English

  • Sector Outlook: Hong Leong Investment Bank (HLIB) expects Malaysia renewable energy sector to regain momentum in H2 2026, supported by a stronger project pipeline, rising data centre demand and growing BESS adoption
  • LSS6 and CRESS: Major RE programmes including Large-Scale Solar 6 (LSS6) and Corporate Renewable Energy Supply Scheme (CRESS) are expected to require storage capabilities, prompting developers to bring forward battery procurement plans in H2 2026
  • China VAT Impact: Battery procurement is being accelerated ahead of China planned removal of export VAT rebates on battery products from January 1, 2027, which HLIB expects to create a billion-ringgit opportunity for domestic players
  • Stock Picks: HLIB maintained Overweight rating on the sector with Buy calls on Solarvest Holdings (target price RM3.59) and Samaiden Group (target price RM1.78), expecting both to benefit from extended order book upcycle
  • Capacity Target: Malaysia remains on track to achieve 32% installed electricity generation capacity from renewable sources in 2026, towards NETR targets of 35% by 2030 and 70% by 2050
  • CRESS Challenges: Slower-than-expected CRESS take-up due to elevated and uncertain System Access Charges (SAC) continues to affect commercial attractiveness; regulators expected to refine the mechanism in H2
  • Rooftop Solar: Adoption expected to strengthen with SuRIA Home rebate programme and higher automatic fuel adjustment surcharges; Solar Access to the Grid Programme applications exceeded 10,000 as of May 2026
  • BESS Growth: HLIB identified BESS as the next major growth engine, citing the Energy Commission 400MW/1,600MWh MyBeST programme award and Sabah Electricity 100MW/400MWh project in Lahad Datu. PV module prices expected to stay at US$0.11-0.12/W despite China VAT rebate removal

中文

  • 行业展望：丰隆投资银行（HLIB）预计马来西亚可再生能源行业将在2026年下半年重获增长势头，受更强的项目管线、不断增长的数据中心需求和日益普及的电池储能系统推动
  • LSS6与CRESS：大型太阳能6期（LSS6）和企业可再生能源供应计划（CRESS）等主要可再生能源项目预计将要求配备储能能力，促使开发商在2026年下半年提前进行电池采购
  • 中国增值税影响：电池采购正在加速，以应对中国计划于2027年1月1日起取消电池产品出口增值税退税的政策变化，HLIB预计这将为国内企业创造数十亿令吉的市场机会
  • 股票推荐：HLIB维持行业增持评级，对Solarvest Holdings（目标价RM3.59）和Samaiden Group（目标价RM1.78）给予买入评级，预计两家公司将受益于订单簿上行周期
  • 容量目标：马来西亚有望在2026年实现可再生能源占已安装发电容量32%的目标，朝着国家能源转型路线图（NETR）2030年35%和2050年70%的目标迈进
  • CRESS挑战：由于系统接入费（SAC）偏高且不确定，CRESS吸收速度低于预期，影响商业吸引力；监管机构预计将在下半年完善该机制
  • 屋顶太阳能：在SuRIA Home退税计划和更高的自动燃油调整附加费推动下，采用率有望增强；截至2026年5月，太阳能接入电网计划申请已超过10,000份
  • BESS增长：HLIB将电池储能系统确定为下一个主要增长引擎，引用能源委员会400MW/1,600MWh MyBeST计划和沙巴电力100MW/400MWh拉哈达都项目。光伏组件价格预计维持在每瓦0.11-0.12美元