Samaiden: Maintain BUY as Strong Order Book Supports FY26 Growth Outlook

MBSB Research reiterated its BUY call on Samaiden Group Berhad with a revised sum-of-the-parts target price of RM1.70 after rolling forward its valuation year. Analysts expect FY26 to deliver stronger performance supported by a solid RM617.5 million order book and sustained demand for solar EPCC projects. Samaiden remains a key beneficiary of LSS5, LSS5+, the upcoming LSS6 cycle, and broader renewable-energy expansion under the National Energy Transition Roadmap.

Samaiden

The group was shortlisted in December 2024 to develop a 99.99MW solar plant in Pasir Mas under LSS5 and secured a 21-year PPA with Tenaga Nasional in March 2025.

For 1QFY26, core net profit rose 13.3% year-on-year to RM5.1 million, supported by utility-scale EPCC progress. Revenue surged 78.4% year-on-year but declined quarter-on-quarter due to near-completed projects and losses from certain subsidiaries.

Samaiden is targeting a RM1 billion order book by FY26 while actively bidding for additional EPCC, BESS and rooftop solar projects.

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