Reported Earnings • May 21
Full year 2026 earnings released: EPS: RM0.094 (vs RM0.073 in FY 2025) Full year 2026 results: EPS: RM0.094 (up from RM0.073 in FY 2025). Revenue: RM757.1m (up 41% from FY 2025). Net income: RM79.8m (up 54% from FY 2025). Profit margin: 11% (in line with FY 2025). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 40% per year and the company’s share price has also increased by 40% per year. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RM2.77, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Electrical industry in Malaysia. Total returns to shareholders of 199% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RM2.42, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Electrical industry in Malaysia. Total returns to shareholders of 169% over the past three years. New Risk • Mar 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (29% increase in shares outstanding). Reported Earnings • Feb 25
Third quarter 2026 earnings released: EPS: RM0.023 (vs RM0.02 in 3Q 2025) Third quarter 2026 results: EPS: RM0.023 (up from RM0.02 in 3Q 2025). Revenue: RM181.2m (up 34% from 3Q 2025). Net income: RM21.0m (up 46% from 3Q 2025). Profit margin: 12% (up from 11% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 38% per year. New Risk • Feb 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. New Risk • Feb 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Dec 23
Solarvest Holdings Berhad (KLSE:SLVEST) acquired 22% stake in Solar District Cooling Group Berhad (KLSE:SDCG) from Liuk Ing Hong and Kong Kam Onn for MYR 42 million. Solarvest Holdings Berhad (KLSE:SLVEST) entered into Share Sale Agreement to acquire 22% stake in Solar District Cooling Group Berhad (KLSE:SDCG) from Liuk Ing Hong and Kong Kam Onn for MYR 42 million on December 23, 2025. A cash consideration valued at MYR 0.45 per share will be paid by Solarvest Holdings Berhad. The Purchase Consideration of MYR 41.95 million will be fully satisfied in cash to be funded entirely from internally generated funds.
In the event of termination due to the default or breach of the Company pursuant to the SSA, without prejudice to the right to claim damages and right to specific performance, the Company shall pay the Vendors a sum equivalent to 10% of the Purchase Consideration as the agreed liquidated damages. Company shall have the right to put and sell the Sale Shares to the Vendors and the Vendors shall (a) purchase the Sale Shares at the Purchase Consideration and further compensate an additional sum of equivalent to 10% of the Purchase Consideration to the Company as the agreed liquidated damages.
The Acquisition is not conditional upon any other corporate proposal undertaken or to be undertaken by the Company.
Solarvest Holdings Berhad (KLSE:SLVEST) completed the acquisition of 22% stake in Solar District Cooling Group Berhad (KLSE:SDCG) from Liuk Ing Hong and Kong Kam Onn on December 23, 2025. New Risk • Dec 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 20
Second quarter 2026 earnings released: EPS: RM0.023 (vs RM0.013 in 2Q 2025) Second quarter 2026 results: EPS: RM0.023 (up from RM0.013 in 2Q 2025). Revenue: RM169.5m (up 63% from 2Q 2025). Net income: RM18.7m (up 104% from 2Q 2025). Profit margin: 11% (up from 8.9% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Nov 06
Solarvest Holdings Berhad has completed a Follow-on Equity Offering in the amount of MYR 257.488 million. Solarvest Holdings Berhad has completed a Follow-on Equity Offering in the amount of MYR 257.488 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,700,000
Price\Range: MYR 3.04
Transaction Features: Subsequent Direct Listing Announcement • Oct 22
Solarvest Holdings Berhad has filed a Follow-on Equity Offering. Solarvest Holdings Berhad has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,700,000
Transaction Features: Subsequent Direct Listing Price Target Changed • Oct 06
Price target increased by 8.2% to RM3.17 Up from RM2.93, the current price target is an average from 9 analysts. New target price is 8.1% above last closing price of RM2.93. Stock is up 84% over the past year. The company is forecast to post earnings per share of RM0.095 for next year compared to RM0.073 last year. Price Target Changed • Sep 04
Price target increased by 8.3% to RM2.70 Up from RM2.49, the current price target is an average from 9 analysts. New target price is 12% above last closing price of RM2.42. Stock is up 52% over the past year. The company is forecast to post earnings per share of RM0.095 for next year compared to RM0.073 last year. New Risk • Aug 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to RM2.49. The fair value is estimated to be RM2.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Reported Earnings • Jul 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.073 (up from RM0.049 in FY 2024). Revenue: RM536.8m (up 8.0% from FY 2024). Net income: RM51.9m (up 59% from FY 2024). Profit margin: 9.7% (up from 6.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 3.4%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 48% per year. Announcement • Jul 21
