$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by MIDF
BUY – TP RM RM1.57

" Tapping the Bright Spots in Indonesia”

• Enters JV with PT MCS Bina Energi to tap on Indonesia’s RE market
• Samaiden to hold 70% stake in JV; to provide RE technical knowledge and advisory
• Some projects have been identified in Indonesia; some already in discussion stage
• Maintain BUY with an unchanged TP of RM1.57

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my