Samaiden's Land Acquisition Signals Long-term Solar Ambition -- MIDF

KUALA LUMPUR, July 2 (Bernama) -- Samaiden Group Bhd’s recent acquisition of two parcels of agricultural land in Teluk Intan, Perak, underscores its strategic intent to capitalise on Malaysia’s long-term renewable energy growth, said MIDF Amanah Investment Bank Bhd (MIDF).

In a research note today, MIDF maintained its ‘buy’ call on Samaiden with an unchanged target price of RM1.59.

It said the proposed RM45.5 million purchase of 185.57 hectares of agricultural land would strengthen Samaiden’s position as a key beneficiary of future utility-scale solar projects under the National Energy Transition Roadmap (NETR) and Large Scale Solar 5 (LSS5).

“We are positive on the proposed acquisition, which indicates management’s ambitions to bid for more large-scale solar quota in future.

“We expect LSS5+ to be announced soon, which will then pave the way for LSS6. Other than developing its own solar farm, Samaiden could also lease the two plots of land to other developers while it comes in as an engineering, procurement, construction and commissioning contractor,” said the investment bank.

-- BERNAMA