Solarvest Expected To Clinch More EPCC Jobs Under CGPP
Solarvest Expected To Clinch More EPCC Jobs Under CGPP
In the immediate term, Kenanga expects a strong influx of job opportunities driven by the 800MW CGPP with an end-2025 completion deadline and an additional 500MW quota under the NEM initiative. Based on its estimates, the house expects SLVEST to stand a strong chance to secure at least 30% of the total PV system EPCC jobs under CGPP, which is estimated at RM2.4b, translating to RM720m. Thus far ~RM936m contract awards under this programme announced by listed firms over the past three months.
Solarvest Holdings Bhd
太阳能投资控股公司
Solarvest has clinched its fourth major contract win in FY25, securing RM142m EPCC job for a 29.99MWac solar power plant in Kedah under the Corporate Green Power Programme (CGPP). This milestone brings its YTD job wins to RM627m, keeping it on track to meet full-year estimate of RM654m. The latest contract also lifts its outstanding order book to RM828m. Kenanga has maintained its forecasts, TP of RM1.91 and OUTPERFORM call, reaffirming SLVEST as its sector pick.
Solarvest在FY25年已经获得了第四份重大合同，为吉打州的一个29.99MWac太阳能发电厂赢得了14200万马币的EPCC工作，该项目属于企业绿色电力计划（CGPP）。这一里程碑将其截至目前的订单获得额提高至62700万马币，有望实现全年预期的65400万马币。最新的合同还使其未完成订单簿金额达到82800万马币。Kenanga已维持其预测，维持每股1.91马币的目标价和OUTPERFORm看涨评级，再次确认SLVESt作为其板块选择。
The firm has secured a RM142m EPCC contract from SM01 Sdn Bhd, a special purpose vehicle in which SLVEST holds a 33% stake, for a large-scale solar power plant in Kuala Muda, Kedah. Kenanga believes the project is scheduled for completion by end-2025. The house views this contract win positively as it boosts its FY25 YTD job wins by 29% to RM627m (vs. our full-year assumption of RM654m). It also lifts its outstanding order book to RM686m (CGPP: 85%, C&I: 15%) which can keep it busy for at least over the next 18 months. The house anticipates a gross profit margin of 14%-16% from this job.
该公司已从SM01有限公司（SLVESt持有33%股权的特殊目的公司）获得了14200万马币的EPCC合同，用于吉打州古松和瓜拉姆达的大型太阳能发电厂。Kenanga认为该项目计划于2025年底完工。该机构认为这项合同的中标对其FY25截至目前的订单获得额增长了29%，达到62700万马币（高于我们对全年的654m马币的假设）。它还使其未完成订单簿金额达到68600万马币（CGPP: 85%，工商业: 15%），这将至少使其在未来18个月内保持繁忙。该机构预计这份合同能够带来14%-16%的毛利润。
In the immediate term, Kenanga expects a strong influx of job opportunities driven by the 800MW CGPP with an end-2025 completion deadline and an additional 500MW quota under the NEM initiative. Based on its estimates, the house expects SLVEST to stand a strong chance to secure at least 30% of the total PV system EPCC jobs under CGPP, which is estimated at RM2.4b, translating to RM720m. Thus far ~RM936m contract awards under this programme announced by listed firms over the past three months.
在短期内，Kenanga预计2025年底前将有大量工作机会涌现，原因是800MW的CGPP计划有完成期限，并且NEm倡议还提供额外的500MW额度。根据其估算，该机构预计SLVESt有很大机会在CGPP计划下至少获得PV系统EPCC工作的30%，预计金额为24亿马币，相当于72000万马币。到目前为止，在过去三个月中，已有约93600万马币的合同在这个计划下由上市公司宣布。
Kenanga maintains its forecast as the RM654m order wins for FY25 is already been factored in, and this job win is not unexpected and maintains TP of RM1.91 based on SoP valuation, ascribing 30x FY26F PER for its EPCC segment (in-line with
the average historical 1-year forward PER of the solar EPCC sector) and DCF at a discount rate of 5.5% to 5.6% for its LSS4, CGPP, and Powervest assets.
Kenanga维持其预测，因为FY25年的订单额已经预先计入65400万马币，这个订单的中标并不意外，并根据SoP估值维持每股1.91马币的目标价，为其EPCC业务部门（与太阳能EPCC行业平均历史1年前进展的PER相符）和对其LSS4、CGPP和Powervest资产以5.5%至5.6%的折现率进行的DCF计算。
太阳能EPCC行业历史平均1年前进展的PER和对其LSS4、CGPP和Powervest资产以5.5%至5.6%的折现率进行的DCF计算。
