PETALING JAYA: Samaiden Group Bhd
is benefiting from stronger execution of large‑scale solar (LSS) projects, while the forthcoming LSS6 programme provides the clean‑energy specialist with a fresh pathway to replenish its order book.
According to TA Research, Samaiden wants to capture up to 15% to 20% of Malaysia’s LSS6 rollout, equivalent between 400 megawatt alternating current (MWac) to 530MWac across projects where it either owns the asset or provides engineering, procurement, construction and commissioning (EPCC) services.
“Given that most of the LSS6 packages on offer involve compulsory battery energy storage system installation, we believe the target will translate into meaningfully larger EPCC contract values,” TA Research said.
Previously, the group’s combined EPCC and asset share ranged from 8% to 17% LSS cycles, it highlighted.
The research house noted the group expects bidding results to finalise around the first quarter of financial year 2027 (1Q27), and for EPCC tenders to be called from 2Q27.
Subsequently, Samaiden is working with partners to finalise land plots in southern Peninsular Malaysia for its LSS6 bids, while evaluating their development potential.
The research house said lower solar irradiation, higher land costs and elevated solar module prices in the southern region could result in higher LSS6 tariff bids than in the previous LSS5 and LSS5+ cycles.
Meanwhile, TA Research said the group possessed a solid backlog of potential projects that could significantly replenish and expand its order book.
“Samaiden already has RM536.6mil in secured projects and is bidding for another RM3bil worth of opportunities.
“So if it wins some of the LSS5+ tenders and a potential RM400 to RM500mil corporate renewable energy supply scheme (Cress) project linked to a data centre, its order book could grow to around RM1bil,” the research house noted.
TA Research pointed out that Samaiden’s overall latest tenderbook stands at RM3bil.
It said of this, 85% consisted of utility scale solar tenders (including LSS5+, LSS Sabah, LSS Sarawak and Cress projects), and another 15% consisting of rooftop solar, bioenergy and operation and maintenance tenders.
“The clean energy specialist is also participating in more than 100MW of LSS5+ opportunities with around 30% of LSS5+ projects having yet to be awarded to EPCC contractors, based on the group’s estimates,” TA Research noted.
“Given stable solar panel prices, the group believes decisions on these tenders could be made by the project developers within the next few months,” it said.
The research house maintained its “buy” call on the stock and its target price to RM2.30 from RM1.96, following upward earnings revisions, citing its strong order book, net cash position and pipeline of renewable energy assets as key growth drivers.
