MORNING CALL:28/7/23 - video Dailymotion

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7/27/2023

Kenanga thinks 7-Eleven got a Caring deal

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00:00 We end the last working Friday of July with an initiation report from MIDF Research on

00:06 solar player Pekat Group.

00:07 The research house likes the group's emphasis on sustainable growth and has a buy call and

00:11 57 cent target price.

00:13 Pekat Group was among the early entrants of the solar photovoltaic business in the country

00:18 back in 2008, even before the national implementation of the feed-in tariff in 2011.

00:24 Pekat prioritises the sustainability of its order book, rather than focusing on building

00:29 large order books.

00:30 The group has consistently maintained its outstanding order book levels at about $200

00:34 million as it consistently takes on smaller, fast-paced projects with a duration of three

00:38 to six months.

00:40 Management expects its order book to continue growing, driven by commercial and industrial

00:44 projects and the residential market.

00:46 MIDF expects more recurring income for Pekat starting FY24 through the power purchase agreements

00:52 that has been secured by its 45% associate MFP, Solar Sendiran Bahat.

00:57 Upon the full operation of all plants, it is projected that the sales of solar energy

01:01 will add more than $10 million to the annual revenue of MFP Solar.

01:06 According to Boomberg, only MIDF covers Pekat, so based on the 57 cent target price, this

01:10 implies a possible upside of almost 30% from current levels.

01:14 [music]

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