Sunview’s prospects brighten with entry into Uzbekistan
PETALING JAYA: MIDF Research says it has a positive outlook for Sunview Group Bhd ’s potential entry into Uzbekistan as it will will make it an asset owner as well as an engineering, procurement, construction and commissioning (EPCC) contractor.

The research house has maintained its “buy” call on the renewable-energy group with a target price of RM0.88.

MIDF Research said the potential for solar EPCC players remains bright, backed by favourable government policies such as the Corporate Green Programme (CGPP), National Energy Transition Roadmap and Large Scale Solar (LSS) projects at home and now projects overseas.

“If all goes well, we gather that the group may likely secure ground-mounted solar projects worth about several hundred million US dollars,” the research house said.

Last month, the group, via its wholly owned subsidiary, Fabulous Sunview Sdn Bhd, entered into a business alliance with Yashil Energiya in Samarkand.

The agreement appointed Sunview Group as an investor and EPCC provider for potential renewable energy projects, while Yashil Energiya will act as the purchaser of generated electricity.

Sunview Group’s management had said tariff rates were currently under negotiations.

MIDF Research said Sunview Group will likely need to raise funds via placements and sukuk issuances and is in the midst of talks for a green sukuk.

At the moment, 30% of Sunview Group’s outstanding order book of RM210.9mil consists of commercial and industrial rooftop solar projects, with plans to expand this next year.

“They are also looking to expand into residential rooftop jobs, which we view is the right move moving forward with government initiatives such as the Solar for Rakyat Incentive Scheme (Solaris), aimed at encouraging the installation of solar photovoltaic systems in homes,” MIDF Research said.

It added Sunview Group’s prospects for financial year 2025 (FY25) will be driven by CGPP jobs as it aims to secure five CGPP EPCC contracts estimated to be in the range of RM500mil.
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MIDF Research says it has a positive outlook for Sunview Group Bhd’s potential entry into Uzbekistan as it will will make it an asset owner as well as an engineering, procurement, construction and commissioning (EPCC) contractor.