Solarvest’s stock rises on EPCC contract wins

Business & Finance
11 Mar 2022 • 11:32 AM MYT
The Sun Daily
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KUALA LUMPUR: Solarvest Holdings Bhd's shares on Bursa Malaysia went up in the early trading session today after the company announced that it had secured three engineering, procurement, construction and commissioning (EPCC) contracts yesterday.

The counter emerged as one of the most actively traded stocks, rising by 6.5 sen to 82.5 sen with 9.02 million shares changing hands.

In a filing with Bursa Malaysia on Thursday, Solarvest said the company secured the EPCC contracts with an aggregate value of RM154.4 million from TEJA 1 Sdn Bhd, Kellie Energy Sdn Bhd and TEJA 2 Sdn Bhd for the development of large-scale solar photovoltaic plants under the Large Scale Solar 4 (LSS4) scheme.

Hence, Maybank Investment Bank Bhd expects the company's earnings to pick up in financial year 2023 when the majority of its outstanding order book is expected to be recognised.

“Elsewhere, we understand that the tender for LSS5 is expected to commence soon, which can help keep its order book momentum going,” the research house said in a note today.

As such, it has maintained a 'buy’ call on Solarvest, with an unchanged target price of RM1.29. - Bernama