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As at May 2022, the company has orders of RM25.4m yet to be recognized, which provide earnings visibility in the mid-term. We forecast INFOTEC to register net earnings of RM8.2m and RM9.4m for FY22 and FY23 respectively. BUY with a TP of RM0.47 based on 18x PER, 40% discount to Bursa Malaysia Technology Index 5 years average given its smaller market capitalisation.