Malaysia Results Review

2 December 2024 Energy & Petrochemicals | Renewable Energy

Samaiden Group (SAMAIDEN MK) Buy (Maintained)

Target Price (Return): MYR1.33 (11.9%)
Robust Orderbook To Support Earnings; Keep BUY Price (Market Cap): MYR1.19 (USD112m)
ESG score: 3.3 (out of 4)
Avg Daily Turnover (MYR/USD) 0.47m/0.11m
• Reiterate BUY with MYR1.33 TP (SOP), 12% upside, c.2% FY25F (Jun) yield. Analysts
Samaiden Group's 1QFY25 results broadly met expectations. We expect to see
stronger quarters ahead, with the progress of its newly-awarded Corporate Miza Izaimi
Green Power Programme (CGPP) contracts. Furthermore, its robust +603 2302 8121
orderbook of MYR521.2m and the country’s commitment in advancing the [email protected]
energy transition agenda should further support the group’s earnings growth.
• 1QFY25 core earnings came in at MYR3.3m (-42.5% QoQ, +18.7% YoY), Sean Lim, CFA
broadly in line with expectations, accounting for 14% and 16% of our and +603 2302 8128
Street’s earnings forecasts. We consider this to be in line as 1Q is seasonally [email protected]
softer, with stronger contributions anticipated in 2HFY25 from its CGPP
contracts. The group saw a significant QoQ earnings decline due to lower Share Performance (%)
revenue, following the completion of its 50MW Large-Scale Solar 4 (LSS4) YTD 1m 3m 6m 12m
project in the previous quarter, coupled with a margin compression driven by Absolute 3.5 19.0 9.2 (9.9) 5.3
the preceding quarter's higher-margin projects and weaker USD. Samaiden Relative (6.1) 20.3 12.8 (9.2) (4.9)
declared a 1.5 sen dividend for the quarter. 52-wk Price low/high (MYR) 1.00 –1.41
• Outlook. As of June 2024, its orderbook stood at MYR521.2m, a 66% increase
from the previous quarter’s MYR313.5m, attributed to new CGPP contract SAMAIDEN MK (SAMAIDEN MK)
Price Close Relative to FBM KLCI (RHS)
wins. The orderbook comprises 45% CGPP, 35% bioenergy, 16% commercial & 1.50 123
industrial (C&I) solar, and the remainder from mini hydro and other projects.
We expect higher earnings in 2H with the completion of its Kulim Hi-Tech Park 1.40 115

(KHTP) job (currently at c.60% completion) and progress on CGPP projects. 1.30 106

Additionally, we are anticipating the upcoming Large-Scale Solar 5 (LSS5) 1.20 98

quota award announcement, likely in December. With its CGPP win, we believe
1.10 90
Samaiden is well-positioned to secure a share of the LSS5 capacity. In addition
to supporting the group’s efforts to expand its asset portfolio, LSS5 will also 1.00 81

contribute to replenishing its orderbook. Looking forward, Samaiden stands to

benefit significantly from a wave of projects, including the remaining
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450MWac KHTP solar projects, as well as opportunities arising from the
National Energy Transition Roadmap (NETR), the Integrated Clean Energy Source: Bloomberg

