Latest news with #RM650mil
The Star
5 days ago
- Business
- The Star
Samaiden eyes bigger share of solar projects
PETALING JAYA: Samaiden Group Bhd is targeting an ambitious RM1bil order book within the next six to 18 months, analysts say. In a post-results briefing last week, the group's management told analysts it was actively bidding for jobs to bring its a tender book to RM1.8bil. MIDF Research said the group's order book stood at RM441.8m as of March 2024, 53% of which was for utility-scale solar projects. 'Including the three recent engineering, procurement, construction, and commissioning (EPCC) contracts for large solar projects that it secured recently and a two-month order book burn, we estimate that the current outstanding amount should be about RM650mil,' MIDF Research said.. Samaiden was recently awarded two EPCC contracts under the fifth phase of the government's Large Scale Solar (LSS5) initiative – a RM100.7mil contract for a 27.60MW solar farm in Pasir Mas, Kelantan, and a RM45mil contract for a 9.99MW solar farm in Kulim, Kedah. It also won a RM108.6mil contract for a 29.99MW solar farm in Bestari Jaya, Selangor, which was the final LSS4 project It is currently bidding for projects under the upcoming LSS5+ and LSS6 rounds, with the LSS5+ results expected by the end of this month. According to the research house, Samaiden is exploring growth through rooftop solar installations, especially under the recently introduced Community Renewable Energy Aggregation Mechanism or CREAM. The initiative allows residential rooftops to be leased for solar generation. With a potential electricity tariff hike in July, Samaiden anticipates increased demand from commercial and industrial customers for rooftop solutions. MIDF Research said Samaiden is on strong footing. 'Samaiden has a net cash position at RM104.8mil, which provides a strong runway for the group to participate in potential solar photovoltaic investments with favourable recurring income' it added. While EPCC still dominates its revenue, Samaiden aims to grow recurring income via power-generation assets, which command higher margins. 'Samaiden sees prospects of margin improvement going forward as the group's power-generation assets, which entail much higher margins than its typical EPCC business, kick in within the next few years,' TA Research said. TA Research maintained a 'buy' call with a target price of RM1.38 on Samaiden, highlighting its strong order book, net cash status, and project pipeline. MIDF Research also reiterated a 'buy' rating with a higher target price of RM1.59, reflecting optimism in the group's long-term growth driven by LSS and CGPP developments. Samaiden stands out as a prime beneficiary of Malaysia's energy transition. With strong order flows, earnings visibility, and growing recurring income from its renewable energy assets, the group is well-positioned to deliver value in the coming years.
The Star
23-04-2025
- Business
- The Star
Johor's main source of FDI are from Singapore, China, Japan, says state govt rep
Johor Mentri Besar Datuk Onn Hafiz (second from right) and state investment, trade, consumer affairs and human resources committee chairman Lee Ting Han (second from left) viewing semiconductor products during the opening ceremony of the Japanese manufacturing plant in Pasir Gudang, Johor Baru on April 23, 2025. JOHOR BARU: The main sources of foreign direct investments coming into Johor are from Singapore, China and Japan, says state executive councillor Lee Ting Han. The Johor investment, trade, consumer affairs and human resources committee chairman said the investors also made up a good part of the figures recorded in the first quarter of the year. 'Johor currently has an investment value of RM23bil in the pipeline in April, as announced by Mentri Besar Datuk Onn Hafiz Ghazi two days ago. 'Almost all the investments are located within the Johor-Singapore Special Economic Zone (JS-SEZ), focusing on industries such as petrochemical, specialty chemicals and data centre,' he said after attending the opening ceremony of a semiconductor manufacturing plant in Pasir Gudang here on Wednesday (April 23). Touching on the event, Lee said the Johor government's business-friendly approach in fast-tracking priority investments has helped the Japanese manufacturer complete its RM650mil facility in 12 months. He added that the firm started investing in Johor in 2023 and started construction of the plant in November that year. 'The company's products are part of the semiconductor supply chain and we welcome their presence in Johor. 'The state government, through federal and state agencies, had helped to fast-track the processes including the issuance of the certificate of completion and compliance. 'We hope this will be able to attract more high-value projects into Johor and create more job opportunities for the locals,' he said. He noted that the firm in Pasir Gudang has about 120 local employees at present and has committed to hiring up to 400 local staff in phases. Earlier when launching the project, Onn Hafiz, reiterated that the state government is ready to collaborate with investors to make JS-SEZ a reality and make Johor a developed state by 2030.
