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
-
-
-
-
Mapping SEA’s leading cleantech players2 hours ago
-
-
CapitaLand Ascendas REIT3 hours ago
-
-
Record Breaking Day of Loss12 hours ago
-
-
-
-
-
-
-
Cory Diary : Portfolio Updates17 hours ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Coney Island – 3rd Visit2 days ago
-
Sell Banks And Buy REITs?3 days ago
-
-
-
Month of March 20253 days ago
-
Portfolio Update March 20253 days ago
-
Portfolio Summary for March 20253 days ago
-
-
-
-
-
-
-
-
Who am I?4 days ago
-
-
AEM share price lost aura5 days ago
-
-
-
-
Portfolio (Mar 31, 2025)6 days ago
-
Portfolio (Mar 31, 2025)6 days ago
-
-
-
March 2025 Updates6 days ago
-
-
China versus US (stocks)1 week ago
-
-
-
-
-
-
-
-
Going short2 weeks ago
-
FAQ on Quantitative Investing2 weeks ago
-
-
-
-
-
-
-
-
-
-
Why do I top up my ASM3?4 weeks ago
-
Another one bites the dust4 weeks ago
-
-
Trading Journal As Of 21 Feb 20255 weeks ago
-
-
-
-
The Ultimate SG-JB Geo Arbitrage: Petrol1 month ago
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?2 months ago
-
Tiger Brokers (New Promo)2 months ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!3 months ago
-
Top 10 Highlights of 20243 months ago
-
Why do I question about life?3 months ago
-
-
-
-
My Palantir Regret4 months ago
-
2023 Trading Recap – $11,000 in profit!4 months ago
-
-
Union Square Residences5 months ago
-
-
-
-
STI ETF6 months ago
-
-
-
Unibet Casino Bonus Codes 20246 months ago
-
-
-
-
-
-
Monthly IBKR Update – June 20248 months ago
-
-
-
-
-
-
-
Breakthroughs in portfolio :)10 months ago
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
-
-
-
-
A New Light1 year ago
-
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment2 years ago
-
Terra Hill Condo (former Flynn Park)2 years ago
-
Alibaba VS Tencent: The Battle Royale2 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-
Home
IRIS
xifu
IRIS 0010 IRIS CORPORATION BERHAD Is the government going to play ‘NIISe” and let Iris fly?