20/10/2026

BIZ & FINANCE TUESDAY | OCT 20, 2026

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Mercury Securities is underwriter for Emits IPO

MAHB steps up decarbonisation of operations SEPANG: Malaysia Airports Holdings Bhd (MAHB) is stepping up efforts to decarbonise its operations, targeting net-zero greenhouse gas emissions for Scope 1 and 2 by 2040. Its managing director, Datuk Mohd Izani Ghani, said achieving the target would require sustained investment in energy efficiency, renewable energy, cleaner ground operations, and more sustainable airport infrastructure. Speaking at Aviation Sustainability Day 2026 here today, Mohd Izani said MAHB’s longer-term aspiration was to achieve net-zero emissions for selected Scope 3 categories by 2050, in line with Malaysia’s ambition to achieve net-zero greenhouse gas emissions by the same year. “Our decarbonisation plan establishes clear, measurable targets to cut emissions across our operations. We are setting an updated emissions baseline across our five international airports; Kuala Lumpur International Airport (KLIA), Penang, Kota Kinabalu, Kuching, and Langkawi. “Our progress also supports our efforts to attain Level 4 of the Airport Carbon Accreditation programme for KLIA, which is aligned with the Malaysian Aviation Decarbonisation Blueprint and the United Nations Sustainable Development Goals, particularly those relating to clean energy, sustainable infrastructure, climate action and partnerships,” he said. Scope 1 emissions refer to direct greenhouse gas emissions from sources owned or controlled by an organisation, while Scope 2 covers indirect emissions from the generation of purchased electricity, heating and cooling. Scope 3 emissions comprise other indirect emissions across an organisation’s value chain, including those associated with suppliers, waste management and business travel. Jointly hosted by MAHB and Malaysia Aviation Group (MAG), Aviation Sustainability Day provided a platform for industry stakeholders to explore greater collaboration in addressing the investment, infrastructure and operational challenges of aviation decarbonisation. Meanwhile, Deputy Transport Minister Datuk Hasbi Habibollah said aviation was a matter of national strategic importance, underpinning the country’s trade and tourism sectors while providing vital connectivity for people across Malaysia. technology infrastructure and managed services businesses. “We believe the acquisition creates cross selling opportunities across both customer bases, particularly among financial institutions, enterprises and government agencies,“ the research firm said. Berjaya Research raised its FY27, FY28 and FY29 orderbook replenishment assumptions to RM380.0 million, RM400.0 million and RM420.0 million, respectively, to factor in the group’s growth opportunities across Malaysia, Japan and ANZ. “As a result, our FY27/FY28/FY29 core net profit estimates were lifted by 7.3%/13.6%/24.8%. “Following the earnings revision, we upgraded Infomina to Buy with a higher target price of RM2.20, based on an unchanged target price-to-earnings ratio (PER) of 23.0x pegged to our revised FY28 earnings per share (EPS),“ Berjaya Research said. Berjaya Research continue to like Informina for its partnership with well-established mainframe technology solutions providers, earnings visibility from its renewal segment, and appointment as Premier Tier 1 VAD for Broadcom Mainframe software. Key risks are slower than-expected project recognition, and non-renewal of Infomina’s CA Singapore Regional Partner Agreement.

