Apex Securities said details of the collaboration are scant at this juncture and Malaysia remained Solarvest’s cornerstone market.
PETALING JAYA: Solarvest Holdings Bhd
's partnership with Tralytex to develop solar projects in Vietnam is positive, said Apex Securities.
The research house said: “We are optimistic about the partnership and we expect it to accelerate the adoption of rooftop solar installations across Vietnam by leveraging on Solarvest’s expertise, backed by the completion of 1,700 solar installation projects utilising Tralytex’s local presence and brand name.
The research house said details of the collaboration are scant at this juncture and Malaysia remained Solarvest’s cornerstone market.
Following the recent share price appreciation, Apex Securities is downgrading its recommendation to “hold” on Solarvest with an unchanged target price of RM1.95 based on sum-of-parts valuation.
Solarvest is a leading clean energy provider and pioneer of solar engineering, procurement, construction, and commissioning, having installed more than 1.2GW across various solar photovoltaic systems.
Taking a broader view, the research house said: “We are optimistic about the partnership and we expect it to accelerate the adoption of rooftop solar installations across Vietnam by leveraging on Solarvest’s expertise, backed by the completion of 1,700 solar installation projectsutilising Tralytex’s local presence and brand name.
“Through the collaboration, we expect a similar operational business model, with Solarvest primarily acting as the project developer.
“As of 4Q24, the group’s regional tenders stood at 2.0GW, with Vietnam accounting for 151MW,” it added.
Established in 1978, Tralytex is a leading Vietnamese yarn producer.
It exports up to 80% of its production to major markets across Asia, Europe, and North America.
