Solarvest currently trades at an attractive FY23E PER of 18x, -1SD of its 2-year mean of 54x. We view current share price weakness as an opportunity to accumulate the stock. We believe strong orderbook for its EPCC services at c.MYR762m will continue to support growth until FY24. Meanwhile, its solar PV assets are expected to increase by another 50MW by 2023, from 1MW currently. We have a BUY call and TP of MYR1.29 on Solarvest, based on 1x PEG (29% earnings CAGR over the next 3 years).
KE: Solarvest Holdings – Orderbook at another all-time high (SOLAR MK, CP MYR0.83, BUY, TP MYR1.29, Energy)
