26/02/2026

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THURSDAY | FEB 26, 2026

Solarvest seen cushioned from China export VAT impact PETALING JAYA: Solarvest Holdings Bhd is expected to face only limited cost pressure from China’s export value-added tax (VAT) as the group had earlier secured 2GW of photovoltaic modules at fixed prices, leaving only about 600MW (equivalent of an estimated RM1.5 billion order book) exposed to the 9% levy. This is backed by an outstanding order book as at end-December and expectations of further replenishment that could lift its total jobs in hand beyond RM2 billion by FY26 amid continued project wins and an expanding solar and battery energy storage tender pipeline. battery-related rebates from April, ahead of a full removal by 2027. On a year-on-year basis, Berjaya Research said

following the commencement of LSS5 works alongside ongoing CGPP execution, while Patami increased 12.3% to RM21 million; earnings forecasts for FY26 and FY27 remain unchanged. “We maintain our Buy call on Solarvest with an unchanged target price of RM3.51, based on a FY27 sum-of-parts valuation, as the stock’s current valuation appears increasingly attractive at a forward price-to-earnings ratio of 19 times, below its one-year average. “This is supported by firm earnings visibility from a healthy order book, growing recurring income from solar assets and continued expansion of its customer base through integrated energy solutions. Key risks include potential project delays, valuation pressures and weaker-than-expected order replenishment,“ Berjaya Research said.

Solarvest’s Q3 FY26 revenue rose 33.8% to RM181.2 million from RM135.4 million, underpinned by ongoing execution of CGPP projects and the rollout of LSS5 works, while Patami (profit after tax and minority interests) climbed 46.3% to RM21 million, supported by higher electricity sales and improved contributions from its investment holdings.

Berjaya Research said Solarvest’s nine-month FY26 results came in broadly in line with expectations, accounting for 53.9% of full-year revenue and 70.2% of Patami forecasts. The research firm said the recent

KUALA LUMPUR: Telekom Malaysia Bhd (TM) is eyeing a stronger foothold in mobile services through a three-year 5G wholesale arrangement with U Mobile, as part of the government’s dual-network strategy. TM Group CEO Amar Huzaimi Md Deris told reporters the partnership provides TM with options to see which network best fits its strategy moving forward. “Our mobile services remain a key pillar supporting TM’s unified convergent offerings,” he told reporters after presenting the group’s financial results yesterday. U Mobile, Malaysia’s newest 5G network provider, yesterday signed a three-year 5G wholesale contract with TM, following a structured evaluation process. The appointment underscores U Mobile’s strong technical capabilities, service expertise, and commitment to delivering high performance next-generation 5G infra structure solutions. It also reflects the successful rollout of its 5G network, which is on track to achieve 80% population coverage by the second half of 2026, with deployment currently progressing ahead of schedule. Under the agreement, U Mobile will deliver end-to-end 5G Multi Operator Core Network services, encompassing comprehensive provisioning, seamless system integration, activation, rigorous testing, and ongoing optimisation. This will enable TM to provide robust, scalable, and high-quality 5G connectivity to its customers. U Mobile CEO Wong Heang Tuck, in a statement, said the telco was selected after a structured evaluation process, and that the award is a testament to the strength of its next gen 5G network capabilities. “We are confident in our ability to deliver superior performance, reliability, robust security and enhanced customer experience to TM, supporting its ambitions to strengthen mobile competitiveness and advance its convergence strategy. “This award is more than a commercial milestone; it underscores the value of healthy infrastructure competition in driving inno vation and building a resilient, sustainable telecommunications ecosystem. “We are grateful to the government for appointing us as Malaysia’s newest 5G network provider and for the opportunity to realise the intent of a dual network landscape. “We look forward to working closely with TM to accelerate 5G adoption and create long term value for the industry and the nation,” Wong said. Amar Huzaimi said TM’s transition from the current Digital Nasional Bhd network to the new arrangement would be carried out over a few months and would be seamless for Berjaya Research Sdn Bhd said the impact is also potentially cushioned by the stronger ringgit, while the balance of its panel procurement is subject to pass-through provisions that allow future project pricing adjustments. Further, Solarvest is well positioned to ride near-term earnings growth from stronger contributions from large-scale solar (LSS) projects and the Corporate Green Power Programme (CGPP). Ű BY DEEPALAKSHMI MANICKAM sunbiz@thesundaily.com

