🕷️ Crawler Inspector

URL Lookup

Direct Parameter Lookup

Raw Queries and Responses

1. Shard Calculation

Query:

Response:

Calculated Shard: 107 (from laksa012)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa107.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.businesstoday.com.my\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/","crawl_time":1772921710,"first_indexed_time":1757591094,"http_code":200,"src_unparsed":"my,com,businesstoday!www,\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/ s443","src_root_hash":"5357836286743737907","history_drop_reason":null,"meta_title":"SMRT Risks Of Pioneer Tax Status Expiry","meta_descriptions":["Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has…"],"attrs_boilerpipe_text":"Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then.\nSMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions.\nGroup revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia.\nDespite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines.\nEncouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase.\nThe group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions.\nMeanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances.\nHLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72.\nAt the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning.\nAs of 10.42 am, the stock price noted a downside of 2.98% at RM0.815.","attrs_markdown":"[Facebook](https:\/\/www.facebook.com\/businesstodayMY \"Facebook\")     [Instagram](https:\/\/www.instagram.com\/businesstodaymalaysia\/ \"Instagram\")     [Linkedin](https:\/\/www.linkedin.com\/company\/business-today-malaysia\/ \"Linkedin\")     [Twitter](https:\/\/twitter.com\/businesstodayM1 \"Twitter\")\n\n- [Home](https:\/\/www.businesstoday.com.my\/)\n- [News](https:\/\/www.businesstoday.com.my\/category\/news\/)\n- [Global](https:\/\/www.businesstoday.com.my\/category\/video)\n- [Markets](https:\/\/www.businesstoday.com.my\/category\/marketing\/)\n- [ASEAN](https:\/\/www.businesstoday.com.my\/category\/asean\/)\n- [Property](https:\/\/www.businesstoday.com.my\/category\/property\/)\n- [Net Zero](https:\/\/www.businesstoday.com.my\/tag\/sustainability\/)\n- [Lifestyle](https:\/\/www.businesstoday.com.my\/category\/lifestyles\/)\n- [More](https:\/\/www.businesstoday.com.my\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/)\n  - [5G & AI](https:\/\/www.businesstoday.com.my\/tag\/5g\/)\n  - [Ambassador](https:\/\/www.businesstoday.com.my\/category\/ambassador\/)\n  - [Art](https:\/\/www.businesstoday.com.my\/category\/art\/)\n  - [Automotive](https:\/\/www.businesstoday.com.my\/category\/automotive\/)\n  - [Banking](https:\/\/www.businesstoday.com.my\/category\/banking\/)\n  - [Budget](https:\/\/www.businesstoday.com.my\/category\/budget\/)\n  - [Editor’s Choice](https:\/\/www.businesstoday.com.my\/category\/editors-choice\/)\n  - [Entrepreneur](https:\/\/www.businesstoday.com.my\/category\/entrepreneur\/)\n  - [Environment](https:\/\/www.businesstoday.com.my\/category\/environment\/)\n  - [Essentials](https:\/\/www.businesstoday.com.my\/category\/essentials\/)\n  - [Finance](https:\/\/www.businesstoday.com.my\/category\/finance-2\/)\n  - [Healthcare](https:\/\/www.businesstoday.com.my\/category\/healthcare\/)\n  - [Hotel](https:\/\/www.businesstoday.com.my\/category\/hotel\/)\n  - [Human Resource](https:\/\/www.businesstoday.com.my\/category\/human-resource\/)\n  - [Management](https:\/\/www.businesstoday.com.my\/category\/management\/)\n  - [Next Phase](https:\/\/www.businesstoday.com.my\/category\/next-phase\/)\n  - [Opinions](https:\/\/www.businesstoday.com.my\/category\/opinions\/)\n  - [Regional](https:\/\/www.businesstoday.com.my\/category\/regional\/)\n  - [SME](https:\/\/www.businesstoday.com.my\/category\/sme\/)\n  - [Startup](https:\/\/www.businesstoday.com.my\/category\/startup\/)\n  - [Technology](https:\/\/www.businesstoday.com.my\/2024\/12\/13\/innovative-digital-tools-from-joi-amp-intel-make-digital-learning-adoption-faster-and-easier\/)\n  - [Trade](https:\/\/www.businesstoday.com.my\/category\/trade)\n  - [Travel & Dining](https:\/\/www.businesstoday.com.my\/category\/travel-dining\/)\n  - [Well-Being](https:\/\/www.businesstoday.com.my\/category\/well-being\/)\n  - [World](https:\/\/www.businesstoday.com.my\/category\/world\/)\n\n[![Logo](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%202400%20537'%3E%3C\/svg%3E) ![Logo](https:\/\/www.businesstoday.com.my\/wp-content\/uploads\/2025\/10\/BT_Logo_Updated-01.png)](https:\/\/www.businesstoday.com.my\/)\n\n[![Logo](https:\/\/www.businesstoday.com.my\/wp-content\/uploads\/2025\/10\/BT_Logo_Updated-01-640x143.png)Business Today](https:\/\/www.businesstoday.com.my\/)\n\n- [Home](https:\/\/www.businesstoday.com.my\/)\n- [News](https:\/\/www.businesstoday.com.my\/category\/news\/)\n- [Global](https:\/\/www.businesstoday.com.my\/category\/video)\n- [Markets](https:\/\/www.businesstoday.com.my\/category\/marketing\/)\n- [ASEAN](https:\/\/www.businesstoday.com.my\/category\/asean\/)\n- [Property](https:\/\/www.businesstoday.com.my\/category\/property\/)\n- [Net Zero](https:\/\/www.businesstoday.com.my\/tag\/sustainability\/)\n- [Lifestyle](https:\/\/www.businesstoday.com.my\/category\/lifestyles\/)\n- [More](https:\/\/www.businesstoday.com.my\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/)\n  - [5G & AI](https:\/\/www.businesstoday.com.my\/tag\/5g\/)\n  - [Ambassador](https:\/\/www.businesstoday.com.my\/category\/ambassador\/)\n  - [Art](https:\/\/www.businesstoday.com.my\/category\/art\/)\n  - [Automotive](https:\/\/www.businesstoday.com.my\/category\/automotive\/)\n  - [Banking](https:\/\/www.businesstoday.com.my\/category\/banking\/)\n  - [Budget](https:\/\/www.businesstoday.com.my\/category\/budget\/)\n  - [Editor’s Choice](https:\/\/www.businesstoday.com.my\/category\/editors-choice\/)\n  - [Entrepreneur](https:\/\/www.businesstoday.com.my\/category\/entrepreneur\/)\n  - [Environment](https:\/\/www.businesstoday.com.my\/category\/environment\/)\n  - [Essentials](https:\/\/www.businesstoday.com.my\/category\/essentials\/)\n  - [Finance](https:\/\/www.businesstoday.com.my\/category\/finance-2\/)\n  - [Healthcare](https:\/\/www.businesstoday.com.my\/category\/healthcare\/)\n  - [Hotel](https:\/\/www.businesstoday.com.my\/category\/hotel\/)\n  - [Human Resource](https:\/\/www.businesstoday.com.my\/category\/human-resource\/)\n  - [Management](https:\/\/www.businesstoday.com.my\/category\/management\/)\n  - [Next Phase](https:\/\/www.businesstoday.com.my\/category\/next-phase\/)\n  - [Opinions](https:\/\/www.businesstoday.com.my\/category\/opinions\/)\n  - [Regional](https:\/\/www.businesstoday.com.my\/category\/regional\/)\n  - [SME](https:\/\/www.businesstoday.com.my\/category\/sme\/)\n  - [Startup](https:\/\/www.businesstoday.com.my\/category\/startup\/)\n  - [Technology](https:\/\/www.businesstoday.com.my\/2024\/12\/13\/innovative-digital-tools-from-joi-amp-intel-make-digital-learning-adoption-faster-and-easier\/)\n  - [Trade](https:\/\/www.businesstoday.com.my\/category\/trade)\n  - [Travel & Dining](https:\/\/www.businesstoday.com.my\/category\/travel-dining\/)\n  - [Well-Being](https:\/\/www.businesstoday.com.my\/category\/well-being\/)\n  - [World](https:\/\/www.businesstoday.com.my\/category\/world\/)\n\n[News](https:\/\/www.businesstoday.com.my\/category\/news\/)\n\n# SMRT Risks Of Pioneer Tax Status Expiry\nBy [Business Today Editorial](https:\/\/www.businesstoday.com.my\/author\/editorial\/)\n\nSeptember 11, 2025\n\nShare\n\n[Facebook](https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.businesstoday.com.my%2F2025%2F09%2F11%2Fsmrt-risks-of-pioneer-tax-status-expiry%2F \"Facebook\")\n\n[Twitter](https:\/\/twitter.com\/intent\/tweet?text=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry&url=https%3A%2F%2Fwww.businesstoday.com.my%2F2025%2F09%2F11%2Fsmrt-risks-of-pioneer-tax-status-expiry%2F&via=BusinessToday \"Twitter\")\n\n[WhatsApp](https:\/\/api.whatsapp.com\/send?text=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry%20%0A%0A%20https:\/\/www.businesstoday.com.my\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/ \"WhatsApp\")\n\n[Linkedin](https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/www.businesstoday.com.my\/2025\/09\/11\/smrt-risks-of-pioneer-tax-status-expiry\/&title=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry \"Linkedin\")\n\n![](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20696%20432'%3E%3C\/svg%3E)\n\n![](https:\/\/www.businesstoday.com.my\/wp-content\/uploads\/2023\/04\/SMRT-Holdings-696x432.jpg)\n\nHong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then.\n\nSMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions.\n\nGroup revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia.\n\nDespite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines.\n\nEncouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase.\n\nThe group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions.\n\nMeanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances.\n\nHLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72.\n\nAt the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning.\n\nAs of 10.42 am, the stock price noted a downside of 2.98% at RM0.815.\n\n### *Related*\n# SMRT Risks Of Pioneer Tax Status Expiry\n\n#### Latest News\n### [Trump Says Iran “Will Be Hit Very Hard”, Threatens To Expand Target](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/trump-says-iran-will-be-hit-very-hard-threatens-to-expand-target\/ \"Trump Says Iran “Will Be Hit Very Hard”, Threatens To Expand Target\")\nMarch 7, 2026\n\n### [ASEAN Power Grid Governance Improving But Financing And Political Risks Remain Hurdle, BMI](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/asean-power-grid-governance-improving-but-financing-and-political-risks-remain-hurdle-bmi\/ \"ASEAN Power Grid Governance Improving But Financing And Political Risks Remain Hurdle, BMI\")\nMarch 7, 2026\n\n### [Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/connections-over-competence-political-appointees-continue-to-dominate-fsb-boardrooms\/ \"Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms\")\nMarch 7, 2026\n\n### [Nova Pharma Appoints Southern Score CEO As Executive Director](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/nova-pharma-appoints-southern-score-ceo-as-executive-director\/ \"Nova Pharma Appoints Southern Score CEO As Executive Director\")\nMarch 7, 2026\n\n### [MAS Owned AMAL To Resume Flights To Jeddah, Madinah From March 8, DOHA Remains Suspended](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/mas-owned-amal-to-resume-flights-to-jeddah-madinah-from-march-8-doha-remains-suspended\/ \"MAS Owned AMAL To Resume Flights To Jeddah, Madinah From March 8, DOHA Remains Suspended\")\nMarch 7, 2026\n#### Must