Post removed.Why?

Dun b a dummy ma. Y so stuborn? U like to burn money right? Just sell off to lock profit ma. Else u cry father cry mother loh

Post removed.Why?

Dun get caught by the sharks ma.

The more ignorant u r, the more u loss ma

Just sell loh. After ex bi, wil drop ma

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Post removed.Why?

beter chao ma... after ex will waterfall drop ma

sold all 1.20. TQVM

Just sell loh. No one look into the result ma. No surprose loh

Mayb tomorow rebound due to lordstown statement

Just run n move to other counters ma. No point staying here. All d goodies oredi out log. After bi ex wil waterfall ma

Post removed.Why?

u wil burn all ur profit loh... the longer u wait... y so stuborn leh?

Post removed.Why?

yalo. once huge volume cleared, wil up again ma...

dun compare dominant with kps ma. ne loss making one profit making

beter chao la... dun wait longer ma

it is from rhb stockbroking la... y u so idiut?

15 March 2021 Clean Energy | Solar Power
Solarvest (SOLAR MK )
Big Win From LSS4; Stay NEUTRAL
Neutral (Maintained)
Target Price (Return): MYR2.75 (-2%)
Price: MYR2.81
Market Cap: USD288m
Avg Daily Turnover (MYR/USD) 24.9m/6.14m
Analysts
Loo Tungwye
+603 9280 8683
loo.tungwye@rhbgroup.com
Lee Meng Horng
+603 9280 8866
lee.meng.horng@rhbgroup.com
Share Performance (%)
YTD 1m 3m 6m 12m
Absolute 48.7 (8.5) 35.1 116.2 246.9
Relative 49.4 (9.5) 39.2 108.8 233.1
52-wk Price low/high (MYR) 0.54 – 3.11
Source: Bloomberg
 NEUTRAL, new TP of MYR2.75 from MYR2.15, 2% downside.
Solarvest has won 50MW in solar assets from the large-scale solar (LSS4)
programme, and has the first right of refusal to an estimated MYR600m-
700m worth of engineering, procurement, construction and commissioning
(EPCC) jobs. This is above our estimate, and will provide the group with
abundant jobs over the next 2-3 years. While its outlook remains bright,
the stock’s market valuation of 37x fully-diluted (FD) FY23F (Mar) P/E has
priced in most of the positive news.
 LSS4 announcement. The Energy Commission shortlisted 20 winners for
Package P1 (plant capacity from 10MW to less than 30MW) and 10
winners for Package P2 (plant capacity of 30MW to 50MW) of the LSS4
programme. The tariff rate for Package P1 is higher than that of Package
P2, at MYR0.185-0.2481/kWh vs the latter’s MYR0.1768-0.1970/kWh.
 Won a total of 50MW solar assets. Solarvest, via its subsidiary Atlantic
Blue, has won three solar assets (totalling 50MW) under Package P1. The
solar assets will be in Perak and Selangor. We estimate that the total
capex is c.MYR150-180m, which could be funded via a 80:20 debt-toequity combination. Given its net cash position of MYR71m as of 9MFY21,
we believe it should be sufficient to fund this project for now. Project IRR
is c.8-9% and could contribute revenue of c.MYR20m and PAT of
c.MYR8m pa. Any significant earnings contribution is likely to come in
after FY23F.
 EPCC contracts to follow. While the EPCC contracts have yet to be
announced (likely to happen in the next 6-9 months), we understand that
Solarvest has the first right of refusal to a total of MYR600-700m worth of
EPCC jobs. This is because the company previously undertook the LSS4
design and consultation work for these clients. This is above our
expectation of MYR250m in LSS4 EPCC wins. As such, we raise our
FY22-23F earnings by 3.6-24.4%.
 We lift our TP to MYR2.75, after the positive forecast revisions due to
potentially bigger LSS4 EPCC job wins. We have also imputed the DCFderived valuation for the 50MW LSS4 solar assets, based on a WACC of
4.9%. Nevertheless, we maintain NEUTRAL on the stock, as we think
upsides from potential contract wins are reflected in its current market
valuation of 37x FY23F FD P/E. The current valuation premium is also
ahead of its regional peer average of 35x, given its strong growth
prospects.
 Key upside/downside risks to our call include higher/lower-thanexpected contract wins, and progress on its overseas ventures in Taiwan
and the Philippines.
Source: Company data, RHB
47
122
197
272
347
422
497
0.3
0.8
1.3
1.8
2.3
2.8
3.3
Mar-20
Apr-20
Apr-20
May-20
May-20
Jun-20
Jun-20
Jul-20
Jul-20
Aug-20
Aug-20
Sep-20
Oct-20
Oct-20
Nov-20
Nov-20
Dec-20
Dec-20
Jan-21
Jan-21
Feb-21
Mar-21
Solarvest Holdings Berhad (SOLAR MK )
Price Close
Relative to FTSE Bursa Malaysia KLCI Index (RHS)
Forecasts and Valuation Mar-19 Mar-20 Mar-21F Mar-22F Mar-23F
Total turnover (MYRm) 112 253 246 391 702
Recurring net profit (MYRm) 12 18 16 27 40
Recurring net profit growth (%) 45.3 51.0 (14.0) 70.7 52.4
Recurring P/E (x) 99.23 65.73 76.43 44.78 29.38
P/B (x) 37.5 14.7 9.1 7.5 6.0
P/CF (x) 116.44 134.75 74.96 65.42 34.31
Dividend Yield (%) na na 0.4 na na
EV/EBITDA (x) 75.49 51.83 48.17 29.11 18.96
Return on average equity (%) 42.6 27.8 14.7 18.4 22.8
Net debt to equity (%) net cash net cash net cash net cash net cash
Note:
Small cap stocks are defined as companies with a market
capitalization of less than USD1bn.
Overall ESG Score: 3.3 (out of 4)
E: Excellent
Solarvest is in the business of solar EPCC, where the
group promotes the usage of clean energy that will reduce
the global carbon footprint. In terms of operations, the
group properly disposes its waste to approved treatment
premises and disposal facilities.
S: Excellent
The group has in place an Occupational Safety, Health and
Environmental Policy that serves as a guideline in ensuring
proper health and safety standards are being applied in th

