Samaiden Group Bhd could register stronger performance in the upcoming quarters driven by the commencement of large-scale solar and biomass projects, according to Apex Securities, which have maintained the BUY recommendation for Samaiden and has kept the target price unchanged at RM1.66, rewarding a premium of 51 sen over market valuation.

As at 3:28pm Dec 2, the stock of Samaiden traded at RM1.15, down four sen from its previous closing of RM 1.19. (Stock updates from Bursa Malaysia)

Analysts have also kept the full-year earnings forecast unchanged for both FY2024/251 and FY2025/262, at RM330.4 million and RM469.5 million, respectively.

Samaiden is a renewable energy specialist principally involved in developing and engineering, procurement, construction, and commissioning (EPCC) of clean energy especially solar photovoltaic (PV) systems and power plants.

In a Bursa filing date Nov 29, Samaiden disclosed that profit after tax for the first quarter of FY2024/25 expanded 12.4% to RM3.3 million while quarterly revenue surged 7.0% to nearly RM50 million attributable to accelerated work progress of ongoing projects in the quarter under review. (FY2024/25: Financial year ending 30 June 2025)

The profit after tax during the quarter ended 30 September 2024 amounted to more than RM3.3 million3 which reflected a growth of 12.4% year-on-year (YoY) from nearly RM3.0 million4. The quarterly revenue grew 7.0% YoY to nearly RM49.4 million5, from RM46.2 million6 reported in the previous financial year.

During the quarter under review, Samaiden also declared its first interim dividend of 1.5 sen/share for the financial year ending 30 June 2025.

1. FY2024/25 or simply FY2025 ︎
2. FY2025/26 or simply FY2026: Financial year ending 30 June 2026 ︎
3. RM3,329,000 ︎
4. RM2,962,000 ︎
5. RM49,387,000 ︎
6. RM46,155,000 ︎