Solarvest Holdings Bhd has been upgraded to a ‘Buy’ at Apex Securities Sdn Bhd with a 52-week target price of RM1.94 on the expectation that the renewal energy (RE) provider is expected to get job flows from 800.0MW of CGPP, potentially adding close to RM1.0 billion to its order book.

On Aug 9, the company announced that it has secured five corporate green power agreements (CGPAs) with two global semiconductor leaders and a data center service provider under the CGPP, collectively for the offtake of 59.98MW of solar energy.

Following the recent share price retracement, the research house said valuations were turning more attractive.

The counter closed at RM1.61 on Friday from RM1.51 on Aug 6.

Solarvest’s core business is installing solar systems for residential, commercial, large-scale solar farms, and government organisations. It also distributes and installs solar and energy-efficient products to hundreds of companies across Asia-Pacific. –TMR