KUALA LUMPUR: LGMS Bhd has won another award, this time the Asian Oceanian Computing Industry Organisation (ASOCIO) Tech Excellence Award for Cybersecurity.
According to a statement by the National Tech Association of Malaysia (PIKOM), the awards are given to deserving individuals and organisations that have contributed outstanding technology solutions and services.
ASOCIO is a federation of ICT associations representing 24 economies throughout the Asia-Pacific region and serves to promote trade and foster relationships among member economies, which is said to total some US$800 billion in global ICT revenue.
LGMS was one of six Malaysian companies that recently received awards at a ceremony held in Singapore.
The other five Malaysian recipients were Century Software (M) Sdn Bhd (outstanding tech company category), Sunway Group (outstanding user organisation category), MyDIGITAL Corporation (digital government category), Universiti Kebangsaan Malaysia (EdTech category) and iHEAL Medical Group (health-tech category).
ASOCIO outgoing chairman David Wong also received a Special Recognition Award for his six years of service.
LGMS' latest achievement follows on the heels of the company having been recognised by Cybersecurity Malaysia (CSM) as the country's Cybersecurity Company of the Year and executive chairman Fong Choong Fook receiving the Cybersecurity Professional of the Year award last month.
Meanwhile, Kenanga Investment Bank Bhd (Kenanga) has initiated coverage on LGMS, giving an 'outperform' call for the company with a target price of RM1.50, a twenty per cent increase over its closing price of RM1.25 on 4 November 2022.
Kenanga believes cybersecurity penetration testing expert LGMS Bhd will thrive in an economic boom or a downcycle and outperform the cybersecurity industry.
Kenanga said its optimism is premised on the group's technological leadership in the cybersecurity space and natural expansion in the total addressable market as the need for cybersecurity grows alongside the increasing adoption of digitalisation, especially in the ASEAN market.
Further, LGMS is also recognised in growing emphasis on cyber resilience as part of organisations' environmental, social and governance (ESG) strategies.
"A fascinating fact is that the company's impressive revenue growth of 17.6 per cent in compounded annual growth rate (CAGR) in the past three years was achieved from customers and partners such as Alibaba Cloud, TIME dotCom, Measat, and top commercial and investment banks in Malaysia," Kenanga said.
LGMS is the only Malaysian company with Payment Card Industry Approved Vendor Scanning (PCI ASV) accreditation; there are only 85 accredited companies globally.
"LGMS has a slight pricing advantage compared with western competitors as its entire team of software programmers are Malaysians. Also, having the ability to communicate in various languages allows the group to serve both Chinese and western clients.
"This puts LGMS in a sweet spot to ride the increased demand for cybersecurity," Kenanga said.
The research report also highlighted that LGMS has recently developed a 'game-changing product' called Project Mercury.
"The in-house developed software performs security assessment on a merchant's website or platform followed by the issuance of rating and PCI certificate – all without human involvement.
"The launch of this software is timely as payment card networks like Visa and Mastercard are increasing their scrutiny on payment processors (i.e. GHL, Revenue, Paypal, iPay88) to ensure that the payment processors and their respective merchants are PCI DSS compliant," said Kenanga.