Solarvest Holdings Berhad, Annual General Meeting, Aug 20, 2025 Solarvest Holdings Berhad, Annual General Meeting, Aug 20, 2025, at 10:00 Singapore Standard Time. Location: maple & cypress room (level c), one world hotel, city centre, first avenue, lebuh bandar utama, 47800 petaling jaya, selangor, Malaysia Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RM2.14, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Electrical industry in Malaysia. Total returns to shareholders of 227% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM1.99 per share. Price Target Changed • Jun 17
Price target increased by 8.6% to RM2.35 Up from RM2.16, the current price target is an average from 9 analysts. New target price is 30% above last closing price of RM1.80. Stock is up 7.8% over the past year. The company is forecast to post earnings per share of RM0.093 for next year compared to RM0.075 last year. Reported Earnings • May 22
Full year 2025 earnings released: EPS: RM0.074 (vs RM0.049 in FY 2024) Full year 2025 results: EPS: RM0.074 (up from RM0.049 in FY 2024). Revenue: RM536.8m (up 8.0% from FY 2024). Net income: RM53.3m (up 64% from FY 2024). Profit margin: 9.9% (up from 6.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 19
Price target increased by 7.6% to RM2.15 Up from RM1.99, the current price target is an average from 9 analysts. New target price is 29% above last closing price of RM1.66. Stock is up 7.1% over the past year. The company is forecast to post earnings per share of RM0.068 for next year compared to RM0.049 last year. Buy Or Sell Opportunity • Mar 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to RM1.77. The fair value is estimated to be RM1.47, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 120% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. New Risk • Feb 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (29% accrual ratio). New Risk • Feb 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 21
Third quarter 2025 earnings released: EPS: RM0.02 (vs RM0.016 in 3Q 2024) Third quarter 2025 results: EPS: RM0.02 (up from RM0.016 in 3Q 2024). Revenue: RM135.4m (up 21% from 3Q 2024). Net income: RM14.4m (up 35% from 3Q 2024). Profit margin: 11% (up from 9.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.4% to RM1.80. The fair value is estimated to be RM1.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 111% in 2 years. Earnings are forecast to grow by 81% in the next 2 years. Announcement • Feb 11
Solarvest Holdings Berhad (KLSE:SLVEST) completed the acquisition of 30% stake in Kee Ming Electrical Sdn. Bhd. from Liew Kar Hoe and Mr. Liew Kar Wai. Solarvest Holdings Berhad (KLSE:SLVEST) agreed to acquire 30% stake in Kee Ming Electrical Sdn. Bhd. from Liew Kar Hoe and Mr. Liew Kar Wai for MYR 15.3 million on January 27, 2025. A cash consideration of MYR 15.3 million will be paid by Solarvest Holdings Berhad. As part of consideration, MYR 15.3 million is paid towards common equity of Kee Ming Electrical Sdn. Bhd. For the financial year ended 2024 Kee Ming Electrical Sdn. Bhd. reported revenue of MYR 40 million, total assets of MYR 22 million net profit of MYR 6 million.
Solarvest Holdings Berhad (KLSE:SLVEST) completed the acquisition of 30% stake in Kee Ming Electrical Sdn. Bhd. from Liew Kar Hoe and Mr. Liew Kar Wai on February 10, 2025. Announcement • Jan 29
Solarvest Holdings Berhad (KLSE:SLVEST) agreed to acquire 30% stake in Kee Ming Electrical Sdn. Bhd. from Liew Kar Hoe and Mr. Liew Kar Wai for MYR 15.3 million. Solarvest Holdings Berhad (KLSE:SLVEST) agreed to acquire 30% stake in Kee Ming Electrical Sdn. Bhd. from Liew Kar Hoe and Mr. Liew Kar Wai for MYR 15.3 million on January 27, 2025. A cash consideration of MYR 15.3 million will be paid by Solarvest Holdings Berhad. As part of consideration, MYR 15.3 million is paid towards common equity of Kee Ming Electrical Sdn. Bhd. For the financial year ended 2024 Kee Ming Electrical Sdn. Bhd. reported revenue of MYR 40 million, total assets of MYR 22 million net profit of MYR 6 million. Reported Earnings • Nov 26
Second quarter 2025 earnings released: EPS: RM0.013 (vs RM0.011 in 2Q 2024) Second quarter 2025 results: EPS: RM0.013 (up from RM0.011 in 2Q 2024). Revenue: RM103.9m (down 26% from 2Q 2024). Net income: RM9.20m (up 28% from 2Q 2024). Profit margin: 8.9% (up from 5.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.7% to RM1.68. The fair value is estimated to be RM1.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 81% in 2 years. Earnings are forecast to grow by 76% in the next 2 years. Announcement • Sep 12
