PETALING JAYA: 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.
It is approaching a strong order book replenishment cycle, underpinned by an engineering, procurement, construction and commissioning award for the Corporate Green Power Programme and upcoming fifth large-scale solar project.
Some 30MW of new renewable energy assets in the pipeline (net of Samaiden’s stake in the respective assets) is set to boost recurring income over the next three years, according to TA Research.
“The RM405mil represents 1.8 times the group’s record high FY24 revenue.”
Its recent joint venture with Japan’s Chudenko Corp unit to undertake joint investments in solar photovoltaic (PV) facilities and related services will allow it to offer solar PV solutions for Japanese multinational corporations and companies operating in Malaysia.
TA Research estimates that a five MW rooftop solar PV project could involve capital expenditure of about RM18mil to RM19mil (RM9mil to RM10mil based on Samaiden’s 51% share).
The research house has a “buy’’ call on the stock with a target price of RM1.30 a share. It did not make changes to its earnings forecast, pending more details on the joint venture.
