Company Background. Solarvest is a one-stop solar photovoltaic (PV) solution provider - a specialist in turnkey engineering, 
procurement, construction, and commissioning (EPCC) solutions for projects involving residential, commercial, and industrial 
properties as well as large-scale solar PV plants. The group also provides operations and maintenance (O&M) services for solar PV 
systems. Solarvest operates under 3 main buisness segments: EPCC, O&M services and developer/owner of solar PV assets. 

Investment Highlights. (i) Remains upbeat on the renewable energy industry outlook, underpinned by a robust job pipeline in private 
large-scale power plants, residential, and commercial & industrial projects. (ii) Continues to grow its order book, capitalising on the 
recent release of 800MW quota for solar PV assets under the Corporate Green Power Programme. (iii) Solarvest has secured a 
cumulative capacity of 74.5MW from multiple corporate power purchase agreements, which is expected to contribute RM32.7mil
annual recurrent revenue to the group upon full completion within the next 12 to 18 months.

Financial Performance. In FY23, Solarvest posted a higher revenue of RM365.5mil (+2.1x YoY) with a PAT of RM20.2mil (+2.7x
YoY). This was mainly contributed by the recognition of the construction progress of large-scale solar projects. As at 31 Mar 2023, 
the unbilled order book stood at RM550mil, which will be progressively recognised in FY24 and FY25. 

Technical Analysis. Solarvest broke out from its 3-month rectangle pattern with a long white candle a week ago, implying that a 
bullish reversal sign may have occurred. As the 20-day and 50-day EMAs have confirmed their bullish crossover a few candles back,
the stock looks positive in the short and medium term. A bullish bias may emerge above the RM0.96 level, with stop-loss set at 
RM0.89, below the 50-day EMA. Towards the upside, near-term resistance level is seen at RM1.10, followed by RM1.17. 

Source: AmInvest Research - 29 May 2023