• 4QFY26 CNP came in at RM14.9m (+85.7% QoQ, +56.1% YoY), bringing 12MFY26 CNP to RM36.0m (+65.3% YoY), which exceeded our expectations, accounting for 113% of our forecasts and 111% of consensus estimates.
• The strong earnings performance was driven by accelerated progress in utility-scale solar and corporate green power projects, supported by a stronger margin mix and improved operational efficiency.
• We maintain our core earnings forecasts for FY27F-FY29F
• Maintain BUY with an unchanged TP of RM1.74, based on a SOP valuation, as Samaiden’s strong share price rally narrows the upside to our TP.
• We will revisit our earnings estimates and target price pending the analyst briefing later today.
Exceed Expectations. After removing a RM1.1m fair value gain on short-term investments and a RM0.6m unrealised forex gain, and adding back a RM1.8m realised forex loss, 4QFY26 core net profit (CNP) arrived at RM14.9m (+85.7% QoQ, +56.1% YoY), bringing 12MFY26 CNP to RM36.0m (+65.3% YoY), or 113% of our full-year forecast of RM31.9m and 111% of consensus. The beat was driven by accelerated progress on utility-scale solar and corporate green power projects, a richer margin mix, and improved operational efficiency.
QoQ. 4QFY26 CNP rose 85.7% to RM14.9m from RM8.0m in 3QFY26, as revenue jumped 55.8% to RM105.7m with LSS5 projects moving from preliminary works into equipment delivery and construction. CNP margin expanded to 14.1% from 11.8%, supported by a better project mix, bulk procurement, and tighter cost control.
YoY. 4QFY26 CNP surged 56.1% to RM14.9m (4QFY25: RM9.5m) even as revenue eased 21.6% to RM105.7m, reflecting a structurally richer margin mix as the portfolio shifted toward larger utilityscale projects from the prior year's smaller C&I focus. CNP margin widened to 14.1% from 7.1%.
FY26. For the full year, 12MFY26 core net profit (CNP) surged 65.3% YoY to RM36.0m. Earnings growth was led by accelerated progress across utility-scale solar and corporate green power projects. This strong bottom-line performance reflects a structurally richer margin mix as the Group shifted its portfolio focus toward larger utility-scale contracts (away from the prior year's smaller C&I focus), alongside improved operational efficiency and tighter cost controls.
Dividend. Samaiden declared a 1 sen interim dividend for 4QFY26 (ex-date: 18 Sep 2026), bringing FY26 DPS to 2.4 sen, up 60.0% YoY.
Outlook. The Group's unbilled order book stood at RM435.8m as of 4QFY26 (compared to RM536.6m previously), reflecting rapid progress billings that outpaced replenishment ahead of incoming mega-tenders rather than softer demand, while the active tender book remains substantial at roughly RM3.5bn. LSS5 execution is entering peak revenue recognition from FY27, accelerating six to nine months post-award as projects transition from site preparation into equipment delivery and major construction. Looking ahead, LSS6 represents the primary unbooked catalyst, with Samaiden targeting up to a 20% share (c.530MWac) across both asset ownership and EPCC roles, potentially unlocking up to RM1.5bn in new EPCC contract value upon award conversion from late 2026. The introduction of BESS marks a key new execution variable; while storage EPCC margins are guided to be comparable to solar, supplier selection is ongoing and delivery execution remains a focal point. Over the medium term, earnings quality will be strengthened by the strategic pivot toward asset ownership, with a 261MW renewable asset pipeline scheduled to come on-stream over the next two years, eventually contributing 40% to 50% of group earnings to create a stable recurring base alongside the lumpier EPCC segment. While the high 19.7% operating margin recorded in 3QFY26 is not a sustainable run-rate as new projects commence, bulk procurement of panels, transformers, and cables will provide downside margin support against incoming SST cost pressures.
Earnings revision. We keep our FY27-28F core net profit forecasts unchanged at RM32.5m/RM33.0m respectively.
Valuation & Recommendation. We maintain BUY with an unchanged TP of RM1.74, based on a sum-of-parts (SOP) framework that values the core EPCC business at 30x PE and incorporates a three-star ESG rating. We will revisit our target price pending the analyst briefing later today. We continue to favour Samaiden for its: (i) proven expertise in ground-mounted solar PV projects, (ii) healthy balance sheet and net cash position, and (iii) strategic focus on bioenergy solutions, which distinguishes it from other solar EPCC players.
Risks. Higher solar module and equipment costs, including the incoming SST. Project execution and completion delays. First-cycle BESS delivery risk. Intense market competition.
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| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.065852 | 4.097386 |
| EUR | 4.589381 | 4.597416 |
| CNY | 0.610175 | 0.610647 |
| HKD | 0.518032 | 0.522054 |
| SGD | 3.177971 | 3.202709 |