Solarvest Holdings Bhd has been consolidating sideway and had a breakout above RM1.28, thus it is expected the follow-through buying interest could be seen towards RM1.39 to 1.43, with LT target at RM1.48, according to Malacca Securities.
“Support is set around RM1.23-1.25, with the cut loss envisaged around RM1.21,” it said in its Technical Focus report today (Nov 21).
Solarvest, a group involved in solar turnkey EPCC for largescale solar PV, residential, commercial and industrial property projects and provides O&M services, has done well.
“Its net profit has been steadily increasing due to the growing contribution from LSS4 projects and is expected to maintain this pace going forward.
“Under the Corporate Green Power Programme (CGPP), there are still a significant portion of unallocated projects, therefore Solarvest being a large solar player is poised to secure new projects.
“Technically, traders may anticipate for a potential consolidation breakout above RM1.27 to target the next resistances at RM1.35 to 1.36 with long term target set at RM1.40,” the research house said.
It added Solarvest’s trading catalyst include contribution from the growing progress of large-scale solar projects (LSS4 projects), potential new projects under CGPP, and its record for overseas project indicating a strong job pipeline for the group as of September 2023.