read\n### [Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms](https:\/\/www.businesstoday.com.my\/2026\/03\/07\/connections-over-competence-political-appointees-continue-to-dominate-fsb-boardrooms\/ \"Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms\")\nMarch 7, 2026\n\n### [Give To Gain: Why Visibility Is A Strategic Priority For Women In Tech](https:\/\/www.businesstoday.com.my\/2026\/03\/06\/give-to-gain-why-visibility-is-a-strategic-priority-for-women-in-tech\/ \"Give To Gain: Why Visibility Is A Strategic Priority For Women In Tech\")\nMarch 6, 2026\n\n### [Learning To Think Again](https:\/\/www.businesstoday.com.my\/2026\/03\/06\/learning-to-think-again\/ \"Learning To Think Again\")\nMarch 6, 2026\n\n### [Why Women Must Help Shape The Future Of Finance And Business In ASEAN](https:\/\/www.businesstoday.com.my\/2026\/03\/06\/why-women-must-help-shape-the-future-of-finance-and-business-in-asean\/ \"Why Women Must Help Shape The Future Of Finance And Business In ASEAN\")\nMarch 6, 2026\n\n[![Logo](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20400%2080'%3E%3C\/svg%3E) ![Logo](https:\/\/www.businesstoday.com.my\/wp-content\/uploads\/2025\/07\/Untitled-design-27.png)](https:\/\/www.businesstoday.com.my\/)\n\n[![Logo](data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20400%2080'%3E%3C\/svg%3E) ![Logo](https:\/\/www.businesstoday.com.my\/wp-content\/uploads\/2025\/07\/Untitled-design-28.png)](https:\/\/www.businesstoday.com.my\/tag\/sustainability\/)\n\nA premier business media platform delivering timely news, insights,   \nand analysis on the economy, leadership, innovation, and policy.   \nTrusted by decision-makers and entrepreneurs, with content across digital, print, and events.\n\n**Reach Publishing Sdn Bhd** 15-3, Block F1, Jalan PJU 1\/42,  \nDataran Prima, 47301, Petaling Jaya, Selangor\n\n**[About Us](https:\/\/www.businesstoday.com.my\/2021\/03\/06\/about-reach-publishing\/)**\n\n**[Print Edition](https:\/\/www.businesstoday.com.my\/2025\/08\/13\/subscribe-to-the-print-edition\/%20)**\n\n**[Careers](https:\/\/www.businesstoday.com.my\/2025\/08\/01\/join-us\/)**\n\n**Contact:** [(+603) 7880 2611](tel:+60378802611)\n\n**Email:** [\\[email protected\\]](https:\/\/www.businesstoday.com.my\/cdn-cgi\/l\/email-protection#0c69686578637e226e7863686d754c7e696d6f64226f6361226175)\n\n**Advertise With Us:** [\\[email protected\\]](https:\/\/www.businesstoday.com.my\/cdn-cgi\/l\/email-protection#3e4d5f525b4d7e4c5b5f5d56105d5153105347)\n\n[Facebook](https:\/\/www.facebook.com\/businesstodayMY\/ \"Facebook\")\n\n[Instagram](https:\/\/www.instagram.com\/businesstodaymalaysia\/?hl=en \"Instagram\")\n\n[Linkedin](https:\/\/www.linkedin.com\/company\/business-today-malaysia\/ \"Linkedin\")\n\n[Twitter](https:\/\/twitter.com\/businesstodayM1 \"Twitter\")\n\nLearn more about **[*Depositphotos*](https:\/\/depositphotos.com\/home.html)**\n\nCopyright © 2025 Reach Publishing Sdn Bhd. All Rights Reserved.","attrs_readable_markdown":"Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then.\n\nSMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions.\n\nGroup revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia.\n\nDespite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines.\n\nEncouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase.\n\nThe group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions.\n\nMeanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances.\n\nHLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72.\n\nAt the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning.\n\nAs of 10.42 am, the stock price noted a downside of 2.98% at RM0.815.","meta_canonical":null}