Solarvest Holdings Berhad Announces Appointment of Dato' P'ng Soo Hong as Independent and Non Executive Director Solarvest Holdings Berhad announced appointment of DATO' P'NG SOO HONG as Independent and Non Executive Director. Date of change is September 12, 2024. Age is 59. Qualifications includes Degree in Social Science, Planning and Development from Universiti Sains Malaysia, Penang. Working experience and occupation: Dato' P'ng was the Vice President and Managing Director of Manufacturing Operations at First Solar Malaysia Sdn. Bhd. Dato' P'ng oversees First Solar's overall strategic direction and is responsible for the company's operations, EHS, Quality & Reliability, Human Resources, Finance, IT and Supply Chain performance. Dato' P'ng joined First Solar in October 2008. Prior to that, Dato' P'ng was attached to Intel Corporation and had served First Solar for 17 years up to April 2024 after graduating from university. While at Intel, Dato' P'ng had the opportunity to lead several major functions, including Operation Management, Manufacturing System/Process, and Supply Chain Management development. Dato' P'ng was the General Manager for Intel's larger Assembly-Test Chipset Operation in Chengdu, China from 2004 to 2007. Thereafter, Dato' P'ng was relocated to Intel's 300mm Fab at Arizona. Directorships in public companies and listed issuers: Public Companies (Listed): 1.Titijaya Land Berhad and Public Companies (Unlisted) 1. Malaysian Industry-Government Group for High Technology, 2. American Malaysian Chamber of Commerce and 3. Junior Achievement Malaysia. Reported Earnings • Aug 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: RM0.049 (up from RM0.029 in FY 2023). Revenue: RM497.0m (up 36% from FY 2023). Net income: RM32.6m (up 66% from FY 2023). Profit margin: 6.6% (up from 5.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 6.9%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 31
Solarvest Holdings Berhad, Annual General Meeting, Aug 30, 2024 Solarvest Holdings Berhad, Annual General Meeting, Aug 30, 2024, at 10:00 Singapore Standard Time. Location: conference room (marvel), no. 5, jalan 13/6, seksyen 13, 46200 petaling jaya, selangor, Malaysia Announcement • Jul 11
Solarvest Holdings Berhad Appoints Daniel Ruppert as Chief Investment Officer Solarvest Holdings Bhd appointed Daniel Ruppert as chief investment officer effective July 1, 2024. The regional clean energy expert said Ruppert has over 15 years of experience in investment banking and business management, with a strong track record in the technology, media, and telecommunications, and energy sectors. €œHis expertise will be instrumental in driving Solarvest€™s investment strategies and accelerating its growth trajectory,€ it said in a statement today. Executive director and chief executive officer Davis Chong Chun Shiong said Ruppert will play a major role in accelerating Solarvest€™s mission to lead the clean energy transition regionally and to deliver sustainable growth across various verticals. Ruppert will be responsible for clean energy asset acquisitions, strategic capital allocation, and portfolio and risk management. He is currently looking for immediate investment opportunities in various clean energy technologies across ASEAN encompassing solar, wind, hydropower, biogas/biomass, energy storage, energy efficiency and electric vehicle ecosystem. Buy Or Sell Opportunity • Jul 01
Now 33% undervalued Over the last 90 days, the stock has risen 1.9% to RM1.58. The fair value is estimated to be RM2.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued Over the last 90 days, the stock has risen 7.7% to RM1.67. The fair value is estimated to be RM2.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Jun 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: RM0.048 (vs RM0.029 in FY 2023) Full year 2024 results: EPS: RM0.048 (up from RM0.029 in FY 2023). Revenue: RM492.6m (up 35% from FY 2023). Net income: RM32.3m (up 64% from FY 2023). Profit margin: 6.5% (up from 5.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 31
Solarvest Holdings Berhad Announces Appointment of Azian Binti Mohd Yusof as Independent and Non Executive Member of Remuneration Committee Solarvest Holdings Berhad announced appointment of Puan Azian Binti Mohd Yusof, age 66 as Independent and Non Executive Member of Remuneration Committee. Composition of Remuneration Committee after change: Chairman- Gan Teck Hooi (Independent Non-Executive Director), Members- Fong Shin Ni (Independent Non-Executive Director), Azian Binti Mohd Yusof (Independent Non-Executive Director). Date of change: 30 May 2024. Announcement • May 30
