Genetec Technology Bhd's share price rose 6% to an all -time high (ATH) in Bursa Malaysia's trading session today.
That aspect has prompted the shares of the industry automation expert to gain a market capitalization of RM1 billion as investors consider the company's exposure to the global electric vehicle (EV) market.
At 10.03am, Genetec shares jumped 6.3% or RM1.18 to a high of RM19.90.
At RM19.90, Genetec acquired a market capitalization of RM1.01 billion with 50.62 million issued shares.
In a report written by CGS-CIMB analysts Walter Aw and Mohd Shanaz Noor Azam on June 28, they are confident and believe that Genetec can capitalize on the growing demand for EV vehicles around the world.
According to analysts, Genetec claims to have created success in producing smart factory automation systems for EVs, energy storage and autonomous driving by 2020.
The group also plans to implement a structural shift in the global automotive industry from internal combustion engines towards EVs.
If we look at the global EV 2021 forecast published by the International Energy Agency (IEA) in April 2021, global electric car stocks soared to record 10.2 million in 2020 (43% year -on -year).
Meanwhile, the global car market slumped 16% in 2020 due to the negative impact of the Covid-19 pandemic on the economy, global electric car sales increased 51% to 3.1 million units.
At the same time, the IEA expects global electric car stocks to reach 204 million units by 2030.