On a quarter-on-quarter basis, Solarvest’s third-quarter FY26 revenue edged up 6.9% to RM181.2 million from RM169.5 million, lifted by contributions from utility-scale projects

weakness in its share price appears excessive, largely driven by market concerns over China’s move to scrap export VAT rebates on photovoltaic products and gradually reduce

TM in tie-up with U Mobile, eyes firmer mobile foothold o Telekom Malaysia signs three-year wholesale contract with country’s newest 5G network provider

billion previously, despite a challenging operating environment across the telecom munications sector. TM, in the filing, said continued momentum in data, connectivity and digital services supported overall performance and reflects the resilience of its diversified revenue base. Looking ahead, Amar Huzaimi said TM will continue to focus on disciplined execution of its strategic priorities. “We are investing across fibre broadband, cloud, data centres, digital services, AI and GPUs. These investments will support our journey towards becoming a digital powerhouse by 2030, while positioning Malaysia as the region’s digital hub.” On the business-to-consumer front, Amar Huzaimi highlighted that Unifi remains Malaysia’s convergent champion, driven by quad-play services spanning home, mobile, content, and lifetime solutions. “We have expanded Smart Home solutions and refreshed the Unifi TV experience to enhance engagement and stickiness.” For enterprise and government clients, TM One continues to advance digital solutions, including cloud, cybersecurity, smart services and AI-powered initiatives across smart urban, forestry and smart tourism. Amar Huzaimi said partnerships, such as the one with Serim Academy for cybersecurity training, will reinforce organisational alignment. TM Global, the carrier-to-carrier segment, is targeting growth in regional connectivity through submarine cables, open landing stations, and AI-ready data centres offering GPU-as-a-Service. “These initiatives strengthen Malaysia’s position as a regional digital hub and support rising demand from hyperscalers and carriers,” he said. On efficiency and technology adoption, Amar Huzaimi noted, “We are adopting AI aggressively to improve efficiency and develop new products and services, but not to replace our workforce.” He also reiterated TM’s commitment to sustainability and governance, citing improvements in global ESG benchmarks, FTSE For Good ratings, and the National Corporate Governance and Sustainability Awards.

Amar Huzaimi (left) and group chief financial officer Ahmad Fairus Rahim at TM’s FY25 results briefing in Kuala Lumpur yesterday. – BERNAMAPIC

Amar Huzaimi noted that the move is strategic rather than speculative, aiming to strengthen TM’s position in Malaysia’s evolving mobile landscape. In a Bursa Malaysia filing, TM reported a net profit of RM1.71 billion for the financial year ended Dec 31, 2025 (FY25), down 15.1% from RM2.02 billion last year. The lower net profit reflects the absence of a material one-off tax credit recognised last year, as well as the lower earnings before interest and taxes (Ebit), but this was partially supported by gains from the group’s investment in a technology fund. Revenue for FY25 rose by 1.4% or RM159.6 million to RM11.87 billion from RM11.71

end users. “We have come up with a plan of migration as required by law. When we issue the notice of termination, we want it to be with no interruption to the end user,” he said, emphasising that service continuity remains a top priority. On the rationale for choosing U Mobile, he said the decision followed a structured evaluation aligned with TM’s long-term competitive and value objectives. The tie-up will allow TM to deliver scalable 5G connectivity while advancing its con vergence strategy, particularly in integrating mobile with existing fixed broadband, content, and digital services.