Malaysia’s renewable energy (RE) sector is entering a defining decade.
With the government targeting 70% of the national power generation mix to come from renewables by 2050, local clean-energy players are in the spotlight — none more so than Solarvest Holdings Bhd and Samaiden Group Bhd.
While Solarvest has basked in market enthusiasm, Samaiden may be the under-appreciated contender now poised for re-rating.
Over the past year, Samaiden’s share price has climbed a modest 23%, trailing far behind Solarvest’s 68% rally and Pekat Group’s 95%.
The gap reflects misaligned expectations rather than weak fundamentals.
Analysts argue that the street is underestimating Samaiden’s ability to expand its market share in the solar engineering, procurement, construction and commissioning (EPCC) segment from 8% to 14%.
Such a move could lift quarterly earnings from the current RM3–5 million range to at least RM7 million.
Its most recent quarterly results already hint at stronger underlying performance.
In 4QFY25, Samaiden reported a core net profit of RM12 million once an overlooked RM5 million one-off impairment is excluded — a sign that execution is improving.
On this basis, analysts have revised earnings forecasts for FY26 and FY27 upwards by 42%, projecting growth of 22% and 12% above consensus respectively.
These estimates remain conservative, factoring in tighter labour conditions, greater outsourcing and a net margin of about 5%.
Samaiden’s record order book of RM699 million underpins this optimism, ensuring earnings visibility into FY26.
Its fundamentals remain intact despite earlier quarters of softer results that saw its valuation fall to a 14% discount to Solarvest, compared to its one-year average discount of 8%.
The lower multiple now presents what analysts call a “mispricing opportunity” — especially as Samaiden’s growth prospects are far from dimming.
If Samaiden were to trade on par with Solarvest’s forward price-earnings multiple, consensus valuations would imply a target price of RM1.42.
More bullish forecasts, based on stronger job wins of RM900 million in FY26 and RM500 million in FY27, point to a fair value closer to RM1.65 — or even RM2.08 under a sum-of-parts valuation using a blended FY27 PER of 26 times.
At current levels, that translates into a potential upside of between 15% and 33%.
Strategically, Samaiden has been expanding beyond its core solar EPCC business into biomass and biogas projects, securing 18 MW of new bioenergy contracts earlier this year.
Its diversification into waste-to-energy and rooftop solar segments, coupled with partnerships such as the one with household retailer TBM to accelerate solar PV adoption among SMEs and homeowners, adds new income streams and broadens its client base.
The company’s clean balance sheet and prudent project management track record further strengthen its case as a credible mid-cap renewable energy leader.
Ultimately, the investment choice comes down to temperament. Solarvest is the safer, established play — a steady performer in an expanding industry.
Samaiden, on the other hand, is the mispriced growth story.
With improving margins, stronger execution and strategic diversification, it offers the sharper upside if the company delivers on its expansion plans.
In a market that often rewards familiarity, Samaiden stands out as the undervalued contender quietly catching up.
Investors willing to take a slightly longer view may find that the gap between the two won’t stay this wide for much longer.