Latest news with #Samaiden
The Star
11 hours ago
- Business
- The Star
Samaiden gets profit enhancement via new RE jobs
TA Research estimated a gross aggregate capital expenditure of RM171mil for the upcoming FiT assets. PETALING JAYA: Samaiden Group Bhd 's recent contract wins in the renewable energy (RE) sector indicate a potential 20% enhancement to its annual earnings and a 10% valuation enhancement once all three projects come online. In a report, TA Research said under the latest Feed in Tariff (FiT) 2.0 bidding cycle, Samaiden secured contracts to develop three new bioenergy power generation plants with aggregate gross capacity of 18MW. The three contracts that were won separately include a 1.5 megawatt (MW) biogas plant in Bachok, Kelantan, a 5.5MW biomass plant in Tangkak, Johor and a 11MW biomass plant in Kemaman, Terengganu. TA Research said the positive trajectory for Samaiden's earnings and valuation is based on a high single-digit pooled internal rate of return and a capital expenditure (capex) of circa RM10mil per MW. All three assets are expected to be commissioned by July 25, 2028 and will operate under the 21-year RE power purchase agreement. The research house estimated a gross aggregate capital expenditure of RM171mil for the upcoming FiT assets. 'The gross equity portion of the capital expenditure capex, estimated at RM34mil, should be manageable considering the group's financial year 2027 (FY27) gross cash of RM120mil,' TA Research pointed out. The research house added it would make no changes to earnings projections as the assets are only expected to come onstream in FY29. It said it maintained a 'buy' call with an unchanged target price of RM1.38 'We continue to like Samaiden as one of the key beneficiaries of an upcycle in RE plant-up, underpinned by a solid order book, strong net cash position and secured pipeline of RE assets to boost recurring income,' it said. TA Research said some of the catalysts include Samaiden's Large Scale Solar 5 (LSS5) and LSS5+ engineering, procurement, construction and commissioning contract awards as well as its Corporate Renewable Energy Supply Scheme. The research house noted the generation asset wins under LSS5+ and CRESS are also catalysts. Meanwhile, TA Research said risks include a sharp rise in raw material costs such as solar modules and delays in project implementation.
New Straits Times
2 days ago
- Business
- New Straits Times
Samaiden bags three bioenergy projects via Seda 2025 e-bidding
KUALA LUMPUR: Samaiden Group Bhd has secured three bioenergy project awards under the Sustainable Energy Development Authority (Seda) Malaysia's 2025 e-bidding mechanism. These projects, located in Johor, Terengganu, and Kelantan, will add over 18 megawatts of biomass and biogas capacity to Samaiden's portfolio, further strengthening its position in Malaysia's renewable energy (RE) sector. The approved projects include two biomass power plants located in Tangkak, Johor and Kemaman, Terengganu respectively, and a biogas power plant in Bachok, Kelantan. Each project was awarded a 21-year Feed-in Tariff (FiT) approval and are expected to begin commissioning from second half of 2028. Samaiden group managing director Datuk Ir Chow Pui Hee said these awards mark a significant step forward in expanding the group's RE portfolio beyond solar into biomass and biogas. "The diversification strengthens our long-term earnings visibility, supports Malaysia's decarbonisation agenda, and positions Samaiden as a comprehensive clean energy solutions provider," she said in a statement today. Chow said the group is proud that its bids were successful in three different states, showcasing the depth of our technical capabilities and execution track record." The biomass and biogas projects will expand Samaiden's involvement in Malaysia's RE sector, supporting the government's target of 70 per cent RE generation capacity by 2050.
The Star
21-07-2025
- Business
- The Star
Govt policy boosts Samaiden's transition to RE asset owner
PETALING JAYA: Samaiden Group Bhd 's renewable-energy (RE) ambitions have received a timely boost following its latest success under Malaysia's Feed-in Tariff (FiT) 2.0 programme, with RHB Research reiterating its 'buy' call on the stock, keeping to a target price of RM1.44. The award of three new bioenergy assets – two biomass and one biogas plants – signals continued momentum in Samaiden's transition from an engineering, procurement, construction and commissioning (EPCC) contractor to an RE asset owner. 'We reiterate our positive stance on Samaiden's outlook following its latest win, which reinforces the group's strong position in the RE space,' said the research house. The new plants, awarded to Samaiden's subsidiaries Legasi Green Resources Sdn Bhd (88%-owned), Sumas Energy Sdn Bhd (51%) and SC Green Solutions Sdn Bhd (100%), collectively adds 18MW of installed capacity to the group's portfolio. They will be developed under a 21-year power purchase agreement (PPA), with the FiT 2.0 scheme offering a fixed tariff for the first 10 years, and a bidding-based mechanism thereafter. 'These assets further strengthen Samaiden's diversified RE portfolio – spanning solar, biogas, and biomass – and underscore its growing role in driving Malaysia's clean-energy transition,' said RHB Research in a note to clients yesterday. While earnings estimates remain unchanged for now, back-of-envelope calculations by RHB Research suggest the trio of plants could add around RM11mil to annual earnings, based on effective equity stakes. 'Management is guiding for a high single-digit to low double-digit internal rate of return (IRR),' said the research house, adding that capital expenditure for the plants is generally estimated at RM10mil to RM12mil per megawatt. The facilities are expected to be running by 2028. In addition to its asset-building plans, Samaiden also stands to benefit from EPCC contracts related to other shortlisted FiT 2.0 projects, with RHB Research noting potential upside to its valuation as contributions from these new bioenergy projects and Samaiden's large scale solar 5 (LSS5) asset are not yet included in the research house's base case. Seeing potential upside to its valuation of the stock, which had risen 24.8% in the last month, RHB Research is forecasting recurring net profit for Samaiden to rise 24.2% for its financial year ended June 2025 (FY25) and 41.6% in FY26.
The Star
09-06-2025
- 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
28-05-2025
- Business
- The Star
Samaiden signs long-term lease for Kelantan solar project
From left: PKINK group chief executive officer Datuk Sr. Zamri Ismail, PKINK deputy group CEO - corporate affairs Ahmad Nazri Ismail, Kelantan Exco careers, infrastructure, water and rural development Datuk Dr Izani Husin, Samaiden group managing director Datuk Ir Chow Pui Hee and Samaiden Sdn Bhd project development director Ts. Makhzumi Ghazali. KUALA LUMPUR: Samaiden Group Bhd's (Samaiden) wholly-owned unit, Samaiden Legasi Timur Sdn Bhd, has signed a long-term lease agreement with Perbadanan Kemajuan Iktisad Negeri Kelantan for the development of a large-scale solar photovoltaic (LSS) power plant under Malaysia's LSS5 programme. The renewable energy company said the lease agreement covers approximately 400 acres of land in Pasir Mas, Kelantan, marking a major milestone for Samaiden. 'The land will be utilised to construct and operate a solar energy facility with a maximum export capacity of 99.99 megawatts of alternating current, to supply clean electricity to Tenaga Nasional Bhd under a Power Purchase Agreement. 'The lease is for 23 years, inclusive of a two-year construction period, and will commence upon fulfilment of several conditions precedent, including the successful award of the LSS5 project by the Energy Commission,' it said in a statement.
