News

RHB maintains 'buy' on Solarvest on robust demand for solar energy

KUALA LUMPUR, Nov 3 -- RHB Research has maintained its “buy” call on Solarvest Bhd despite the expiry of the tax exemption for its subsidiaries and the stock's current high valuation compared to its peers.

At lunch break, Solarvest was four sen higher at RM1.21, with 467,300 shares changing hands.

In a note today, the research house said demand for solar energy remains robust and Solarvest continues to benefit from a growing flow of contracts, while the group's potential transfer to the Main Board, and solar farm investments could be the next re-rating catalysts.

It said the group is also in the advanced stage of securing a few more commercial and industrial contracts.

"Given the expectation of large scale solar 4 (LSS4) news flow in the fourth quarter of 2020, engineering, procurement, construction and commissioning jobs for the industry are abundant as we move into 2021.

"Solarvest is well-positioned to capitalise on these opportunities, while further contract wins should solidify its earnings visibility," it said.

The research house said Solarvest's earnings for the second quarter of this financial year ending March 31, 2021 (FY21) earnings may be impacted slightly, due to delays in project delivery as the sector is still adjusting to the new norm.

"Nevertheless, growth momentum should pick up in the second half of FY21 as operations resume fully and the group catches up on delivering its estimated outstanding orders worth RM200 million," it added.

-- BERNAMA

 

 

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