GEORGE TOWN: Antenna manufacturing service provider Emits Bhd signed an underwriting agreement with Mercury Securities Sdn Bhd for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia. The IPO comprises a public issue of 93.75 million new shares, representing 20% of the company’s enlarged share capital of 468.77 million shares upon listing, and an offer for sale of 37.5 million existing shares, or an 8% stake. Of the new shares, 23.44 million will be offered to the Malaysian public through balloting, while 11.72 million will be allocated to eligible directors and employees, as well as those who have contributed to the group’s success, under the Pink Form Allocation. The remaining 58.6 million shares will be placed out to selected investors. All 37.5 million existing shares under the offer for sale will also be placed out to selected investors. Mercury Securities will underwrite 35.16 million new shares allocated for the Malaysian public and under the Pink Form Allocation. Emits group managing director Loy Boon Liang said the group’s core business is manufacturing antennas. “Since the incorporation of our group back in October 2015, we have manufactured land mobile radio (LMR) antennas, which are used in handheld radios and walkie-talkies, as our key products sold. “In addition to LMR antennas, we also manufacture Dome and Embedded antennas, which are mostly for automotive and industrial applications. “Further, we have invested in new machinery and equipment to get ready to manufacture 5G base station antennas, which o Antenna manufacturing service provider expected to be listed on ACE Market in Q4 of 2026 strengthening its new growth engines by deepening its presence in Japan, supported by a growing customer base and an improving project pipeline. Berjaya Research Sdn Bhd said the recent RM22.1 million (JPY855.0 million) five-year mainframe software subscription and maintenance renewal contract from Panasonic Digital should strengthen Informina’s recurring revenue base. The research firm also said that Informina identified RM65.0 million in additional annual revenue opportunities for Broadcom mainframe software in Japan, highlighting strong growth potential relative to the approximately RM13.9 million in revenue recorded in Japan for FY26. Elaborating on the Broadcom partnership, Berjaya Research said Infomina’s expanded appointment to distribute and support Broadcom’s mainframe software portfolio across 12 Asia-Pacific markets broadens its regional reach, including four new markets, namely, Australia, New Zealand, South Korea and India. “Notably, the incorporation of Infomina Pty Ltd serves as a platform to penetrate Australia and New Zealand (ANZ) markets with approximately RM50.0 million in annual revenue opportunities. “We expect initial contributions to com mence in 2H of FY27 with a more meaningful

Loy (left) and Mercury Securities managing director Chew Sing Guan with the underwriting documents.

“These initiatives will enhance our product offering and development capabilities, positioning us to pursue a broader range of opportunities in the antenna manufacturing market,” he said. Loy also said that future demand for antennas is expected to increase alongside the growing use of telecommunication devices and equipment across a wide range of applications, including telecommunications, automotive, consumer electronics, and aerospace and defence segments. “With our established track record and long-standing customer relationships, we believe our Group is well positioned to capture opportunities arising from this growing demand,” he said. Emits is expected to be listed on the ACE Market of Bursa Malaysia in the fourth quarter of 2026. Meanwhile, the group’s tender book remained robust at RM1.6 billion, comprising RM1.4 billion in turnkey projects, RM108.5 million in renewal contracts and RM56.3 million in AI and data-related opportunities. “The renewal segment’s 77.9% share of the orderbook should support overall margins, backed by a gross margin above 30%, which helps offset lower margins in the turnkey and data-related segments,“ Berjaya Research said in a note. Further, AI and data businesses create a new growth avenue, with Infomina’s AI solutions and data business services segment generating maiden revenue of RM8.4 million in Q1 FY27 with a gross margin of 6.7% as its initial contribution was primarily driven by volume based data services. “We anticipate margins to improve progressively as higher-value proprietary AI solutions gain traction and account for a greater share of revenue,“ Berjaya Research said. Furthermore, Berjaya Research also noted that Infomina’s acquisition of Blue Fortress Sdn Bhd strengthens cybersecurity capabilities. To note, Infomina completed the acquisition of a 51.0% stake in Blue Fortress for RM25.5 million in September 2026, strengthening the group’s cybersecurity and digital trust capabilities while complementing its existing

forms an integral part of our product and customer diversification strategy,” he said. An original equipment manufacturer (OEM) based in Bayan Lepas, Penang, Emits has operated for more than 10 years, having commenced its manufacturing services in 2016. The group specialises in a full range of end-to-end antenna manufacturing services, mainly involving design, production, assembly, and testing. The group serves both local and foreign customers, which comprise mainly listed corporations or multinationals. Today, Emits continue to serve its first customer since commencing business operations in 2016. Loy said proceeds from the public issue will support the next phase of growth by providing working capital for new projects as well as for purchasing additional machinery and equipment for our research and development (R&D) activities.

“I would like to congratulate both organisations on the launch of MAG’s Mid-Term Sustainability Roadmap 2026–2035 and Malaysia Airports’ Decarbonisation Journey.”– Bernama Infomina deepens Japan presence, expands Broadcom reach across Asia-Pacific KUALA LUMPUR: Infomina Bhd is Mercury Securities serves as the principal adviser, sponsor, underwriter and placement agent for the IPO exercise.

contribution from FY28 as the group builds its customer base. “Meanwhile, opportunities in South Korea and India remain nascent,“ Berjaya Research said. Berjaya Research also noted that Informina’s current outstanding orderbook stood at RM614.2 million, comprising RM478.3 million in renewal contracts and RM135.9 million in turnkey projects, providing earnings visibility over the next 2-3 years.