[%nmWy%]
Research by HLIB
Buy - TP RM1.44

"Narrow miss"

Samaiden reported FY24 earnings of RM14.4m, missing expectations marginally. Our earnings growth forecast into FY25 is predicated on the kick-off of its biomass EPCC contract. Orderbook of RM313m is decent. CGPP & LSS5 are positive catalysts while rollout of non-solar RE quotas will benefit the company given its all rounded RE exposure. Growing DC demand for RE reaffirms its prospects. Forecast unchanged. Maintain BUY with unchanged TP of RM1.44.

Analyst:
Edwin Woo, CFA
[%uwzf%]

$KLSE-SAMAIDEN
Research by HLIB
Buy - TP RM1.44

"Narrow miss"

Samaiden reported FY24 earnings of RM14.4m, missing expectations marginally. Our earnings growth forecast into FY25 is predicated on the kick-off of its biomass EPCC contract. Orderbook of RM313m is decent. CGPP & LSS5 are positive catalysts while rollout of non-solar RE quotas will benefit the company given its all rounded RE exposure. Growing DC demand for RE reaffirms its prospects. Forecast unchanged. Maintain BUY with unchanged TP of RM1.44.

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my