(TBB) programme, and the Corporate Renewable Energy Supply Scheme

(CRESS).
• Keep BUY and maintain earnings estimates as we consider 1QFY25 to be Overall ESG Score: 3.3 (out of 4)
broadly in line, expecting stronger performance in 2HFY25 as CGPP EPCC E: EXCELLENT
earnings kick in. Our SOP TP of MYR1.33 (Figure 2) is kept unchanged, Samaiden ensures that its works comply with environmental
comprising: i) 24x FY25F P/E on EPCC earnings, (ii) DCF (WACC of 7.8% for its laws and regulations to minimise adverse impact to the
60%-owned biogas asset), and iii) DCF (WACC of 7.8% for its biomass asset). environment. It is also constantly monitoring its sub-
Our TP includes a 6% ESG premium. contractors and suppliers to avoid any environmental
incidents and hazards. Samaiden's services are beneficial to
• Key risks: Discontinuation of solar incentives, competition risks, and higher- the environment over the long run.
than-expected project costs. S: GOOD
Samaiden has adopted a series of human resources policy
and good practices in order to build a conducive work
environment and positive workplace culture. Samaiden also
funds its staff's training costs to upskill them.
Forecasts and Valuation Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F G: EXCELLENT
Total turnover (MYRm) 171 227 326 470 549 Samaiden has applied and adopted the majority of best
practices of the Malaysian Code on Corporate Governance.
Recurring net profit (MYRm) 10 16 23 33 39
33% of the board members are female and 67% of the board
Recurring net profit growth (%) (16.9) 55.3 44.4 42.4 17.5 members are independent non-executive directors. We
Recurring P/E (x) 47.58 30.64 21.22 14.90 12.68 highlight that Samaiden adopted the board diversity policy,
P/B (x) 5.0 3.7 3.3 2.8 2.4 which considers the board's diversity in different aspects
such as professional experiences, business experiences,
P/CF (x) 16.80 na 60.00 333.52 na
skills, knowledge, gender, age, ethnicity, and educational
Dividend Yield (%) 0.4 0.6 1.7 1.6 2.2 background.
EV/EBITDA (x) 28.29 17.07 11.40 7.56 6.11
Return on average equity (%) 11.0 13.0 16.3 20.4 20.6
This report can be viewed on
Net debt to equity (%) net cash net cash net cash net cash net cash www.bursamarketplace.com
Source: Company data, RHB

See important disclosures at the end of this report

1
Samaiden Group Malaysia Results Review

2 December 2024 Energy & Petrochemicals | Renewable Energy

Financial Exhibits
Asia Financial summary (MYR) Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F
Malaysia Recurring EPS 0.03 0.04 0.06 0.08 0.09
Energy & Petrochemicals DPS 0.00 0.01 0.02 0.02 0.03
Samaiden Group BVPS 0.24 0.33 0.36 0.42 0.49
SAMAIDEN MK / 223 Return on average equity (%) 11.0 13.0 16.3 20.4 20.6
Buy
Valuation metrics Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F
Valuation basis Recurring P/E (x) 47.58 30.64 21.22 14.90 12.68
SOP (24x P/E on FY25 FD EPCC EPS; DCF RE Assets @ P/B (x) 5.0 3.7 3.3 2.8 2.4
7.8% WACC). FCF Yield (%) 5.6 (1.3) 1.3 (0.1) (2.0)
Dividend Yield (%) 0.4 0.6 1.7 1.6 2.2
EV/EBITDA (x) 28.29 17.07 11.40 7.56 6.11
EV/EBIT (x) 27.71 16.35 11.17 7.41 5.99
Key drivers
i. Demand for solar EPCC works from Commercial Income statement (MYRm) Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F
and Industrial projects; and Total turnover 171 227 326 470 549
ii. Demand for solar EPCC works from utility-size
Gross profit 26 35 52 75 88
projects.
EBITDA 14 22 31 44 51

Key risks Depreciation and amortisation 0 1 1 1 1

Operating profit 14 23 32 45 52
i. Dependence on Government policies and
initiatives on renewable energy; Net interest (1) (2) (1) (1) (1)
ii. Competition Risks; and Pre-tax profit 13 21 31 44 52
iii. Unexpected increase in project costs. Taxation (3) (6) (8) (11) (13)
Reported net profit 10 15 23 33 39
Company Profile Recurring net profit 10 16 23 33 39
Samaiden is a renewable energy (RE) turnkey
Engineering, Procurement, Construction and Cash flow (MYRm) Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F
Commissioning (EPCC) services provider, providing Change in working capital 23.3 (12.2) 1.5 (3.1) (10.6)
end-to-end solutions to build renewable energy - mainly
Cash flow from operations 29.3 (4.4) 8.2 1.5 (7.8)
solar photovoltaic - systems from scratch. Samaiden is
Capex (1.8) (2.1) (2.0) (2.0) (2.0)
also striving to be the owner of RE projects.
Cash flow from investing activities (0.4) 1.8 (2.0) (2.0) (2.0)
Shareholders (%) Cash flow from financing activities (5.6) 22.0 10.4 10.8 13.6
Cash at beginning of period 28.1 47.4 36.8 51.3 73.4
Chow Pui Hee 31.8
Foon Fong Yeng 21.0 Net change in cash 23.3 19.4 16.6 10.3 3.8
Chudenko Corp 14.1 Ending balance cash 51.4 66.8 53.4 61.6 77.2

