Inta Bina Group Berhad has secured a RM221.1 million main building works contract for the Gravit8 Phase 4 (Novva) project in Kota Bayuemas, Klang. The job pushes its FY26 replenishment from RM424 million to roughly RM645 million, according to Malacca Securities Research.
The research house kept its BUY rating and RM0.78 target price after the award. It said the contract falls within its existing replenishment assumptions, so its earnings forecasts are unchanged.
Inta Bina Group: The Contractor and the Gravit8 Job
INTA is a building contractor whose tender book spans residential, commercial and data centre projects. The contract was accepted by its wholly-owned unit Inta Bina Sdn Bhd.
The client is Prisma Melody Sdn Bhd, a wholly-owned subsidiary of Mitraland Holding (M) Sdn Bhd. The scope covers a 39-storey serviced apartment tower with 654 units and a 20-storey office tower, plus parking, commercial and recreational facilities.
Works begin on 28 September 2026, with an overall completion window of 24 to 28 months. Section 1 is targeted for 27 September 2028 and Section 2 for 27 January 2029.
This is INTA’s fourth project with Mitraland, built on a relationship spanning 14 years. Malacca Securities highlighted this as evidence that repeat clients are a key pillar of the group’s construction pipeline.
The Key Numbers Behind the Replenishment
With the Novva award, INTA’s YTD FY26 job wins stand at about RM645 million. That covers 72% to 81% of Malacca Securities’ annual replenishment assumption of RM800 million to RM900 million.
The group therefore needs another RM155 million to RM255 million in new jobs to hit the research house’s range. Against management’s own FY26 target of roughly RM860 million, secured wins now sit at about 75%.
On earnings, the research house expects only a modest contribution in FY26, given work only starts in late September. The bigger boost is projected for FY27 and FY28 as construction activity ramps up.
To fill the remaining gap, INTA has a tender book of about RM3.6 billion. Malacca Securities said the timing of awards and the conversion rate from that pipeline remain the variables to monitor.
How Malacca Securities Values INTA
The RM0.78 target price is derived by applying an 11x price-to-earnings multiple to Malacca Securities’ FY27 forecast EPS of 7.11 sen. That multiplication works out to roughly 78 sen per share.
The research house said the latest win strengthens its confidence in INTA’s earnings visibility. However, it added that any upside to its estimates would need either stronger-than-expected job wins or margin expansion.
A successful move into larger industrial and data centre projects could also broaden INTA’s mix of work, according to the research house. That remains a potential catalyst rather than a factor already built into its numbers.
Risks Flagged by the Research House
Malacca Securities listed three downside risks to its call. The first is volatility in raw material prices, which can squeeze contractor margins on fixed-price jobs.
The second is INTA’s ability to keep replenishing its orderbook, particularly the outstanding RM155 million to RM255 million this year. The third is regulatory compliance risk.
What This Means for Retail Investors
The headline takeaway from Malacca Securities is that this win keeps INTA on track rather than ahead of plan. Because the contract was already factored into the research house’s replenishment assumption, it does not change the 7.11 sen FY27 EPS forecast.
Investors tracking the stock may want to watch whether INTA converts part of its RM3.6 billion tender book before the financial year closes. Any data centre or industrial award would be a new data point against the research house’s view.
The project timeline also matters for reading future quarterly results. With billings expected to be light in FY26, the earnings impact of Novva should show up more clearly from FY27 onwards, based on the research house’s projection.
As always, a research house target price is one input among many. Readers should weigh it against their own risk appetite, investment horizon and the company’s filings on Bursa Malaysia.
Key Takeaways
- Inta Bina Sdn Bhd accepted a RM221.1 million contract from Mitraland’s Prisma Melody for Gravit8 Phase 4 (Novva) in Klang.
- YTD FY26 job wins rose to about RM645 million, meeting 72% to 81% of Malacca Securities’ RM800 million to RM900 million assumption.
- Secured wins represent about 75% of management’s roughly RM860 million FY26 target.
- Malacca Securities maintains BUY with a RM0.78 target price, based on 11x FY27 EPS of 7.11 sen.
- Key risks: raw material costs, orderbook replenishment and regulatory compliance.
This article summarises a research report by Malacca Securities and does not constitute investment advice. The full report, titled Inta Bina Group Berhad – Another Win, Still Within Expectations, is available from M+ Online at mplusonline.com.
Source & Attribution
This article summarises a research report published by Malacca Securities Sdn Bhd (M+ Online) on 25 September 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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