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) 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.
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有限公司（Maybank IB）維持對Solarvest Holdings Bhd的買入看漲期權，目標價保持不變，爲1.84令吉。根據馬來亞銀行Ib的數據，該公司的 1HFY25 業績顯示，淨利潤爲馬來亞銀行Ib和共識全年估計的36％/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.
短缺歸因於企業綠色能源計劃（CGPP）EPCC工程的早期階段，該工程直到 2QFY25 才開始。但是，Maybank Ib預計，從25財年下半年起，這些合同的工程認可度將大幅提高，Solarvest的未開票EPCC訂單量將達到96100萬令吉的歷史新高。
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 中，Solarvest的核心淨利潤同比增長28％，同比增長17％，達到920萬令吉。分析師指出，這種改善主要是由EPCC收入環比增長50％推動的，這要歸功於幾個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.
該公司的混合稅前利潤（PBT）利潤率也有所提高，增長了0.5個百分點至14.7％。但是，分析師指出，電力銷售下降15％，運維貢獻下降4％，稅收增長87％，部分抵消了季度收益。
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Maybank Ib的數據，未開票的EPCC訂單量目前處於有史以來的最高水平，爲96100萬令吉。這包括CGPP項目的67500萬令吉，商業和工業（C＆I）和住宅項目的28500萬令吉，以及其他工程中的100萬令吉。
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.
Maybank Ib強調，迄今爲止，訂單簿中的89600萬令吉已經獲得擔保，另有價值2萬至3萬令吉的CGPP工程預計將在 3QFY25 中授予。除CGPP外，Solarvest的目標是每季度爲C＆I項目補充5000萬令吉。
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.
儘管一些項目處於早期階段，但馬來亞銀行的分析師指出，Solarvest的強勁訂單量通過 FY26E 提供了良好的盈利知名度。衆議院的盈利預測保持不變，已經將 FY25E 的招聘崗位考慮在內，已經考慮了10令吉。
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.
Maybank Ib仍然對Solarvest的前景持樂觀態度，特別是在擴大訂單量和資產基礎以應對中長期對可再生能源不斷增長的需求方面。
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1.58令吉，12個月的目標價爲1.84令吉。Maybank Ib表示，憑藉可再生能源領域的穩健增長潛力，對於尋求接觸馬來西亞清潔能源轉型的投資者來說，Solarvest仍然是一個光明的前景。
譯文內容由第三人軟體翻譯。