y i wan to tipu u leh?

confirm la. rhb upgrade tp to 2.76

wat link. rhb report ka? today rhb upgrade tp from 2.13 to 2.76 ma. oredi gave u face loh... if not lagi selldown ma

rhb oredi give face to u. up tp to 2.76 instead of maintain 2.16. now thepx oredi reflect all good news. run loh

the volume all pickup ma... need to flush out contra first. after tat fly loh

i dun curse slvest cos i oredi won big in slvest. i just teling the truth.. beter get out b4 too late

huat ahh

rhb oredi revised tp from 2.16 to 2.76 ma. oredi up tp a lot ma. but px now is not atractive loh. beter switch to kpower la. sharks is distributing. after ex bonus wil down a lot la

today big volume due ma. after cleared wil revisit 1.40 loh

buy in 0.78

Kps rm2.00 only u said ass loh. Now is bot time to say kpasss mah

If kyy exit supermx more dificult to move up ma. Big funds no more push, sharks like kyy oso no push. Who push leh?

Post removed.Why?

Wil retrace la. C tin px loh. If tin px drop back to usd23k. Wil revisit 18x ma

Only 50mw la. Where got 1000mw dun dream la

No need tto slam kyy ma. Just sell supermx loh.

Kps only 1.22. Where got so fast gameover. Beter fast fast in loh. Engine just warmup. Dun nanti rm1.80 rm2 only u cey father cry mother ma

Yup rm2 oso expensive. Cos b4 bonus is only rm1.50

The most is up for another week. Once bonus ex, it wil drop like hell beter sell for good px loh

Betwr u sell la. When the counter goreng too hot, is the time to sell.

Beter fast fast in ohhh

Beter buy kps la. Not yet up a lot. Just engine warmup

Once huge volume cleared next mon, kps wil revisit 1.35

I bought kpower 2.8x before bonus loh. Y should i promote kpower leh.? I just let the profit run loh

Post removed.Why?

Rhb oredi said all good news priced in. Beter run before sharks run. Dun b d last to run. Tis counter highly manipulated

Definitely, rm2 wil reach

Post removed.Why?

Uchi Technologies - Profits and DPS Above Expectations
Author: kltrader | Publish date: Thu, 25 Feb 2021, 8:59 AM

Another Record Quarter as Both Revenue and Earnings Surge
FY20 results grossly above expectations on stronger-than-expected revenue and margins
Maintain BUY with a higher TP of RM3.88. Yields at ~5-6% are attractive
Revenue and Earnings Surged Further in 4Q20
4Q20 revenue and core profit surged by 33% and 41% qoq respectively, even after the strong previous quarter, which had recovered from order backlogs due to production halts during the Movement Control Order (MCO) in 2Q20. With the strong revenue and hence better operating leverage coupled with favourable revenue mix, EBITDA margin further improved by 2.9ppts qoq. Overall, this has been the strongest quarter ever reported by Uchi, both in terms of revenue and profit, which we believe is being underpinned by strong demand for household appliances spurred by the work-fromhome trend.

2020 Results Above Expectations, DPS Ahead of Expectations
Cumulatively, Uchi’s 2020 core profit of RM85m (+10% yoy) came in above expectations, accounting for 120% and 124% of our and the street’s full-year estimates respectively. Revenue in US$ terms had contracted by 1.8% yoy and we believe this was also better than management’s earlier revenue guidance of a single-digit decline. The earnings surprise was largely due to a combination of better-than-expected revenue and EBITDA margin. DPS for the full year amounted to 17 sen (FY19: 16 sen), which was also a positive surprise.

Maintain BUY With a Higher 12-month TP of RM3.88
We update our 2021-22E EPS to incorporate the FY20 financial results and also introduce our 2023E EPS of 21.2sen (+6% yoy). We lift our target price to RM3.88 based on a higher target PE of 21x or +2SD its 5-year historical mean, on 2021E EPS (from RM2.92 based on a PE of 18x or +1SD). While valuations are high relative to historical average, the stock continues to trade at a significant discount to sector PE mean. Given the ample market liquidity and stock’s attractiveness as a high-quality dividend play, we think that stock PE multiples can continue to re-rate. We also like Uchi for its strong relationship with its key customer and how it remains the sole supplier of its coffee modules. Its customer, which manufactures deep freezers used within the vaccine logistics supply chain, could provide a near-term earnings catalysts. Key risks include weaker demand, weaker RM against the US$ and gain/loss of customers.

Source: Affin Hwang Research - 25 Feb 2021