Solarvest Holdings Berhad Announces Appointment of Rashidah Binti Othman as Independent and Non Executive Member of Nomination Committee Solarvest Holdings Berhad announced appointment of Puan Rashidah Binti Othman, age 62 as Independent and Non Executive Member of Nomination Committee. Composition of Nomination Committee after change: Chairman- Fong Shin Ni (Independent Non-Executive Director), Members- Gan Teck Hooi (Independent Non-Executive Director), Rashidah Binti Othman (Independent Non-Executive Director). Date of change: 30 May 2024. New Risk • May 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Minor Risk Shareholders have been diluted in the past year (3.7% increase in shares outstanding). New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Reported Earnings • Feb 29
Third quarter 2024 earnings released: EPS: RM0.016 (vs RM0.008 in 3Q 2023) Third quarter 2024 results: EPS: RM0.016 (up from RM0.008 in 3Q 2023). Revenue: RM112.4m (up 11% from 3Q 2023). Net income: RM10.7m (up 105% from 3Q 2023). Profit margin: 9.5% (up from 5.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 30
Second quarter 2024 earnings released: EPS: RM0.011 (vs RM0.008 in 2Q 2023) Second quarter 2024 results: EPS: RM0.011 (up from RM0.008 in 2Q 2023). Revenue: RM139.9m (up 43% from 2Q 2023). Net income: RM7.18m (up 43% from 2Q 2023). Profit margin: 5.1% (in line with 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chief Strategy Officer & Executive Director Leon Liew was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Aug 23
Price target increased by 21% to RM1.49 Up from RM1.23, the current price target is an average from 3 analysts. New target price is 13% above last closing price of RM1.32. Stock is up 69% over the past year. The company is forecast to post earnings per share of RM0.044 for next year compared to RM0.029 last year. Reported Earnings • Aug 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: RM0.029 (up from RM0.011 in FY 2022). Revenue: RM365.5m (up 108% from FY 2022). Net income: RM19.7m (up 185% from FY 2022). Profit margin: 5.4% (up from 3.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jul 29
Solarvest Holdings Berhad, Annual General Meeting, Aug 30, 2023 Solarvest Holdings Berhad, Annual General Meeting, Aug 30, 2023, at 10:00 Singapore Standard Time. Location: Conference Room (Marvel), L1-01, Pacific 63@PJ Centre, No. 5, Jalan 13/6, Seksyen 13 Petaling Jaya Selangor Malaysia Agenda: To receive the audited financial statements for the financial year ended 31 March 2023 together with the reports of the Directors and Auditors thereon; to approve the payment of Non-Executive Directors' fees; to re-elect the Directors; to re-appoint Messrs. Ecovis Malaysia PLT as the Auditors and to fix their remuneration; to approve authority to allot and issue shares pursuant to the companies act 2016; to approve waiver of pre-emptive rights for issuance of new shares under Employees Share Option Scheme ("ESOS"); and to transact any other business matters. Price Target Changed • Jul 05
Price target increased by 17% to RM1.25 Up from RM1.07, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of RM1.23. Stock is up 91% over the past year. The company is forecast to post earnings per share of RM0.046 for next year compared to RM0.03 last year. Reported Earnings • May 26
Full year 2023 earnings released: EPS: RM0.03 (vs RM0.011 in FY 2022) Full year 2023 results: EPS: RM0.03 (up from RM0.011 in FY 2022). Revenue: RM365.5m (up 108% from FY 2022). Net income: RM19.7m (up 186% from FY 2022). Profit margin: 5.4% (up from 3.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Feb 28
Third quarter 2023 earnings released: EPS: RM0.008 (vs RM0.003 in 3Q 2022) Third quarter 2023 results: EPS: RM0.008 (up from RM0.003 in 3Q 2022). Revenue: RM101.5m (up 114% from 3Q 2022). Net income: RM5.20m (up 159% from 3Q 2022). Profit margin: 5.1% (up from 4.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electrical industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 22% share price gain to RM1.07, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 14x in the Electrical industry in Malaysia. Total returns to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM0.59 per share. Reported Earnings • Dec 03
Second quarter 2023 earnings released: EPS: RM0.008 (vs RM0.002 in 2Q 2022) Second quarter 2023 results: EPS: RM0.008 (up from RM0.002 in 2Q 2022). Revenue: RM98.2m (up 225% from 2Q 2022). Net income: RM5.01m (up 388% from 2Q 2022). Profit margin: 5.1% (up from 3.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Asia. Price Target Changed • Nov 16
Price target decreased to RM0.87 Down from RM1.19, the current price target is an average from 3 analysts. New target price is 17% above last closing price of RM0.74. Stock is down 43% over the past year. The company is forecast to post earnings per share of RM0.032 for next year compared to RM0.011 last year. Buying Opportunity • Nov 01
