Solarvest's Strong Order Book Provides Good Earnings Visibility Through FY26
Solarvest's Strong Order Book Provides Good Earnings Visibility Through FY26
The company also saw a higher blended profit-before-tax (PBT) 
Maybank Investment Bank Bhd (Maybank IB) has maintained its BUY call for Solarvest Holdings Bhd with an unchanged target price of RM1.84. According to Maybank IB, the company's 1HFY25 results showed a net profit at 36%/37% of both Maybank IB and consensus' full-year estimates.
馬來亞銀行投資銀行（Maybank IB）維持了對Solarvest Holdings Bhd的買入看漲評級，目標價保持在RM1.84。根據馬來亞銀行投資銀行的報告，公司的2025財年上半年業績顯示，淨利潤分別達到了馬來亞銀行投資銀行和市場共識全年預估的36%和37%。
The shortfall was attributed to the early stage of Corporate Green Power Programme (CGPP) EPCC works, which only commenced in 2QFY25. However, Maybank IB expects a significant ramp-up in works recognition for these contracts from the second half of FY25, with Solarvest's unbilled EPCC order book reaching a record high of RM961 million.
這一不足歸因於企業綠色電力項目（CGPP）EPCC工程的早期階段，該項目僅於2QFY25年開始。然而，馬來亞銀行預計，FY25的下半年將會出現對這些合同工作的認可度顯著提升，Solarvest的未開票EPCC訂單簿將達到創紀錄的RM96100萬。
In 2QFY25, Solarvest's core net profit grew by 28% year-on-year (YoY) and 17% quarter-on-quarter (QoQ) to RM9.2 million. Analysts noted that this improvement was largely driven by a 50% increase in EPCC revenue QoQ, thanks to the commencement of several CGPP projects.
在2QFY25年，Solarvest的核心淨利潤同比增長28%，環比增長17%，達到RM920萬。分析師指出，這一改善主要得益於EPCC營業收入環比增長50%，多虧了幾個CGPP項目的啓動。
The company also saw a higher blended profit-before-tax (PBT) margin, which rose by 0.5 percentage points to 14.7%. However, analysts pointed out that the QoQ earnings were partly offset by a 15% decline in electricity sales, a 4% weaker O&M contribution, and an 87% rise in taxes.
公司的混合稅前利潤率也有所提高，上升了0.5個百分點至14.7%。不過，分析師指出，環比盈利部分受到了電費銷售下降15%，運維貢獻減少4%，以及稅收上漲87%的影響。
The unbilled EPCC order book is now at its highest level ever, standing at RM961 million, according to Maybank IB. This includes RM675 million in CGPP projects, RM285 million in commercial and industrial (C&I) and residential projects, and RM1 million in other works.
根據馬來亞銀行的數據，未開票的EPCC訂單簿現處於歷史最高水平，達到RM96100萬。其中包括RM67500萬的CGPP項目，RM28500萬的商業和工業（C&I）以及住宅項目，以及其他工程的RM100萬。
Maybank IB highlighted that RM896 million of the order book has already been secured in FY25 to date, with an additional RM200-300 million worth of CGPP works expected to be awarded in 3QFY25. Beyond CGPP, Solarvest is targeting quarterly replenishment of RM50 million for C&I projects.
馬來亞銀行指出，截至目前FY25已經確認了訂單簿的RM89600萬，預計在3QFY25還將授予RM20000-30000萬的CGPP工程。除CGPP外，Solarvest將目標定爲每季度爲C&I項目補充RM5000萬。
Despite the early-stage nature of some projects, analysts from Maybank IB noted that Solarvest's strong order book provides good earnings visibility through FY26E. The house has left its earnings forecasts unchanged, having already factored in RM1 billion in job wins for FY25E.
儘管一些項目仍處於早期階段，馬來亞銀行的分析師指出，Solarvest強勁的訂單簿爲FY26E提供了良好的盈利前景。該機構未更改其盈利預測，因爲已經將FY25E獲得的10億令吉工作量計入考慮。
Maybank IB remains optimistic about Solarvest's prospects, especially in expanding its order book and asset base in response to the growing demand for renewable energy in the medium to long term.
馬來亞銀行投資銀行對Solarvest的前景保持樂觀，特別是在中長期應對可再生能源需求增長方面不斷擴大其60檔擺盤和資產基礎。
The stock price closed at RM1.58, with a 12-month target price of RM1.84. With solid growth potential in the renewable energy sector, Solarvest remains a promising prospect for investors looking for exposure to Malaysia's clean energy transition, according to Maybank IB.
股價收於RM1.58，並設有12個月的目標價爲RM1.84。在可再生能源板塊具有堅實增長潛力的情況下，根據馬來亞銀行投資銀行的說法，Solarvest對於尋求參與馬來西亞清潔能源轉型的投資者仍然是一個有前景的選擇。