Balance sheet (MYRm) Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F

Total cash and equivalents 108 132 147 169 186
Tangible fixed assets 6 8 10 10 10
Total assets 195 205 225 269 293
Short-term debt 5 7 7 7 7
Total long-term debt 4 2 2 2 2
Total liabilities 97 70 76 94 90
Total equity 98 135 149 175 203
Total liabilities & equity 195 205 225 269 293

Key metrics Jun-23 Jun-24 Jun-25F Jun-26F Jun-27F

Revenue growth (%) 13.3 33.0 43.5 44.1 17.0
Recurrent EPS growth (%) (16.9) 55.3 44.4 42.4 17.5
Gross margin (%) 15.1 15.6 16.0 16.0 16.0
Operating EBITDA margin (%) 8.1 9.5 9.5 9.3 9.4
Net profit margin (%) 5.9 6.6 7.1 7.0 7.1
Dividend payout ratio (%) 20.2 19.4 36.2 23.8 27.4
Capex/sales (%) 1.1 0.9 0.6 0.4 0.4
Interest cover (x) 11.4 14.0 40.2 56.8 66.6

Source: Company data, RHB

See important disclosures at the end of this report

2
Samaiden Group Malaysia Results Review

2 December 2024 Energy & Petrochemicals | Renewable Energy

Figure 1: Results review

FYE June 1Q24 4Q24 1Q25 QoQ (%) YoY (%) Comments
Revenue 46.2 57.2 49.4 (13.7) 7.0 Lower QoQ due to LSS completion in previous
quarter
COGS (39.4) (44.2) (41.5) (6.1) 5.2
Gross profit 6.7 13.1 7.9 (39.6) 17.3
Other income 0.7 1.0 1.1 8.5 47.5
Administrative expenses (3.2) (5.5) (4.2) (23.9) 31.7
EBIT 4.3 9.0 4.8 (46.8) 11.9
Interest expense (0.3) (0.5) (0.4) (8.0) 27.0
Pretax profit 3.9 8.1 4.4 (46.1) 10.6
Tax expense (1.0) (2.3) (1.0) (54.9) 5.2
PAT 3.0 5.8 3.3 (42.5) 12.7
Core net profit 2.8 5.8 3.3 (42.5) 18.7 Broadly met expectations

GP margin 14.5% 22.8% 16.0%

EBIT margin 9.3% 15.8% 9.7%
PBT margin 8.5% 14.2% 8.8%
Effective tax rate 24.9% 28.3% 23.7%
CNP margin 6.1% 10.1% 6.8%

Source: Company data, RHB

Figure 2: SOP valuation table

Valuation method Fully diluted value per share (MYR)
Fully diluted FY25F EPCC earnings 24x P/E on fully diluted FY25 EPCC EPS 0.99
1.2MW Kelantan Biogas Asset * 60% x DCF (21 years PPA, WACC: 7.8%) 0.01
7MW Biomass Asset DCF (21 years PPA, WACC: 7.8%) 0.07
Cash proceeds from warrants 0.19
SOP-derived intrinsic value 1.26
+6% ESG premium 0.08
TP (MYR) 1.33