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be RM0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.8% over the last year. Earnings per share has declined by 34%. Revenue is forecast to grow by 129% in 2 years. Earnings is forecast to grow by 160% in the next 2 years. Reported Earnings • Aug 03
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: RM0.011 (down from RM0.027 in FY 2021). Revenue: RM175.8m (down 22% from FY 2021). Net income: RM6.91m (down 57% from FY 2021). Profit margin: 3.9% (down from 7.2% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 151%, compared to a 49% growth forecast for the industry in Malaysia. Announcement • Jul 30
Solarvest Holdings Berhad, Annual General Meeting, Aug 29, 2022 Solarvest Holdings Berhad, Annual General Meeting, Aug 29, 2022, at 10:00 Singapore Standard Time. Location: conference Room (Marvel), LI-01, Pacific 63@PJ Centre, No. 5, Jalan 13/6, Seksyen 13, 46200 Petailing Jaya Selangor Malaysia Agenda: To receive the audited financial statements for the financial year ended 31 March 2022 together with the reports of the directors and auditors thereon; to re-elect directors; and to discuss other matters. Buying Opportunity • Jun 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be RM0.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 238%. For the next 3 years, revenue is forecast to grow by 24% per annum. Earnings is also forecast to grow by 39% per annum over the same time period. Reported Earnings • May 28
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: RM0.011 (down from RM0.027 in FY 2021). Revenue: RM177.8m (down 21% from FY 2021). Net income: RM6.91m (down 57% from FY 2021). Profit margin: 3.9% (down from 7.2% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 149%, compared to a 41% growth forecast for the industry in Malaysia. Announcement • May 27
Solarvest Holdings Berhad Announces Resignation of Ng Shu Fern as Joint Company Secretary with Effect from May 26, 2022 Solarvest Holdings Berhad announced resignation of Ng Shu Fern as Joint Company Secretary with effect from May 26, 2022. Price Target Changed • Apr 27
Price target decreased to RM1.19 Down from RM1.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of RM0.81. Stock is down 47% over the past year. The company is forecast to post earnings per share of RM0.011 for next year compared to RM0.027 last year. Announcement • Apr 03
Solarvest Holdings Berhad Appoints Mr. Liew Kong Fatt as Chief Financial Officer Solarvest Holdings Berhad announced appointment of MR LIEW KONG FATT as Chief Financial Officer. Date of change is April 1, 2022. MR LIEW KONG FATT left Tan Chong Group in 2022 with both equity and debt transaction experience to assume his role in company as Chief Financial Officer. Major Estimate Revision • Mar 02
Consensus revenue estimates fall by 21% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from RM204.3m to RM160.8m. EPS estimate fell from RM0.02 to RM0.01 per share. Net income forecast to grow 151% next year vs 38% growth forecast for Electrical industry in Malaysia. Consensus price target down from RM1.50 to RM1.19. Share price fell 15% to RM0.88 over the past week. Reported Earnings • Feb 24
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: RM0.003 (down from RM0.008 in 3Q 2021). Revenue: RM47.4m (down 32% from 3Q 2021). Net income: RM2.01m (down 60% from 3Q 2021). Profit margin: 4.2% (down from 7.2% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) exceeded analyst estimates by 15%. Over the next year, revenue is forecast to grow 173%, compared to a 49% growth forecast for the industry in Malaysia. Price Target Changed • Feb 24
Price target decreased to RM1.19 Down from RM1.50, the current price target is an average from 3 analysts. New target price is 20% above last closing price of RM0.99. Stock is down 38% over the past year. The company is forecast to post earnings per share of RM0.02 for next year compared to RM0.027 last year. Major Estimate Revision • Dec 06
Consensus revenue estimates fall to RM204.3m The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from RM257.8m to RM204.3m. EPS estimate fell from RM0.025 to RM0.02 per share. Net income forecast to grow 82% next year vs 40% growth forecast for Electrical industry in Malaysia. Consensus price target of RM1.50 unchanged from last update. Share price fell 4.3% to RM1.12 over the past week. Reported Earnings • Nov 30
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: RM0.002 (down from RM0.007 in 2Q 2021). Revenue: RM30.2m (down 51% from 2Q 2021). Net income: RM1.03m (down 74% from 2Q 2021). Profit margin: 3.4% (down from 6.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) exceeded analyst estimates by 15%. Earnings per share (EPS) surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 96%, compared to a 44% growth forecast for the industry in Malaysia. 
