RedPlanet Berhad has received a positive outlook from MBSB Research ahead of its market debut, supported by a growing order book, expansion into new rail technology segments and increasing opportunities arising from infrastructure digitalisation.
MBSB Research initiated coverage on the enterprise information and communications technology (ICT) solutions provider with a BUY recommendation and a fair value of RM0.26, representing a premium to its IPO price of RM0.19. The valuation is based on 15 times projected CY2027 earnings, in line with its listed peers.
RedPlanet specialises in geospatial solutions and intelligent rail systems. Its geospatial business focuses on the collection, analysis and visualisation of geographical data for infrastructure planning, utilities mapping and asset management. The company also provides intelligent rail solutions through its proprietary Platform Intrusion Emergency Stop (PIES®) system, a rail safety technology currently deployed across several Malaysian light rail transit networks, including the Kelana Jaya, Ampang and LRT3 lines.
RedPlanet
According to MBSB Research, the group is well positioned to benefit from rising investments in transport infrastructure and digital transformation initiatives. As at 29 August 2026, RedPlanet’s outstanding order book stood at RM51.7 million, comprising RM18.2 million from geospatial solutions and RM33.6 million from intelligent rail projects.
A key growth catalyst is the company’s expansion into Central Transmission Systems (CTS), which integrate railway signalling, communications and operational systems. Two CTS contracts worth a combined RM32.5 million secured in 2026 mark an important step in diversifying beyond its existing PIES® platform.
The company is also developing AI-powered geospatial applications and drone-based railway monitoring solutions to enhance productivity and expand its technology offerings. Potential opportunities from major projects such as the Penang LRT Mutiara Line and Johor’s proposed Autonomous Rapid Transit system could further strengthen its long-term growth trajectory.
With a net cash position of RM7.7 million as at FY2026 and expectations of continued profitability, MBSB Research believes RedPlanet is well placed to capture emerging opportunities in Malaysia’s growing rail and infrastructure technology sector.
