PETALING JAYA: Samaiden Group Bhd
is expected to see its next leg of order book replenishment come from the sixth large-scale solar programme (LSS6), which could involve RM13bil to RM15bil in project capital expenditure (capex), according to TA Research.
The research house said the 2.65-gigawatt (GW) solar capacity under LSS6 is higher than its initial assumption of 2GW, while the inclusion of battery energy storage systems (Bess) could lift total project capex to an estimated RM13bil to RM15bil.
Against this backdrop, TA Research raised its estimate for Samaiden’s LSS6-driven order book replenishment to RM1.5bil from RM1.3bil previously, implying a 10% to 12% market share.
“This remains within its historical 10% to 15% share of previous LSS tenders, although management is targeting a higher 15% to 20% share under LSS6,” it said.
With the LSS6 tender closing in October 2026, TA Research expects the earliest awards to be announced in the first half of 2027.
The research house said Samaiden’s outstanding order book stood at RM536.6mil as at end-March 2026, providing earnings visibility into the financial year ending June 30, 2027 (FY27).
TA Research also raised its earnings estimates for FY27 and FY28 by 5.4% and 5%, respectively, while keeping its FY26 earnings forecast unchanged following the higher LSS6 order book replenishment assumption.
The research house raised its sum-of-the-parts-based target price to RM2.11 from RM1.84 after rolling forward the valuation base year to 2027, while maintaining a “buy” call on the stock.
TA Research expects Samaiden’s fourth quarter ended June 30, 2026 (4Q26) core earnings to come in between RM8mil and RM9mil, representing year-on-year growth of approximately 12% to 24%.
Samaiden is scheduled to announce its 4Q26 results on Aug 26, with the research house forecasting full-year core profit after tax and minority interests of about RM33mil.
“This earnings trajectory is underpinned by the commencement and progressive construction of utility-scale solar projects and a stronger net margin of approximately 9% in the first nine months of FY26 (9M26) versus about 6% in 9M25,” it said.
