PETALING JAYA: Samaiden Group Bhd
will likely sustain strong earnings momentum over the next few years, supported by a sizeable project pipeline and growing recurring income from its renewable assets.
Its prospects are also set to benefit from rising opportunities in corporate renewable energy supply and the next round of large-scale solar projects.
Apex Securities Research said it came away from a meeting with Samaiden’s management “feeling optimistic over its future prospects”, citing resilient margins, a strong tender pipeline and the group’s plans to expand its renewable asset portfolio.
“Management indicated that elevated margins may hold through the coming two to three quarters on the back of procured solar modules at pre-rebate-removal prices, as the group stockpiled panels for projects already in execution for two to three quarters in total before compressing,” the research house said.
It added that margins were “expected to normalise as panel prices are expected to be 5% to 10% higher on silica and raw material costs”.
Following the meeting, Apex Research raised its 2027 and 2028 core net profit forecasts by 69% and 66% to RM55mil and RM54.7mil, respectively, while introducing a 2029 core net profit of RM58.7mil.
It maintained its “buy” rating on Samaiden while raising its target price to RM2.41 from RM1.74, based on a sum-of-parts valuation.
Samaiden’s outstanding unbilled order book stood at RM435.8mil as at June 30, 2026, with progressive recognition expected across 2027 and 2028.
Moreover, this puts Samaiden on track to reach its RM1bil order book target for 2027.
Meanwhile, its RM3.5bil tender book is heavily weighted towards utility-scale projects, which account for 80%.
Corporate Renewable Energy Supply Scheme (Cress) opportunities make up about 70% of the utility-scale pipeline, while large scale solar 5+ engineering, procurement, construction and commissioning accounts for another 10%.
Apex Research estimates Cress opportunities at around RM2bil, or 56% of the total tender book.
