IRIS 0010 IRIS CORPORATION BERHAD Is the government going to play ‘NIISe” and let Iris fly?
Iris Corp Bhd saw much trading interest on April 18, surging 15% to close at 12 sen.
The counter has been languishing at its 52-week low of 9 sen in recent weeks.
However, news of Iris getting to kick start the billion ringgit Immigration system project after much delays, sent the counter flying high.
The counter started to be actively traded after Immigration Department Director General Datuk Seri Khairul Dzaimee Daud said the Home Ministry had set aside RM900 million for the roll-out of the National Integrated Immigration System (NIISe) in two years.
He said the new system is expected to be a game changer that would improve the department's efficiency and customer experience.
NIISe, which is currently developed by Iris Corp Bhd, will replace the current Malaysian Immigration System (myIMMS) that the department has been using for about 13 years.
It will converge all immigration transactions, including passport renewals, visa applications, applications and renewals of permits for foreign workers.
Understandably, any statement from the relevant government would have caused much excitement given the uncertainties surrounding the project.
Well, Iris won the Niise project a couple of years back with a bid value of some RM1.2 billion.
However, in March, Iris faced major selldown pressure after the government was rumoured to have cancelled the RM1 billion NIISe due to slow progress.
And now in April, the government has decided to go ahead with the major overhaul.
There is no denying that if Iris is finally given the mandate to proceed with NIISe, this will be a major boost to the company.
The company has been on the mend, charting commendable results in 3Q ended Dec 31, 2002.
Its net profit more than doubled to RM7.5 million in 3QFY23 from RM3.2 million a year ago.
Revenue grew to RM87.2 million from RM72.4 million.
The higher revenue in this financial quarter is mainly due to higher delivery of cards and epassports for overseas projects.
It also recognised revenue from an existing domestic project in the quarter just ended.
So far, nothing has been set in stone but the interests in the counter are mostly based on the rumours surrounding NIISe.
It may be another rollercoaster ride for investors looking for a ride with Iris.
#IRIS
https://xifu.my/OpinionsComment.aspx?BID=B06191510PDAEAE1
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
What do I fear?9 hours ago
-
-
-
The Price Of A Thousand Yen11 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Keyboarding Warriors3 days ago
-
-
-
-
Cory Diary : Portfolio updates4 days ago
-
-
-
Weekly Markets Outlook4 days ago
-
-
-
Portfolio Update5 days ago
-
-
-
-
-
-
-
Beware Of Scams6 days ago
-
-
-
Buying a home for face1 week ago
-
-
-
-
-
Finance Investment Movement 441 week ago
-
-
Market indeed coming down1 week ago
-
-
-
-
-
-
Banks and Miles Report – Mar 20242 weeks ago
-
Revisiting Bitcoin2 weeks ago
-
-
-
-
2024 (Portfolio Update)2 weeks ago
-
-
-
Retirement Journey Update for March 20243 weeks ago
-
-
-
1Q 2024 Investment Strategy Update3 weeks ago
-
-
Portfolio Summary for March 20243 weeks ago
-
-
-
Portfolio (March 30, 2024)3 weeks ago
-
-
-
QAF #77 - 2023 Annual Report4 weeks ago
-
Lentor Hills Residences4 weeks ago
-
Burnt out!4 weeks ago
-
-
-
Feb 2024 Expenditure4 weeks ago
-
-
Starting Our Second Property Cycle5 weeks ago
-
-
-
-
-
-
-
Feb 2024 Portfolio1 month ago
-
-
Summary of February 20241 month ago
-
The Market Is A Scam!1 month ago
-
-
-
-
-
-
-
-
-
Options Trading Journal Jan 20242 months ago
-
-
-
-
-
-
-
End of 2023 Review3 months ago
-
-
Year 2023 DIYQuant Portfolio Performance Report3 months ago
-
Monthly Summary of November 20234 months ago
-
3 Simple Poker Strategies for Beginners4 months ago
-
Migration of website4 months ago
-
-
Abandon REITS?5 months ago
-
-
-
-
-
-
-
-
-
August 2023 Portfolio Updates7 months ago
-
-
-
-
Hello SP Group, I'm Back!9 months ago
-
-
-
-
A New Light11 months ago
-
-
-
-
-
-
-
Demoralized1 year ago
-
2022 Thoughts, Hello 2023!1 year ago
-
Series of Defaults for Maple Finance1 year ago
-
Takeaways from “Sea Change”1 year ago
-
-
Greed is Coming Back1 year ago
-
-
-
-
-
-
-
-
-
-
-
What is Overemployment1 year ago
-
-
-
-
-
-
-
-
-
-
-
Home
IRIS
xifu
IRIS 0010 IRIS CORPORATION BERHAD Is the government going to play ‘NIISe” and let Iris fly?