Samaiden Group Bhd has secured a new engineering, procurement, construction, and commissioning (EPCC) contract for a 99.99 megawatt (MW) large-scale solar plant under Malaysia’s Large Scale Solar 5+ (LSS5+) programme. The contract was awarded by Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd on behalf of YTL Power International Bhd, marking Samaiden’s first EPCC win in the LSS5+ segment.
Although the exact contract value was not officially disclosed, market analysts estimate it to be around RM250 million. This latest win is expected to boost Samaiden’s order book significantly, increasing it by approximately 57% to RM687 million, prior to considering order-book consumption in the first quarter of the 2027 financial year. The project is anticipated to be completed by 2028, with revenue recognition expected to be spread across fiscal years 2027 and 2028.
Looking ahead, Samaiden is also positioned to benefit from upcoming renewable energy initiatives, including the Large Scale Solar 6 (LSS6) auctions and the Corporate Renewable Energy Supply Scheme (Cress). The Cress acceleration package, recently launched by the Malaysian Ministry of Energy Transition and Water Transformation, aims to enhance project economics and bankability by reducing the System Access Charge by 30% and setting a minimum contract tenure of 10 years. To date, approximately 3.1 gigawatts (GW) of Cress projects have been registered, representing an estimated RM12 billion to RM14 billion in EPCC opportunities.
Market observers indicate that Samaiden is close to securing a substantial Cress-related EPCC contract, which could support the company’s goal of reaching an RM1 billion order book. Additionally, the LSS6 auction, which is expected to award contracts for 2,650MW of solar capacity and 1,250MW of battery energy storage system capacity, is projected to generate RM8 billion to RM9 billion in EPCC opportunities. Samaiden has indicated it aims to capture up to a 20% share of these opportunities, following its previous guidance.
The LSS6 project awards are scheduled for the first quarter of 2027, with associated EPCC contracts anticipated in the second half of the year. Reflecting these developments and greater optimism around contract wins under the Cress scheme, financial analysts have revised their net profit forecasts for Samaiden upwards by 4% for FY27, 25% for FY28, and 21% for FY29. The stock has maintained a “buy” recommendation, with a raised target price of RM3.45.