Solarvest continues to make hay as the sun shines
PETALING JAYA: Solar energy company Solarvest Holdings Bhd is poised to scale new heights as the group's stellar results for its financial year 2025 ended March 31, (FY25) sets the stage for a stronger FY26, underpinned by a five-fold jump to RM1.2bil in unbilled orders, analysts say.
Hong Leong Investment Bank Research (HLIB Research) said: 'We expect another record year for Solarvest going into FY26, backed by strong order book growth and commissioning of assets towards the later part of FY26.'
The company's unbilled order book quintupled from RM242mil in the fourth quarter of FY24 (4Q24) to RM1.2bil in 4Q25.
'We believe execution of Corporate Green Power Programme contracts should kick into higher gear in FY26,' the research house added
HLIB Research also anticipated the commencement of projects under the fifth phase of the government's Large Scale Solar (LSS5) initiative could lift Solarvest's engineering, procurement, construction and commissioning revenue towards 2H26.
Solarvest's management is guiding for further contract wins from LSS5 in the near term, the research house noted.
According to HLIB Research, Solarvest has consistently maintained a minimum 30% market share in past phases of the LSS initiative.
Separately, LSS6 bidding is set to commence in the second and third quarters of this year, and the research house thinks the available quotas will be sizeable, ranging between two gigawatt and four gigawatt.
'As such we reckon that Solarvest management's guidance of surpassing RM2bil in unbilled orders in FY26 is conservative, looking at the existing pipeline and its stellar track record,' said HLIB Research.
The research house maintained a 'buy' call on the stock with a target price of RM2.25 per share.
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