CIMB has selected Genetec as one of its top picks for the year 2024.

Genetec Technology Bhd, positioned as a key beneficiary of the increasing adoption of green energy, is anticipated to maintain its electric vehicle (EV)-related order book at a minimum of RM200 million throughout FY24-26F, given the ongoing surge in EV adoption. 

Furthermore, the Battery Energy Storage System (BESS) order book is expected to experience accelerated growth by FY25F, particularly as more renewable energy projects gain momentum in Malaysia. 

The recommendation is to "Add," supported by a target price of RM3.60 derived from a GGM analysis. The current valuation appears attractive at 17.1x CY24F P/E compared to comparable peers' 25.3x.