3. Robots.txt Check

Query:

Response:

4. Spam/Ban Check

Query:

Response:

5. Seen Status Check

ℹ️ Skipped - page is already crawled

📄

INDEXABLE

✅

CRAWLED

1 month ago

🤖

ROBOTS ALLOWED

Page Info Filters

Filter	Status	Condition	Details
HTTP status	PASS	`download_http_code = 200`	HTTP 200
Age cutoff	PASS	`download_stamp > now() - 6 MONTH`	1.3 months ago
History drop	PASS	`isNull(history_drop_reason)`	No drop reason
Spam/ban	PASS	`fh_dont_index != 1 AND ml_spam_score = 0`	ml_spam_score=0
Canonical	PASS	`meta_canonical IS NULL OR = '' OR = src_unparsed`	Not set

Page Details

Property	Value
URL	https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/
Last Crawled	2026-03-07 22:15:10 (1 month ago)
First Indexed	2025-09-11 11:44:54 (7 months ago)
HTTP Status Code	200
Meta Title	SMRT Risks Of Pioneer Tax Status Expiry
Meta Description	Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has…
Meta Canonical	null
Boilerpipe Text	Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then. SMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions. Group revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia. Despite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines. Encouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase. The group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions. Meanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances. HLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72. At the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning. As of 10.42 am, the stock price noted a downside of 2.98% at RM0.815.
Markdown	[Facebook](https://www.facebook.com/businesstodayMY "Facebook") [Instagram](https://www.instagram.com/businesstodaymalaysia/ "Instagram") [Linkedin](https://www.linkedin.com/company/business-today-malaysia/ "Linkedin") [Twitter](https://twitter.com/businesstodayM1 "Twitter") - [Home](https://www.businesstoday.com.my/) - [News](https://www.businesstoday.com.my/category/news/) - [Global](https://www.businesstoday.com.my/category/video) - [Markets](https://www.businesstoday.com.my/category/marketing/) - [ASEAN](https://www.businesstoday.com.my/category/asean/) - [Property](https://www.businesstoday.com.my/category/property/) - [Net Zero](https://www.businesstoday.com.my/tag/sustainability/) - [Lifestyle](https://www.businesstoday.com.my/category/lifestyles/) - [More](https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/) - [5G & AI](https://www.businesstoday.com.my/tag/5g/) - [Ambassador](https://www.businesstoday.com.my/category/ambassador/) - [Art](https://www.businesstoday.com.my/category/art/) - [Automotive](https://www.businesstoday.com.my/category/automotive/) - [Banking](https://www.businesstoday.com.my/category/banking/) - [Budget](https://www.businesstoday.com.my/category/budget/) - [Editor’s Choice](https://www.businesstoday.com.my/category/editors-choice/) - [Entrepreneur](https://www.businesstoday.com.my/category/entrepreneur/) - [Environment](https://www.businesstoday.com.my/category/environment/) - [Essentials](https://www.businesstoday.com.my/category/essentials/) - [Finance](https://www.businesstoday.com.my/category/finance-2/) - [Healthcare](https://www.businesstoday.com.my/category/healthcare/) - [Hotel](https://www.businesstoday.com.my/category/hotel/) - [Human Resource](https://www.businesstoday.com.my/category/human-resource/) - [Management](https://www.businesstoday.com.my/category/management/) - [Next Phase](https://www.businesstoday.com.my/category/next-phase/) - [Opinions](https://www.businesstoday.com.my/category/opinions/) - [Regional](https://www.businesstoday.com.my/category/regional/) - [SME](https://www.businesstoday.com.my/category/sme/) - [Startup](https://www.businesstoday.com.my/category/startup/) - [Technology](https://www.businesstoday.com.my/2024/12/13/innovative-digital-tools-from-joi-amp-intel-make-digital-learning-adoption-faster-and-easier/) - [Trade](https://www.businesstoday.com.my/category/trade) - [Travel & Dining](https://www.businesstoday.com.my/category/travel-dining/) - [Well-Being](https://www.businesstoday.com.my/category/well-being/) - [World](https://www.businesstoday.com.my/category/world/) [![Logo](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%202400%20537'%3E%3C/svg%3E) ![Logo](https://www.businesstoday.com.my/wp-content/uploads/2025/10/BT_Logo_Updated-01.png)](https://www.businesstoday.com.my/) [![Logo](https://www.businesstoday.com.my/wp-content/uploads/2025/10/BT_Logo_Updated-01-640x143.png)Business Today](https://www.businesstoday.com.my/) - [Home](https://www.businesstoday.com.my/) - [News](https://www.businesstoday.com.my/category/news/) - [Global](https://www.businesstoday.com.my/category/video) - [Markets](https://www.businesstoday.com.my/category/marketing/) - [ASEAN](https://www.businesstoday.com.my/category/asean/) - [Property](https://www.businesstoday.com.my/category/property/) - [Net Zero](https://www.businesstoday.com.my/tag/sustainability/) - [Lifestyle](https://www.businesstoday.com.my/category/lifestyles/) - [More](https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/) - [5G & AI](https://www.businesstoday.com.my/tag/5g/) - [Ambassador](https://www.businesstoday.com.my/category/ambassador/) - [Art](https://www.businesstoday.com.my/category/art/) - [Automotive](https://www.businesstoday.com.my/category/automotive/) - [Banking](https://www.businesstoday.com.my/category/banking/) - [Budget](https://www.businesstoday.com.my/category/budget/) - [Editor’s Choice](https://www.businesstoday.com.my/category/editors-choice/) - [Entrepreneur](https://www.businesstoday.com.my/category/entrepreneur/) - [Environment](https://www.businesstoday.com.my/category/environment/) - [Essentials](https://www.businesstoday.com.my/category/essentials/) - [Finance](https://www.businesstoday.com.my/category/finance-2/) - [Healthcare](https://www.businesstoday.com.my/category/healthcare/) - [Hotel](https://www.businesstoday.com.my/category/hotel/) - [Human Resource](https://www.businesstoday.com.my/category/human-resource/) - [Management](https://www.businesstoday.com.my/category/management/) - [Next Phase](https://www.businesstoday.com.my/category/next-phase/) - [Opinions](https://www.businesstoday.com.my/category/opinions/) - [Regional](https://www.businesstoday.com.my/category/regional/) - [SME](https://www.businesstoday.com.my/category/sme/) - [Startup](https://www.businesstoday.com.my/category/startup/) - [Technology](https://www.businesstoday.com.my/2024/12/13/innovative-digital-tools-from-joi-amp-intel-make-digital-learning-adoption-faster-and-easier/) - [Trade](https://www.businesstoday.com.my/category/trade) - [Travel & Dining](https://www.businesstoday.com.my/category/travel-dining/) - [Well-Being](https://www.businesstoday.com.my/category/well-being/) - [World](https://www.businesstoday.com.my/category/world/) [News](https://www.businesstoday.com.my/category/news/) # SMRT Risks Of Pioneer Tax Status Expiry By [Business Today Editorial](https://www.businesstoday.com.my/author/editorial/) September 11, 2025 Share [Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.businesstoday.com.my%2F2025%2F09%2F11%2Fsmrt-risks-of-pioneer-tax-status-expiry%2F "Facebook") [Twitter](https://twitter.com/intent/tweet?text=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry&url=https%3A%2F%2Fwww.businesstoday.com.my%2F2025%2F09%2F11%2Fsmrt-risks-of-pioneer-tax-status-expiry%2F&via=BusinessToday "Twitter") [WhatsApp](https://api.whatsapp.com/send?text=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry%20%0A%0A%20https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/ "WhatsApp") [Linkedin](https://www.linkedin.com/shareArticle?mini=true&url=https://www.businesstoday.com.my/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/&title=SMRT+Risks+Of+Pioneer+Tax+Status+Expiry "Linkedin") ![](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20696%20432'%3E%3C/svg%3E) ![](https://www.businesstoday.com.my/wp-content/uploads/2023/04/SMRT-Holdings-696x432.jpg) Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then. SMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions. Group revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia. Despite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines. Encouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase. The group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions. Meanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances. HLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72. At the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning. As of 10.42 am, the stock price noted a downside of 2.98% at RM0.815. ### Related # SMRT Risks Of Pioneer Tax Status Expiry #### Latest News ### [Trump Says Iran “Will Be Hit Very Hard”, Threatens To Expand Target](https://www.businesstoday.com.my/2026/03/07/trump-says-iran-will-be-hit-very-hard-threatens-to-expand-target/ "Trump Says Iran “Will Be Hit Very Hard”, Threatens To Expand Target") March 7, 2026 ### [ASEAN Power Grid Governance Improving But Financing And Political Risks Remain Hurdle, BMI](https://www.businesstoday.com.my/2026/03/07/asean-power-grid-governance-improving-but-financing-and-political-risks-remain-hurdle-bmi/ "ASEAN Power Grid Governance Improving But Financing And Political Risks Remain Hurdle, BMI") March 7, 2026 ### [Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms](https://www.businesstoday.com.my/2026/03/07/connections-over-competence-political-appointees-continue-to-dominate-fsb-boardrooms/ "Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms") March 7, 2026 ### [Nova Pharma Appoints Southern Score CEO As Executive Director](https://www.businesstoday.com.my/2026/03/07/nova-pharma-appoints-southern-score-ceo-as-executive-director/ "Nova Pharma Appoints Southern Score CEO As Executive Director") March 7, 2026 ### [MAS Owned AMAL To Resume Flights To Jeddah, Madinah From March 8, DOHA Remains Suspended](https://www.businesstoday.com.my/2026/03/07/mas-owned-amal-to-resume-flights-to-jeddah-madinah-from-march-8-doha-remains-suspended/ "MAS Owned AMAL To Resume Flights To Jeddah, Madinah From March 8, DOHA Remains Suspended") March 7, 2026 #### Must read ### [Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms](https://www.businesstoday.com.my/2026/03/07/connections-over-competence-political-appointees-continue-to-dominate-fsb-boardrooms/ "Connections Over Competence: Political Appointees Continue To Dominate FSB Boardrooms") March 7, 2026 ### [Give To Gain: Why Visibility Is A Strategic Priority For Women In Tech](https://www.businesstoday.com.my/2026/03/06/give-to-gain-why-visibility-is-a-strategic-priority-for-women-in-tech/ "Give To Gain: Why Visibility Is A Strategic Priority For Women In Tech") March 6, 2026 ### [Learning To Think Again](https://www.businesstoday.com.my/2026/03/06/learning-to-think-again/ "Learning To Think Again") March 6, 2026 ### [Why Women Must Help Shape The Future Of Finance And Business In ASEAN](https://www.businesstoday.com.my/2026/03/06/why-women-must-help-shape-the-future-of-finance-and-business-in-asean/ "Why Women Must Help Shape The Future Of Finance And Business In ASEAN") March 6, 2026 [![Logo](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20400%2080'%3E%3C/svg%3E) ![Logo](https://www.businesstoday.com.my/wp-content/uploads/2025/07/Untitled-design-27.png)](https://www.businesstoday.com.my/) [![Logo](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%20400%2080'%3E%3C/svg%3E) ![Logo](https://www.businesstoday.com.my/wp-content/uploads/2025/07/Untitled-design-28.png)](https://www.businesstoday.com.my/tag/sustainability/) A premier business media platform delivering timely news, insights, and analysis on the economy, leadership, innovation, and policy. Trusted by decision-makers and entrepreneurs, with content across digital, print, and events. Reach Publishing Sdn Bhd 