Current share base (m) 413.2

Warrants conversion (m) 146.8
Fully diluted share base (m) 560.00
Source: RHB

See important disclosures at the end of this report

3
Samaiden Group Malaysia Results Review

2 December 2024 Energy & Petrochemicals | Renewable Energy

Emissions And ESG

Trend analysis Emissions (tCO2e) Jun-22 Jun-23 Jun-24
In FY24, Samaiden reported total GHG emissions of Scope 1 - 88 25
c.382 tCO2e, a 150% YoY increase due to the inclusion
of scope 3 emissions in its disclosures. Meanwhile, its Scope 2 - 65 85
Scope 1 and Scope 2 emissions saw a significant Scope 3 na na 272
reduction, decreasing by 28% YoY.
Total emissions na 153 382
Source: Company data, RHB

Latest ESG-Related Developments

• Samaiden has launched a solar project at Tsun Jin High School, which includes
installing a solar PV system with a capacity of about 637kWp and is estimated to avoid
c.453tCO2e emissions pa.
• The group has partnered with Meta Bright Group (MBGB) to expand business
opportunities and accelerate the growth of renewable energy solutions, particularly
for mining sector in the Asia-Pacific.

ESG Rating History

4.0

3.5

3.2 3.3 3.3 3.3 3.3 3.3 3.3 3.3

3.0

2.5

2.0

1.5

Source: RHB

Recommendation Chart
Date Recommendation Target Price Price
Price Close
2024-08-30 Buy 1.33 1.15
1.6 Recommendations & Target Price 2024-05-24 Buy 1.58 1.39
na

0.76
0.76

1.06

1.05
1.29
1.55

1.55

1.46
1.76
1.58

1.33

1.4 2024-04-08 Buy 1.76 1.34

1.55

2024-02-22 Buy 1.46 1.28

1.2
2023-11-29 Buy 1.55 1.13
1.0 2023-09-01 Buy 1.55 1.28
2023-07-28 Buy 1.55 1.30
0.8
2023-07-12 Buy 1.29 1.15
0.6 2023-05-25 Buy 1.05 0.90
0.4 2023-02-06 Buy 1.06 0.82

Buy Neutral Sell Trading Buy Take Profit Not Rated

2022-08-31 Neutral 0.76 0.71
2022-08-03 Buy 0.76 0.63
Oct-20 Mar-21 Aug-21 Jan-22 Jun-22 Nov-22 Apr-23 Sep-23 Feb-24 Jul-24
Source: RHB, Bloomberg
Source: RHB, Bloomberg

See important disclosures at the end of this report

4
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during the issuance of this report. This report is confidential and not intended for entitled for dividends, interest or proceeds from the sale or exercise of the
distribution to, or use by, persons other than the recipient and its employees, agents and subject company’s securities covered in this report*;
advisors, as applicable. Additionally, where research is distributed via Electronic Service b) Being bound by an agreement to purchase securities or has the right to transfer
Provider, the analysts whose names appear in this report are not registered or qualified the securities or has the right to pre subscribe the securities*.
as research analysts in the United States and are not associated persons of any c) Being bound or required to buy the remaining securities that are not
registered U.S. broker-dealer as appointed by RHB from time to time and therefore may subscribed/placed out pursuant to an Initial Public Offering*.
not be subject to any applicable restrictions under Financial Industry Regulatory d) Managing or jointly with other parties managing such parties as referred to in
Authority (“FINRA”) rules on communications with a subject company, public (a), (b) or (c) above.
appearances and personal trading. Investing in any non-U.S. securities or related 2. PT RHB Sekuritas Indonesia is not a market maker in the securities or capital market
financial instruments discussed in this research report may present certain risks. The products of the subject company(ies) covered in this report.
securities of non-U.S. issuers may not be registered with, or be subject to the regulations 3. None of PT RHB Sekuritas Indonesia’s staff** or associated person serve as a
of, the U.S. Securities and Exchange Commission. Information on non-U.S. securities or director or board member* of the subject company(ies) covered in this report.
related financial instruments may be limited. Foreign companies may not be subject to 4. PT RHB Sekuritas Indonesia did not receive compensation for investment banking
audit and reporting standards and regulatory requirements comparable to those in the or corporate finance services from the subject company in the past 12 months.
United States. The financial instruments discussed in this report may not be suitable for 5. PT RHB Sekuritas Indonesia** did not receive compensation or benefit (including
all investors. Transactions in foreign markets may be subject to regulations that differ gift and special cost arrangement e.g. company/issuer-sponsored and paid trip) in
from or offer less protection than those in the United States. relation to the production of this report:
Notes:
*The overall disclosure is limited to information pertaining to PT RHB Sekuritas Indonesia only.
**The disclosure is limited to Research staff of PT RHB Sekuritas Indonesia only.

