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集团（Samaiden）在FY24取得了强劲的业绩，得益于改善的利润率和核心盈利的显著增长。该公司将目标价（TP）维持在RM1.57，并继续持有买入建议。
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.
所有分析师都重申对Samaiden持乐观态度。维持买入建议，目标价为RM1.33至RM1.57，反映了22.3%到44.0%的潜在回报。这种信心是基于Samaiden在可再生能源倡议方面的强劲表现，以及利用新的政府计划和方案的能力。
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的净利润同比大涨52%，达到了RM1600万，超出预测的12.7%，超出共识估计的4.4%。强劲的盈利增长归因于大规模太阳能项目和高利润的商业和工业（C&I）工程。尽管营业收入由于几个大型太阳能4（LSS4）项目接近完工而环比下降23.7% 至RM5720万，但税后利润（PAT）环比增长41.4%，受益于正在进行的项目的有利利润。
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，该公司的订单册价值为RM31350万，预计将在未来三年内维持活动水平。订单补充的前景看好，随着企业绿色能源计划（CGPP）和2GW LSS5的即将推出的EPCC招标，以及净能源计量（NEM）计划下的额外配额。该集团还通过与Gruppe Lightning Solution私人有限公司的合作，探索通过增强在东南亚地区的太阳能路灯和可再生能源服务的新机会。
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.
尽管生物质EPCC收入延迟导致目标价略有下调，但Samaiden仍然处于有利位置，以从不断增长的太阳能EPCC项目管道中受益。该公司健全的财务状况，净现金余额达到RM12230万，为其近期增长前景和可再生能源行业的韧性提供了支撑。前景仍然光明，得到正在进行和预期项目的支持，这些项目符合国家能源转变目标。
Source: Kenanga, RHB, MIDF
Title: The Sun Never Sets, More Opportunities Ahead; Maintain BUY, Bright FY24 Finish from Stronger Margins
来源：肯纳加证券，RHB，MIDF
标题：太阳永不落，更多机会即将到来；维持买入，来自更强利润率的光明2024财年收官
