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2QFY22 results fell short, with 1HFY22 net profit at just 6%/7% of our/consensus FY22E. Construction works were disrupted by EMCO and different phases of the NRP during the quarter. We expect sequential improvement in coming quarters and cut our FY22E net profit by 37%. We U/G Solarvest to a BUY with an upside of 25% to our unchanged TP of MYR1.45, based on 1x. Its estimated MYR635m outstanding orderbook offers medium-term earnings visibility until end-CY23.

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