Otis Worldwide Corporation OTIS has announced the extension of its service offerings in Kuala Lumpur. It is set to install seven Otis SkyRise and three Otis Arise elevators for the Chin Hin Group Property Dawn KLCC mixed-used building.
The installation tenure is expected to stretch till 2029.
More on OTIS’ New Project
Standing amongst Kuala Lumpur’s iconic landmarks such as the Petronas Twin Towers, Saloma Bridge and Public Bank Tower, the 68-storeyed Dawn KLCC building is set to house Otis Worldwide’s elevator system in it.
The building will be welcoming Otis Worldwide's SmartGroupin technology, featuring a dynamic group-calling function with smart hall call buttons. This revolutionary system will ensure passenger groups have direct access to specific sky bar floors. Furthermore, the Otis ONE IoT (Internet of Things) solution to support service will ensure prompt communication by monitoring equipment health and the performance of the elevators round-the-clock in real-time. The ONE IoT solution will help the building's management team and service technicians manage the elevator system’s performance more efficiently.
Per Pradeep Nair, general manager of Otis Malaysia, “By using Otis' most advanced SkyRise elevator system, traveling at speeds of up to six meters per second in this building, we are committed to providing passengers with shorter wait times and faster, more efficient journeys.”
Innovation - OTIS’ Growth Driver
Otis Worldwide has been intently focusing on organic ways of fostering its growth. The primary organic growth strategy involves innovation. The company seems to be invested in seeking innovation opportunities and capitalizing on them for its upcoming prospects.
The company’s Gen3 and Gen360 digital elevators, successors to the Gen2 family of elevator platforms, enhance the space-saving, energy-efficient design with the connectivity of the Otis ONE IoT digital service platform. Otis ONE is designed to continuously monitor equipment health and performance in real-time to provide proactive, predictive and transparent information to technicians as well as customers. OTIS expects to continue innovating and expanding the digital ecosystem and suite of digital solutions for both the existing service portfolio customers and new equipment shipments from factories.
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Shares of this leading manufacturer of elevators, escalators and moving walkways have gained 10.6% in the past three months compared with the Zacks Building Products - Miscellaneous industry’s 16.2% growth.
The company’s shares have underperformed the industry most likely due to challenging scenarios in China attributable to economic weakness, pricing pressures and a competitive market. However, it intends to continue innovating and expanding the digital ecosystem and undergo inorganic initiatives to foster its prospects in the upcoming period.
OTIS’ Zacks Rank & Key Picks
Otis Worldwide currently carries a Zacks Rank #4 (Sell).
Here are some better-ranked stocks from the Construction sector.
Sterling Infrastructure, Inc. STRL presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
It has a trailing four-quarter earnings surprise of 21.5%, on average. Shares of STRL have surged 71.6% in the past six months. The Zacks Consensus Estimate for STRL’s 2025 sales and earnings per share (EPS) implies an increase of 7.3% and 8.1%, respectively, from the prior-year levels.
Louisiana-Pacific Corporation LPX currently sports a Zacks Rank of 1. LPX delivered a trailing four-quarter earnings surprise of 30.7%, on average. The stock has gained 26.5% in the past six months.
The consensus estimate for LPX’s 2025 sales indicates an increase of 4.3%, while the estimate for EPS implies a decline of 7.3% from a year ago.
MasTec, Inc. MTZ presently sports a Zacks Rank of 1. MTZ delivered a trailing four-quarter earnings surprise of 40.2%, on average. The stock has gained 32% in the past six months.
The Zacks Consensus Estimate for MTZ’s 2025 sales and EPS indicates an increase of 8.6% and 45.5%, respectively, from a year ago.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
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Today, See These 5 Potential Home Runs >>Louisiana-Pacific Corporation (LPX) : Free Stock Analysis Report
Sterling Infrastructure, Inc. (STRL) : Free Stock Analysis Report
MasTec, Inc. (MTZ) : Free Stock Analysis Report
Otis Worldwide Corporation (OTIS) : Free Stock Analysis Report
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