15-3, Block F1, Jalan PJU 1/42, Dataran Prima, 47301, Petaling Jaya, Selangor [About Us](https://www.businesstoday.com.my/2021/03/06/about-reach-publishing/) [Print Edition](https://www.businesstoday.com.my/2025/08/13/subscribe-to-the-print-edition/%20) [Careers](https://www.businesstoday.com.my/2025/08/01/join-us/) Contact: [(+603) 7880 2611](tel:+60378802611) Email: [\[email protected\]](https://www.businesstoday.com.my/cdn-cgi/l/email-protection#0c69686578637e226e7863686d754c7e696d6f64226f6361226175) Advertise With Us: [\[email protected\]](https://www.businesstoday.com.my/cdn-cgi/l/email-protection#3e4d5f525b4d7e4c5b5f5d56105d5153105347) [Facebook](https://www.facebook.com/businesstodayMY/ "Facebook") [Instagram](https://www.instagram.com/businesstodaymalaysia/?hl=en "Instagram") [Linkedin](https://www.linkedin.com/company/business-today-malaysia/ "Linkedin") [Twitter](https://twitter.com/businesstodayM1 "Twitter") Learn more about *[Depositphotos](https://depositphotos.com/home.html)* Copyright © 2025 Reach Publishing Sdn Bhd. All Rights Reserved.
Readable Markdown	Hong Leong Investment Bank Bhd(HLIB) has maintained its BUY call on SMRT Holdings Bhd with a revised target price of RM1.72, down from RM2.07, citing a 104.7% potential upside despite near-term risks from the expiry of its pioneer tax status in November 2025. The research house reported the market has already priced in this “tax overhang,” which is expected to be resolved by January 2026, potentially keeping the stock range-bound until then. SMRT ended its financial year 2025 with a net managed site addition of 2,500, down from 4,100 in the previous year as delays in Tenaga Nasional’s site provisioning weighed on growth. Earnings were also hit by the unexpected delay in PLN’s contract award following management changes, which slowed overseas contributions. Group revenue rose 4.1% while net profit increased 6.9% year-on-year, with recurring income expanding to 62% of total revenue and overseas contributions climbing to 15.8%, driven by higher deployments in the Philippines and Indonesia. Despite short-term pressures, HLIB expects FY26 to mark a recovery. The research house pointed to three key earnings drivers: the pace of Tenaga’s site provisioning, the timing of PLN Jakarta Phase 2 contract awards and increased orders from financial services clients in Indonesia and the Philippines. Encouragingly, Tenaga has begun reducing its backlog of site provisioning, while SMRT remains confident of securing PLN Phase 2 jobs after its strong performance in the earlier phase. The group has also strengthened its regional presence by deploying sites for banks in both Indonesia and the Philippines, while continuing to expand its domestic footprint through collaborations with local financial institutions. Meanwhile, management is in advanced stages of finalising two mergers and acquisitions aimed at broadening product offerings. The first involves an intellectual property-focused company, while the second targets the financial services sector, enabling SMRT to move beyond IoT for ATMs into more comprehensive solutions. Management has assured that these acquisitions will not require new share issuances. HLIB noted that while the potential tax impact poses a binary risk, SMRT’s differentiated role in driving digital transformation across Southeast Asia’s power infrastructure supports its long-term growth story. The firm valued SMRT at a discounted 25 times FY26 forecast earnings per share, translating to the new target price of RM1.72. At the current level of RM0.84, SMRT is trading at 13.5 times FY25 forecast earnings and 12.2 times FY26 forecast earnings, which HLIB views as undemanding given its recurring income growth and strategic positioning. As of 10.42 am, the stock price noted a downside of 2.98% at RM0.815.
Shard	107 (laksa)
Root Hash	5357836286743737907
Unparsed URL	my,com,businesstoday!www,/2025/09/11/smrt-risks-of-pioneer-tax-status-expiry/ s443