Sunview basks in the glow of various solar projects
According to MIDF Research, Sunview is among the key beneficiaries of EPCC prospects under the fifth phase of the government's large-scale solar initiative (LSS5), other upcoming large-scale solar schemes, and the long-term renewable energy growth potential from the National Energy Transition Roadmap.
'We expect the LSS5 EPCC projects, which are progressively being awarded, to aid in order book replenishment,' the research house said.
It noted that Sunview is aggressively bidding for jobs, with an EPCC tender book of RM4bil.
This comprises RM1.7bil of LSS jobs, RM1.3bil in work on the Corporate Renewable Energy Supply Scheme (Cress), RM734mil of rooftop solar projects and RM264mil in CGPP jobs.
'We are optimistic on future replenishment prospects, with sizeable EPCC jobs coming from LSS5 and the upcoming LSS5+ and LSS6, on top of a strong interest in rooftop solar among the commercial, industrial and residential segments,' it added.
MIDF Research maintained its 'buy' recommendation on Sunview, with an unchanged target price of 54 sen, based on 20 times forward earnings, which is at a discount to its larger peers.
Sunview's earnings visibility remained supported by its strong outstanding order book, which stood at RM374.3mil.
MIDF Research noted the company has three CGPP EPCC projects in the bag, with an aggregated contract value of RM248mil.
Of these, one contract had reached 70% completion, while the other two were at 10% and 15%, respectively.
The research house highlighted that it had previously estimated that up to RM17bil of solar EPCC jobs are available for industry players.
It said, as an asset developer, Sunview is equally aggressive, with RM1.8bil worth of tenders for LSS5+, battery energy storage systems and Cress projects.
Sunview's overseas expansion plans add another dimension to its growth strategy through the proposed development of two solar plants in Uzbekistan.
Last June, the company announced that its wholly owned subsidiary Fabulous Sunview Sdn Bhd would be collaborating with the Energy Ministry of the Republic of Uzbekistan for two solar energy projects in Uzbekistan.
The aim of the two projects is to develop large-scale solar photovoltaic plants and battery energy storage systems in two districts in Uzbekistan.
Sunview will serve as the investor and asset owner for the projects.
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