KUALA LUMPUR (Sept 3): Amcorp Properties Bhd (AmProp), the property arm of Amcorp Group Bhd, is looking to expand its renewable energy (RE) business into Indonesia.

Group managing director Ben Lee said AmProp is in talks with several parties in Indonesia, although they are still in preliminary stage.

“We are looking at Indonesia. We hope to expand this (RE) business model into overseas markets,” he told reporters after the group's annual general meeting today.

On the local front, Lee said AmProp is still growing the business and intends to build more solar or hydro power plants here.

AmProp had in May signed a 21-year RE power purchase agreement (REPPA) with Tenaga Nasional Bhd (TNB) to build and operate two RE mini-hydro power plants at Sg Liang, Raub, Pahang, with a capacity of 10 megawatts (MW) each.

AmProp currently operates a 6MW mini-hydro power plant in Bentong, Pahang, and a 10.25MW solar power plant in Gemas, Negri Sembilan.

For the financial year ended March 31, 2015, mini-hydro and solar projects generated RM3.8 million in revenue, which translates into a 2.19% contribution to the group's full-year revenue of RM173.61 million.

As at 2.48pm, AmProp (fundamental: 2.1; valuation: 1.5) shares were traded down 0.63% at 79 sen, with 98,500 shares done. Its market capitalisation was RM464.32 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)