. That is the nature of the cybersecurity business,” he said during LGMS’ annual general meeting recently. “Cybersecurity is a trust business, and service providers should be with customers in the same place. LGMS

impairment losses on receivables. “We maintain our Buy re commendation on Lagenda Pro perties with a target price of RM2.18. We like Lagenda Pro perties for its strong earnings visibility over the next two to three years, backed by unbilled sales of RM1.67 billion and robust gross development value launches of RM2.65 billion in 2026. “Further, the group has a proven execution capability as evidenced by healthy take-up rates across its existing township. Lagenda Properties also has a structurally superior cost ad vantage, which supports resilient margins and return on equity,“ Chai said. Key risk factors include rising input costs, a slower-than-ex pected take-up rate and an interest rate increase. opportunity involving a Japanese bank and its Malaysian subsidiary. He explained that business development in cybersecurity re quires time, as customers need to build confidence in service providers and allocate budgets for cyber security needs. Kanki identified artificial intelli gence (AI) as a key area that could shape LGMS’s next phase of growth. “AI for security and security for AI is becoming an important challenge for all cybersecurity service com panies because AI can automate parts of security services. On the other hand, AI can also be mani pulated by threat actors, and that is very dangerous,” he said. Meanwhile, LGMS managing director Fong Choong Fook said AI alone would not remove the need for human expertise in cybersecurity, as security assessments still require expert validation, judgment, and a strong knowledge base. “We are currently training AI systems using our own cyber security knowledge and expertise accumulated over more than two decades, with the aim of improving speed, scale and service quality.” He added that LGMS’ differ entiation would come from speed, knowledge base and scale, while the company would continue to focus on customers that take cybersecurity seriously rather than those seeking only the lowest-cost services. Fong said this is important as AI tools could allow more companies to enter basic cybersecurity services, but would not necessarily replicate the depth of expertise, experience and technical judgement required for complex security work. Demand for cybersecurity con tinues to grow across Southeast Asia, driven by digitalisation, cloud adoption, AI, regulatory require ments and increasingly sophi sticated cyber threats, he added.

o Director says company can tap rising demand for cybersecurity in Southeast Asia with local trust, market presence and technical expertise

partnership to support the Malaysian cybersecurity firm’s expansion across the Asia-Pacific. Kanki said Mitsui has been working to support LGMS in engaging local customers, in cluding Japanese-linked companies operating in Malaysia and South east Asia. “We are trying to bring more local customers to LGMS. We are also introducing Japanese companies locally to LGMS,” he said, adding that there have been engagements with Japanese companies, including an attempted penetration testing

can provide services in Southeast Asia, but to provide services to the United States, Europe or Japan, LGMS would need local entities,” he added. His comments came in response to a shareholder’s question on whether Mitsui’s strategic investment in LGMS has produced meaningful collaborations, business oppor tunities, regional expansion support or customer access since the Japanese conglomerate became one of LGMS’ major shareholders. Mitsui acquired a 25% stake in LGMS in 2023 as part of a strategic

Kanki says cybersecurity remains a local, trust-based business in which service providers need to be close to customers.

Lagenda Properties sales poised to pick up in H2: Berjaya Research KUALA LUMPUR: Berjaya segment.

Despite stronger performance from the trading segment, Berjaya Research said, the lower contri bution from the property develop ment segment, the group’s core earnings driver, offset

2026, supported by upcoming launches in Johor, Kedah, Pahang and Negeri Sembilan. “This is underpinned by the group’s strong historical take-up rates across its completed town ships and the resilient demand for affordable housing. “We believe these new launches could further lift the group’s unbilled sales beyond the current RM1.67 billion, providing healthy earnings visibility over the medium term,“ Berjaya Research analyst Jessie Chai said in the note. Touching on earnings, Berjaya Research noted that Lagenda Properties’ revenue declined mar ginally by 0.9% to RM262.1 million in Q1 of 2025, from RM264.4 million, mainly due to a 1.3% decline in revenue contribution from the property development

Nevertheless, re cognition from ongoing projects such as Lagenda Ardea Phase 2 and Seri Embun has partially offset the softer perfor mance. Berjaya Research said revenue

the improvement, re sulting in a largely flat profit after tax of RM44.1 million. Quarter-on-quarter, Lagenda Properties’ revenue decreased 11.9% in Q1 of 2026, weighed down by slower construction progress during the

the relatively flat contri bution from the pro perty development seg ment was primarily due to slower construction pro

gress on certain on going projects amid festive holidays in Q1 of 2026, and to several projects reaching ad vanced stages of completion. Meanwhile, revenue from the trading segment increased 18.4%, sup-ported by stronger demand for building materials from ex ternal contractors.

festive season and lower revenue recognition from several projects that were nearing completion. Core Patami fell 24% in Q1 of 2026, as the preceding quarter included a write-back of RM14.9 million in previously recognised