[%JxjY%] 
Research by RHB
Buy - TP RM1.33

"More Opportunities Ahead; Maintain BUY"

StillBUY,newMYR1.33SOPTP(fromMYR1.58),22%upside,c.1%FY25F (Jun) yield. Samaiden Group's FY24 earnings met expectations, supported by better margins despite lower revenue recognition. We stay positive on the group’s outlook, driven by opportunities in renewable energy (RE) initiatives. Our TP is lowered as we exclude biomass EPCC earnings (40% of orderbook) due to delays, as the project owners have not finalised financial terms.

Analysts:
Miza Izaimi
[%FTxf%]
Sean Lim, CFA 
[%TjEF%]

$KLSE-SAMAIDEN 
Research by RHB
Buy - TP RM1.33

"More Opportunities Ahead; Maintain BUY"

StillBUY,newMYR1.33SOPTP(fromMYR1.58),22%upside,c.1%FY25F (Jun) yield. Samaiden Group's FY24 earnings met expectations, supported by better margins despite lower revenue recognition. We stay positive on the group’s outlook, driven by opportunities in renewable energy (RE) initiatives. Our TP is lowered as we exclude biomass EPCC earnings (40% of orderbook) due to delays, as the project owners have not finalised financial terms.

Analysts:
Miza Izaimi
miza.izaimi@rhbgroup.com
Sean Lim, CFA 
sean.lim@rhbgroup.com