Newsbreak

• RM221.1m contract from Mitraland. INTA’s wholly-owned subsidiary, Inta Bina Sdn Bhd, has accepted a RM221.1m contract from Prisma Melody Sdn Bhd, a wholly-owned subsidiary of Mitraland Holding (M) Sdn Bhd, for the main building works of Gravit8 Phase 4 (Novva) in Kota Bayuemas, Klang. The development comprises a 39-storey serviced apartment tower with 654 units and a 20-storey office tower, together with associated parking, commercial and recreational facilities.
• Completion scheduled over 24–28 months. Works will commence on 28 September 2026, with Section 1 targeted for completion on 27 September 2028 and Section 2 on 27 January 2029. 

M+Global View

• Closing in on replenishment targets. We are positive on the latest win, which lifts INTA’s YTD FY26 job wins to c.RM645m from RM424m. This meets 72–81% of our RM800–900m annual replenishment assumption, leaving a further RM155–255m to secure. The award also brings secured wins to 75% of management’s previously indicated c.RM860m FY26 target, keeping replenishment within our expectations.
• Familiar client, longer earnings visibility. This marks INTA’s fourth project with Mitraland over a 14-year relationship, underscoring the role of repeat clients in sustaining its construction pipeline. With works extending into early 2029, the project adds visibility beyond the current financial year. We expect a modest initial contribution in FY26, with a larger earnings contribution in FY27–FY28 as construction gathers pace.
• Tender pipeline supports further replenishment. INTA maintains a c.RM3.6bn tender book across residential, commercial and data centre projects, providing opportunities to secure the remaining RM155–255m under our annual replenishment assumption. Award timing and conversion remain key, while successful entry into larger industrial and data centre projects could broaden its construction mix.

Valuation & Recommendation

• Forecast. Unchanged as the win falls within our replenishment assumptions.
• Maintain BUY, TP RM0.78. We reiterate our BUY recommendation with an unchanged TP of RM0.78, based on 11x FY27f EPS of 7.11 sen. The latest award reinforces our confidence in INTA's earnings visibility, though further upside to our estimates hinges on stronger-than-expected job wins or margin expansion.
• 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.