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Maybank IB maintains 'positive' outlook on RE sector

13/01/2022 11:32 AM

KUALA LUMPUR, Jan 13 -- Maybank Investment Bank (Maybank IB) has maintained its "positive" outlook on the renewable energy (RE) sector following the launch of Malaysia Renewable Energy Roadmap (MyRER) 2022-2035, recently.

It said the strategic pillars for the RE growth will continue to leverage on the existing untapped resources, namely solar photovoltaic (PV), bioenergy and hydro, with new technologies and resources also expected to support the MyRER post-2025.

The roadmap is expected to boost RE from 23 per cent or 8.45 gigawatts (GW) of national installed capacity mix in 2020 to 31 per cent in 2025 and 40 per cent in 2035.

In a note, the investment bank noted that solar PV will be the main contributor to RE additions, along with other energy pillars to increase RE capacity including bioenergy, hydro as well as potential new technology and solutions post-2025.

"As of 2020, solar PV accounted for 1.5GW of RE capacity and this is expected to jump to 4.7GW by 2025 and 7.2GW by 2035," it said. 

On prospects in 2022, Maybank IB expects earnings recovery for RE stocks as movement restrictions are eased and work momentum for solar installations catches up.

It has also maintained its "Buy" calls for Solarvest Holdings Bhd and Cypark Resources Bhd.

"Strong order book for Solarvest at RM635 million will continue to support earnings growth. Meanwhile, the earnings profile for Cypark is expected to improve as its RE portfolio is set to grow from financial year 2022 onwards," it added.


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