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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Apex Securities Upgrades Solarvest to 'Buy' with RM1.94 Target Price, Eyes New Jobs from 800MW CGPA Projects

Apex Securities has upgraded its rating for Solarvest Holdings Bhd (KL) to 'buy', setting a target price of RM1.94, driven by the anticipation of new job flows from corporate green power agreements (CGPAs) and attractive valuations following a recent share price retracement.


Key Highlights:

  • Potential New Contracts: Solarvest is tendering for over half of the 800MW of CGPA projects, which could potentially add nearly RM1 billion to its order book. The company’s current tender book stands at 6.1GW, with 66% in Malaysia and 34% in regional markets.

  • Ongoing and Future Projects: Solarvest is involved in upcoming projects, including the 2.0GW Large Scale Solar 5 (LSS5) and an additional 450.0MW under Net Energy Metering, ensuring a busy pipeline until 2028. As of March 31, 2024, the company’s outstanding order book was RM242 million.

  • Recent Achievements: Solarvest recently secured five CGPAs with two global semiconductor leaders and a leading data center service provider, collectively amounting to 59.98MW of solar energy. Additionally, since August 2023, the company has secured three solar assets totaling 89.7MW under different consortiums.

  • Financial Position: The estimated capital expenditure for the new plants is RM66 million, which Solarvest plans to finance through a mix of internal funds and equity. The company holds RM51.2 million in net cash, with a manageable gross gearing ratio of 0.23 times as of March 31, excluding project financing.

  • Valuation and Risks: Apex Securities highlighted that Solarvest’s valuations have become more attractive after the recent share price retracement. The target price was adjusted to reflect dilution from warrant and employee share option scheme exercises. However, potential risks include fluctuations in solar module costs, dependence on government initiatives, and intense market competition.

Solarvest is well-positioned to benefit from government renewable energy initiatives and is poised to capitalize on long-term growth under the National Energy Transition Roadmap, making it a front-runner among renewable energy players in the region.

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