DISCLOSURE OF CONFLICTS OF INTEREST Singapore

Save as disclosed in the following link RHB Research Conflict Disclosures - Nov 2024
RHB Investment Bank Berhad, its subsidiaries (including its regional offices) and and to the best of our knowledge, the Singapore Research department of RHB Bank
associated companies, (“RHBIB Group”) form a diversified financial group, undertaking Berhad (through its Singapore branch) hereby declares that:
various investment banking activities which include, amongst others, underwriting, 1. RHB Bank Berhad, its subsidiaries and/or associated companies do not make a
securities trading, market making and corporate finance advisory. market in any issuer covered by the Singapore research analysts in this report.
As a result of the same, in the ordinary course of its business, any member of the RHBIB 2. RHB Bank Berhad, its subsidiaries and/or its associated companies and its analysts
Group, may, from time to time, have business relationships with, hold any positions in do not have a financial interest (including a shareholding of 1% or more) in the
the securities and/or capital market products (including but not limited to shares, issuer covered by the Singapore research analysts in this report.
warrants, and/or derivatives), trade or otherwise effect transactions for its own account 3. RHB Bank Berhad’s Singapore research staff or connected persons do not serve
or the account of its customers or perform and/or solicit investment, advisory or other on the board or trustee positions of the issuer covered by the Singapore research
services from any of the subject company(ies) covered in this research report. analysts in this report.
While the RHBIB Group will ensure that there are sufficient information barriers and 4. RHB Bank Berhad, its subsidiaries and/or its associated companies do not have
internal controls in place where necessary, to prevent/manage any conflicts of interest and have not within the last 12 months had any corporate finance advisory
to ensure the independence of this report, investors should also be aware that such relationship with the issuer covered by the Singapore research analysts in this
conflict of interest may exist in view of the investment banking activities undertaken by report or any other relationship that may create a potential conflict of interest.
the RHBIB Group as mentioned above and should exercise their own judgement before 5. RHB Bank Berhad’s Singapore research analysts, or person associated or
making any investment decisions. connected to it do not have any interest in the acquisition or disposal of, the

6
 securities, specified securities based derivatives contracts or units in a collective
investment scheme covered by the Singapore research analysts in this report.
6. RHB Bank Berhad’s Singapore research analysts do not receive any compensation
or benefit in connection with the production of this research report or
recommendation on the issuer covered by the Singapore research analysts.

Analyst Certification
The analyst(s) who prepared this report, and their associates hereby, certify that:
(1) they do not have any financial interest in the securities or other capital market
products of the subject companies mentioned in this report, except for:

Analyst Company
- -

(2) no part of his or her compensation was, is or will be directly or indirectly related to
the specific recommendations or views expressed in this report.

KUALA LUMPUR JAKARTA

RHB Investment Bank Bhd PT RHB Sekuritas Indonesia
Level 3A, Tower One, RHB Centre Revenue Tower, 11th Floor, District 8 - SCBD
Jalan Tun Razak Jl. Jendral Sudirman Kav 52-53
Kuala Lumpur 50400 Jakarta 12190
Malaysia Indonesia
Tel : +603 2302 8100 Tel : +6221 509 39 888
Fax : +603 2302 8134 Fax : +6221 509 39 777

BANGKOK SINGAPORE
RHB Securities (Thailand) PCL RHB Bank Berhad (Singapore branch)
10th Floor, Sathorn Square Office Tower 90 Cecil Street
98, North Sathorn Road, Silom #04-00 RHB Bank Building
Bangrak, Bangkok 10500 Singapore 069531
Thailand Fax: +65 6509 0470
Tel: +66 2088 9999
Fax :+66 2088 9799