Samaiden's Outlook Will Be Even Brighter, Maintain Buy
Samaiden's Outlook Will Be Even Brighter, Maintain Buy
The company's outstanding order book, valued at RM313.5 million as of June 2024, is expected to sustain activity over the next three years. Prospects for order replenishment are promising, with upcoming EPCC tenders for the Corporate Green Power Programme (CGPP) and the 2GW LSS5, alongside additional quotas under the Net Energy Metering (NEM) programme. The group is also exploring new opportunities through a collaboration with Gruppe Lightning Solution Sdn Bhd to enhance its solar street lighting and renewable energy services in Southeast Asia.Samaiden Group Berhad (Samaiden) has posted a robust performance for FY24, driven by improved margins and significant growth in core earnings. The company has maintained its target price (TP) at RM1.57 and continues to hold a BUY recommendation.
Samaiden集團（Samaiden）在FY24取得了強勁的業績，得益於改善的利潤率和核心盈利的顯著增長。該公司將目標價（TP）維持在RM1.57，並繼續持有買入建議。
All analysts have reiterated a positive outlook on Samaiden. A BUY recommendation is maintained with a TP of RM1.33 to RM1.57, reflecting potential returns of 22.3% to 44.0%. This confidence is based on Samaiden's strong performance in renewable energy initiatives and its ability to leverage new government programmes and schemes.
所有分析師都重申對Samaiden持樂觀態度。維持買入建議，目標價爲RM1.33至RM1.57，反映了22.3%到44.0%的潛在回報。這種信心是基於Samaiden在可再生能源倡議方面的強勁表現，以及利用新的政府計劃和方案的能力。
Samaiden's net profit for FY24 surged by 52% year-on-year, reaching RM16.0 million, which was 12.7% above forecasts and 4.4% ahead of consensus estimates. The strong earnings growth was attributed to large-scale solar projects and high-margin commercial and industrial (C&I) jobs. Despite a 23.7% sequential decline in revenue to RM57.2 million due to the nearing completion of several Large-Scale Solar 4 (LSS4) projects, profit after tax (PAT) increased by 41.4% quarter-on-quarter, driven by favourable margins on ongoing projects.
Samaiden在FY24的淨利潤同比大漲52%，達到了RM1600萬，超出預測的12.7%，超出共識估計的4.4%。強勁的盈利增長歸因於大規模太陽能項目和高利潤的商業和工業（C&I）工程。儘管營業收入由於幾個大型太陽能4（LSS4）項目接近完工而環比下降23.7% 至RM5720萬，但稅後利潤（PAT）環比增長41.4%，受益於正在進行的項目的有利利潤。
The company's outstanding order book, valued at RM313.5 million as of June 2024, is expected to sustain activity over the next three years. Prospects for order replenishment are promising, with upcoming EPCC tenders for the Corporate Green Power Programme (CGPP) and the 2GW LSS5, alongside additional quotas under the Net Energy Metering (NEM) programme. The group is also exploring new opportunities through a collaboration with Gruppe Lightning Solution Sdn Bhd to enhance its solar street lighting and renewable energy services in Southeast Asia.
截至2024年6月，該公司的訂單冊價值爲RM31350萬，預計將在未來三年內維持活動水平。訂單補充的前景看好，隨着企業綠色能源計劃（CGPP）和2GW LSS5的即將推出的EPCC招標，以及淨能源計量（NEM）計劃下的額外配額。該集團還通過與Gruppe Lightning Solution私人有限公司的合作，探索通過增強在東南亞地區的太陽能路燈和可再生能源服務的新機會。
Despite a slight reduction in the TP due to delays in biomass EPCC earnings, Samaiden remains well-positioned to benefit from a growing pipeline of solar EPCC projects. The company's solid financial position, with a net cash balance of RM122.3 million, underpins its near-term growth prospects and resilience in the renewable energy sector. The outlook remains bright, supported by ongoing and anticipated projects that align with national energy transition goals.
儘管生物質EPCC收入延遲導致目標價略有下調，但Samaiden仍然處於有利位置，以從不斷增長的太陽能EPCC項目管道中受益。該公司健全的財務狀況，淨現金餘額達到RM12230萬，爲其近期增長前景和可再生能源行業的韌性提供了支撐。前景仍然光明，得到正在進行和預期項目的支持，這些項目符合國家能源轉變目標。
Source: Kenanga, RHB, MIDF
Title: The Sun Never Sets, More Opportunities Ahead; Maintain BUY, Bright FY24 Finish from Stronger Margins
來源：肯納加證券，RHB，MIDF
標題：太陽永不落，更多機會即將到來；維持買入，來自更強利潤率的光明2024財年收官
譯文內容由第三人軟體翻譯。
