Newsbreak

• RM291m Senja Residensi development. INTA’s wholly-owned subsidiary, Seiring Setia Sdn Bhd (SSSB), has commenced its second property development, Senja Residensi @ Bukit Jelutong, with a forecast GDV of RM290.96m. The project comprises 499 serviced apartments across two residential blocks, with commercial space, parking and resident amenities. It commenced on 1 October 2026 and is expected to complete within 36 months.
• Construction to be undertaken in-house. The construction contract will be awarded to INTA’s wholly-owned subsidiary, Inta Bina Sdn Bhd (IBSB), allowing the Group to capture both development and construction earnings. While the project is expected to strengthen INTA’s existing order book, the construction contract value has not been disclosed. We therefore do not treat the RM291m GDV itself as a new construction win.

M+ Global View

• More than just another property project. Senja Residensi marks the next step in INTA’s transition from pure contractor to a more integrated construction and property platform. Its maiden Senuri Residence project already contributed RM45.1m/6.5% of Group revenue in FY24, rising to RM91.9m/12.2% in FY25, while property development segment PATMI more than tripled to RM13.3m. Management now targets property development to contribute c.30% of Group revenue within five years. With two more developments targeted for launch in 4Q26 and combined GDV of >RM600m, we see scope for property development to become a larger earnings contributor alongside construction.
• The fundamentals are already there... During our meeting with management on 1Oct26, INTA highlighted a RM4.4bn tender book, c.RM1.6bn unbilled orderbook at 2Q26, 0.09x net gearing and c.RM650m of available banking facilities. YTD FY26 job wins of RM645m remain within our RM800–900m replenishment assumption, while management continues to target RM860m for FY26. Coupled with a c.5.0% FY26f dividend yield, we see a company with healthy earnings visibility, financial flexibility and attractive shareholder returns.
• …what is missing is a catalyst. The stock has yet to re-rate despite these fundamentals. Management sees data centre exposure as the key x-factor and is actively pursuing it. We believe a successful DC win could broaden INTA’s growth profile and provide the catalyst needed for a re-rating. Until then, the attractive dividend yield and strong balance sheet provide downside support while investors wait for the next leg of growth.

Valuation & Recommendation

• Forecast. Maintained.
• Maintain BUY, TP RM0.78. We reiterate our BUY recommendation and RM0.78 TP based on 11x FY27f EPS of 7.11 sen. Senja Residensi adds to INTA’s longer-term growth pipeline, while its construction franchise, balance sheet strength, dividend yield and DC optionality underpin the investment case.
• Downside risks. Risks to our recommendation include: (i) fluctuations in raw material prices; (ii) INTA’s ability to continually replenish its orderbook; and (iii) regulatory compliance risk.