Apex Securities upgrades Solarvest to 'buy', with TP of RM1.94, says new jobs may come from 800MW CGPA projects

Over the near term, Apex Securities anticipates most new job flows for Solarvest Holdings Bhd (KL:SLVEST) to originate from 800MW of corporate green power agreements (CGPAs).
The house in a note on Monday said Solarvest is tendering for over half of this capacity, which could potentially add nearly RM1 billion to its order book.

The research firm upgraded its rating to 'buy' for Solarvest, setting a target price of RM1.94 based on sum-of-parts valuation. 

Just last Friday, Solarvest secured five CGPAs with two global semiconductor leaders and a leading data centre service provider. These agreements collectively amount to the offtake of 59.98MW of solar energy.

The targeted tariff ranges between 25 and 28 sen/kWh, significantly higher than the LSS4 rate of 18 to 20 sen/kWh.