ITMAX System Bhd's core net profit for 3Q24 of RM22 million, a 34% year-on-year and a 15% quarter-on-quarter increase, has prompted Maybank Investment Bank Bhd (Maybank IB) to maintain a BUY call on the stock and a target price of RM4.40.

ITMAX's cumulative core net profit for 9M24 of RM58.9 million, a 24% YoY growth, met Maybank IB's expectations, at 75% of the research house's and street's FY24E earnings respectively.

The stock's solid growth trajectory and its role in the nation's smart city initiatives provide a compelling outlook as the company is progressing with its smart parking projects, which are expected to contribute more significantly to its top line in the upcoming quarters.

As of now, Maybank IB has left its FY24-FY26 earnings forecasts for ITMAX unchanged, with the company continuing to be their top pick in the Malaysian software space.