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aws账号(www.2km.me)_Awantec on cloud nine with new Google contract

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“Awantec’s diversification into cloud-based service offerings is gaining good traction, in our view,” said CGS-CIMB Research

KUALA LUMPUR: Awanbiru Technology Bhd (Awantec) is deemed to have received a “shot in the arm” to its earnings, after bagging a RM76mil contract to provide Google workspace solutions and related services.

CGS-CIMB Research said it sees the new contract award as a positive surprise for the group.

“We raise our sales and earnings projections for 2022 to 2024. We believe this contract will expedite Awantec’s turnaround prospects as we project the group to return to profitability in 2022,” it said in a report yesterday.

The research house noted that Awantec registered a RM1.7mil core net loss in its first quarter ended Sept 30, 2021.

“Meanwhile, this is the second contract award related to cloud infrastructure solutions for Awantec, following its maiden contract win in July 2021.

“This was a three-year contract to supply G-Suite Enterprise software for public schools under the Education Ministry worth RM22.8mil.

“Awantec’s diversification into cloud-based service offerings is gaining good traction, in our view.”

Awantec’s unit Awantec Systems Sdn Bhd (ASSB) had inked a supply and service agreement worth RM75.89mil with Pernec Integrated Network Systems Sdn Bhd for the Google job.

Under the agreement, ASSB will also implement, deploy and provide support services for a unified communication and collaborative service managed by Pernec.

CGS-CIMB noted that the contract has a period of approximately 27 months, commencing from Nov 25, 2021 until Feb 13, 2024.

“Pernec has the option to extend the contract for another two years beyond February 2024.”

Pernec is a private limited company incorporated in Malaysia on Jan 29, 1997, providing information and communications technology infrastructure, network solutions and related activities.

CGS-CIMB said the award from Pernec will leverage Awantec’s existing partnership with Google to provide cloud-based services.

“ASSB was appointed one of the managed services providers to support Cloud service providers like Google to assist the government in implementing a “Cloud First” strategy, which targets to migrate 80% of public data to the hybrid cloud platform by end-2022 under the MyDigital Initiative.”

CGS-CIMB said it is upgrading its call on Awantec from “reduce” to “hold” following the new contract win, with a higher target price of 74 sen.

“We still peg our valuation to its three-year historical price-to-book value mean.

“We see a higher take-up for Cloud services and significant compensation for Sistem Kawalan Imigresen Nasional (Skin) from the government as potential catalysts.

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