Thursday 28 Mar 2024
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KUALA LUMPUR (Feb 20): Sunview Group Bhd shares rose 4.79% in active trade on Monday (Feb 20) following its deal with Huawei Technologies (Malaysia) Sdn Bhd (Huawei Malaysia) to collaborate in the renewable energy segment.

About 12 million shares exchanged hands in the morning trade, pushing its share price to 88 sen from its previous close of 84 sen last Friday (Feb 17), giving the company a market capitalisation of RM407.06 million.

Sunview’s share price has risen 201.72% since the company debuted on the ACE Market on Oct 21. Its highest share price was on Feb 10 at 90 sen.

Its trading volume was 25% above the 20-day average, while shares were up 3.6% in the last five days and rose 31% in the past 30 days.

Last Friday, the clean energy service provider’s wholly owned subsidiary Fabulous Sunview Sdn Bhd signed a memorandum of understanding with Huawei Malaysia to collaborate in the field of renewable energy, including electric vehicle charging, micro grids, telecommunications site modernisation and energy storage solutions, on a non-exclusive basis for a 12-month period.

According to Sunview’s filing with Bursa Malaysia, Huawei Malaysia would act as a technology provider, while Sunview would be a strategic fulfilment partner, subject to the finer terms and conditions between the two parties.

Based on Public Investment Bank Bhd’s initial public offering (IPO) analyst report on Sept 30, 2022, Sunview's forward price-earnings (P/E) ratio based on FY2024 earnings forecast is 16 times.

At its IPO price of 29 sen, the counter was valued at 15.27 times P/E ratio.

The group is expected to announce its earnings results on Feb 24.

Other companies that debuted on the ACE Market around the same period as Sunview are Betamek Bhd, which was listed on Oct 26; ECA Integrated Solution Bhd, which debuted on Nov 23; Infomina Bhd, which was listed on Nov 25; and Leform Bhd, which debuted on Nov 30.

Betamek rose 5.69% or 3.5 sen to 65 sen, ECA Integrated increased 1.53% to RM1, Infomina fell 0.73% to RM1.36, while Leform fell 2.17% to 23 sen.

Edited BySurin Murugiah
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