Samaiden Group Berhad

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research Report by TA

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research Report by APEX

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by TA

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by APEX

Samaiden Group Bhd is on track to double its revenue by financial year 2026 (FY26), backed by its strong order book of RM405mil and the possibility of winning new contracts.

PETALING JAYA: Samaiden Group Bhd’s wholly-owned subsidiary Samaiden Capital Management Sdn Bhd and Chudenko (M) Sdn Bhd have entered into a shareholders agreement with their joint venture company, Samaiden Chudenko Renewables Sdn Bhd, to undertake a joint investment in solar photovoltaic or PV facilities and related services.

KUALA LUMPUR: Samaiden Group Bhd's wholly-owned subsidiary Samaiden Capital Management Sdn Bhd and Chudenko (Malaysia) Sdn Bhd have entered into a shareholders agreement with their joint venture company, Samaiden Chudenko Renewables Sdn Bhd, to undertake a joint investment in solar photovoltaic (PV) facilities and related services.

KUALA LUMPUR: Samaiden Group Bhd's wholly-owned subsidiary Samaiden Capital Management Sdn Bhd and Chudenko (Malaysia) Sdn Bhd have entered into a shareholders agreement with their joint venture company, Samaiden Chudenko Renewables Sdn Bhd, to undertake a joint investment in solar photovoltaic (PV) facilities and related services.

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by TA Securities

Samaiden Group Bhd’s main contract win for the development of a 10 megawatt (MW) large-scale solar photovoltaic (PV) power plant in Bahau, Negri Sembilan, is projected to yield a gross profit margin of 15% to 16%, says Kenanga Research.

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by Kenanga

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by RHB

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by APEX Securities

KUALA LUMPUR: Samaiden Group Bhd’s wholly owned subsidiary, Samaiden Sdn Bhd, has secured a RM39.17 million main contract from Bahau Power Sdn Bhd to develop a 10-megawatt (MWac) large-scale solar photovoltaic power plant in Bahau, Negeri Sembilan.

© New Straits Times Press (M) Bhd

Samaiden Group Bhd’s maiden contract to build a large-scale solar photovoltaic (LSSPV) power plant in Sungai Petani, Kedah, is a shot in the arm for the group as it will not only boost its order book, but spur its earnings in the near term.

KUALA LUMPUR: RHB Investment Bank Bhd (RHB Research) reiterates its positive stance on Samaiden Group Bhd's outlook, after it secured its first contract under the Corporate Green Power Programme (CGPP), reflecting its position in the solar space.

© New Straits Times Press (M) Bhd

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by RHB

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by APEX Securities

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD) CORP PRESENTATION 2024...

PETALING JAYA: Samaiden Group Bhd has accepted a letter of award from Legasi Green Power Sdn Bhd to undertake, amongst others, the main contract works in relation to the development of a 14MW alternating current large scale solar photovoltaic power plant in Sungai Petani, Kedah, worth RM52mil.

KUALA LUMPUR: Samaiden Group Bhd’s wholly-owned subsidiary, Samaiden Sdn Bhd, has secured a RM52 million main contract from Legasi Green Power Sdn Bhd to develop a 14 megawatt (MWac) large-scale solar photovoltaic (LSSPV) power plant in Sungai Petani, Kedah.

© New Straits Times Press (M) Bhd

PETALING JAYA: Samaiden Group Bhd has accepted a letter of award from Legasi Green Power Sdn Bhd to undertake, amongst others, the main contract works in relation to the development of a 14 megawatt alternating current large scale solar photovoltaic power plant in Sungai Petani, Kedah, worth RM52mil.

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)

$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

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by APEX
BUY – TP RM 1.66

" Post-results briefing takeaways”

• We came away feeling reassured over current operations and future prospects in the post-results briefing yesterday with Samaiden aiming to secure at least 10% of EPCC jobs and 100MW in asset ownership from LSS5.
• Future prospects remain bright, driven by strong order book expansion from CGPP, LSS5, CRESS and NEM programmes.
• We maintain our BUY recommendation with an unchanged target price of RM1.66, based on a SOP valuation.

Analyst:
Tan Sue Wen
suewen.tan@apexsecurities.com.my

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
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

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by Kenanga
Outperform - TP RM1.51

"The Sun Never Sets"

SAMAIDEN’s FY24 results came in within expectations driven by higher work progress in solar EPCC jobs with low solar panel prices. We are positive on the recent unveiling of RE programmes (i.e. CGPP, LSS5 and CRESS) as it continues to provide sustainable job flows to EPCC players amidst stiff competition. We maintain our forecast and TP of RM1.51 with OUTPERFORM call.

Analyst:
Nigel Ng
nigel@kenanga.com.my

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
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

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by MIDF
Buy - TP RM1.57

"Bright FY24 Finish from Stronger Margins"

• FY24 core earnings grew +52%, exceeding our forecast by 12.7%
• Outstanding order book of RM313.5m
• Strong orderbook expansion prospects driven by CGPP, LSS5 and NEM programs
• Maintain BUY with an unchanged TP of RM1.57

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

$SAMAIDEN / 0223 (SAMAIDEN GROUP BERHAD)
Research by Apex
Buy - TP RM1.66

"Earnings growth prospects intact"

• Samaiden’s 4QFY24 core net profit rose +12.7% qoq and +55.3% yoy to RM4.6m, bringing FY24 core net profit to RM15.3m, which exceeds our expectations at 110.9% and the consensus expectation at 104.6%.
• The Group currently holds an order book of RM313.5m, with anticipated growth from upcoming CGPP, LSS5, NEM, and CRESS programmes.
• We maintain our earnings forecast for both FY25F and FY26F and reaffirm our BUY recommendation, with unchanged target price of RM1.66 based on a SOP valuation.

Analyst:
Tan Sue Wen
suewen.tan@apexsecurities.com.my