Inta Bina Group Berhad‘s wholly-owned subsidiary Seiring Setia Sdn Bhd has kicked off the RM290.96 million Senja Residensi @ Bukit Jelutong project on 1 October 2026, marking the contractor’s second major property development after the successful launch of Senuri Residence. The project spans 499 serviced apartments across two residential blocks with commercial space, parking and resident amenities, scheduled for completion within 36 months.
From Pure Contractor to Integrated Property Platform
INTA is no longer a pure construction contractor—it is deliberately shifting into a dual-revenue model combining construction and property development earnings. Malacca Securities Research noted that Senuri Residence contributed RM45.1 million (6.5% of Group revenue) in FY24, rising to RM91.9 million (12.2%) in FY25, with property development PATMI more than tripling to RM13.3 million. Management now targets property development to account for roughly 30% of Group revenue within five years.
For Senja Residensi specifically, the construction contract will be awarded to INTA’s wholly-owned subsidiary Inta Bina Sdn Bhd, allowing the Group to capture both development and construction earnings in-house. M+ Online’s research team did not treat the RM291 million GDV as a new construction win, as the construction contract value has not been disclosed, but flagged it as critical to the Group’s longer-term growth pipeline.
Strong Balance Sheet and Dividend Support
During a management meeting on 1 October 2026, INTA revealed a RM4.4 billion tender book and approximately RM1.6 billion unbilled orderbook as at 2Q26, underpinning near-term revenue visibility. The company maintains a net gearing of 0.09x with circa RM650 million of available banking facilities, providing substantial financial flexibility for project execution and shareholder returns.
Year-to-date FY26 job wins of RM645 million remain within Malacca Securities’ replenishment assumption of RM800–900 million annually, with management targeting RM860 million for the full financial year. According to the research house, the combination of a healthy orderbook, minimal leverage and available liquidity positions INTA to sustain dividend payouts—the stock is forecast to yield approximately 5.0% in FY26.
Valuation and Investment Case
Malacca Securities maintains a BUY recommendation with a target price of RM0.78, based on 11 times FY27 forecast earnings per share of 7.11 sen. The research house’s investment case rests on three pillars: a robust construction franchise with RM4.4 billion in tenders, an emerging property development platform targeting 30% revenue contribution, and an attractive dividend yield cushioning downside risk.
The research house identified one critical missing element—a data centre win. Management views data centre exposure as a potential catalyst for re-rating, and is actively pursuing such opportunities. According to Malacca Securities, a successful DC contract could broaden INTA’s growth profile and trigger market re-rating, though until then the stock’s dividend yield and balance sheet strength provide support.
What This Means for Retail Investors
INTA is executing a deliberate strategic pivot from pure construction into property development, with two more developments targeted for launch in 4Q26 carrying a combined GDV exceeding RM600 million. For dividend-focused retail investors, the 5.0% forecast yield offers current income, while the strengthening property development segment creates optionality for capital appreciation if the company successfully executes its five-year plan to grow property revenue to 30% of total earnings.
However, the stock’s re-rating hinges on execution risk in both orderbook replenishment and property sales absorption, as well as on securing a marquee data centre contract. Material risks include raw material price volatility, competitive pressure on construction margins, and regulatory compliance in property development.
Key Takeaways
- RM290.96 million Senja Residensi project commenced 1 October 2026 with 499 apartments and 36-month completion timeline.
- Property development revenue surged from RM45.1m (FY24) to RM91.9m (FY25); management targets 30% of Group revenue within five years.
- Malacca Securities maintains BUY with RM0.78 target price, based on 11x FY27 EPS; stock forecast to yield 5.0% in FY26.
- RM4.4bn tender book, RM1.6bn unbilled orderbook, 0.09x net gearing and RM650m available facilities provide strong financial foundation.
- Data centre contract pursuit identified as key catalyst for market re-rating; dividend and balance sheet provide downside support until catalyst emerges.
Frequently Asked Questions
What is the Senja Residensi project and when will it complete?
Senja Residensi @ Bukit Jelutong is a RM290.96 million development comprising 499 serviced apartments across two residential blocks, commenced on 1 October 2026 with an expected 36-month completion timeline. Construction will be undertaken in-house by INTA’s subsidiary Inta Bina Sdn Bhd, allowing the Group to capture both development and construction earnings.
How much has property development contributed to INTA’s revenue so far?
According to Malacca Securities Research, Senuri Residence contributed RM45.1 million (6.5% of Group revenue) in FY24, rising to RM91.9 million (12.2%) in FY25, with property development PATMI more than tripling to RM13.3 million. Management now targets property development to contribute roughly 30% of Group revenue within five years.
What is Malacca Securities’ target price and investment rating for INTA?
Malacca Securities maintains a BUY recommendation with a target price of RM0.78, based on 11 times FY27 forecast earnings per share of 7.11 sen. The rating is supported by a robust construction orderbook, emerging property platform, and attractive dividend yield.
What is INTA’s current financial position and dividend yield?
INTA maintains a RM4.4 billion tender book, RM1.6 billion unbilled orderbook (as at 2Q26), net gearing of 0.09x and circa RM650 million of available banking facilities. The stock is forecast to deliver approximately 5.0% dividend yield in FY26, according to Malacca Securities.
What would trigger a re-rating of INTA’s stock according to the research house?
According to Malacca Securities, management views a data centre contract win as a key catalyst for re-rating, as it would broaden INTA’s growth profile beyond construction and property development. Until such a catalyst materializes, the research house notes that the attractive dividend yield and strong balance sheet provide downside support.
Full Report: The complete Malacca Securities research report on Inta Bina Group Berhad is available on M+ Online.
Source & Attribution
This article summarises a research report published by Malacca Securities Sdn Bhd (M+ Online) on 05 October 2026. All ratings, target prices and forecasts belong to Malacca Securities Research, not to the author of this blog.
Read the original report: M+ Online Research Report | View full PDF
Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Ratings and target prices cited are those of Malacca Securities Research and are subject to change. Always do your own research before making investment decisions.
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