[RAM] RAM Ratings affirms Samaiden's ratings at A1/P1

RAM Ratings has affirmed Samaiden Group Berhad’s (Samaiden or the Group) A₁/Stable/P1 corporate credit ratings and the same ratings of the unsecured, unguaranteed Sukuk Wakalah under the Group’s RM1 bil Islamic Medium-Term Notes and RM500 mil Islamic Commercial Papers programmes. The ratings reflect Samaiden’s established market presence in Malaysia’s solar renewably energy (RE) industry and its adequate credit metrics.

Samaiden has a proven track record in solar PV engineering, procurement, construction and commissioning, giving it a competitive edge in securing new projects in the booming renewable energy (RE) landscape. As at end-September 2025, the Group had installed more than 500 MWac of solar capacity across national programmes. An order book that had grew to RM617.5 mil as at end-September 2025 – about 1.7 times fiscal 2025 revenue – and a tender book of around RM2.5 bil afford strong near-term earnings visibility.

Samaiden’s revenue outperformed expectations in FY Jun 2025, climbing 55.6% y-o-y to RM353.5 mil and continuing the momentum into 1Q FY Jun 2026 with a 78.4% jump y-o-y. The Group’s operating profit before depreciation, interest, and tax (OPBDIT) margin having dipped to 6.9%, rebounded to 11.2% in 1Q FY Jun 2026, aided by project clustering and low-cost PV modules. Pre-tax profit was up 21.0% for the full fiscal year, surging 111.6% y-o-y to RM9.2 mil in 1Q FY Jun 2026.

To support its utility-scale RE asset ownership strategy, Samaiden is planning aggressive debt-funded growth, with debt projected to peak at RM1.5 bil by FY Jun 2029. Largely for RE asset development, the borrowings will be financed through non-recourse project financing (NRPF). On this basis and our sensitivities, the Group’s adjusted gearing (excluding NRPF debt) should remain manageable at not more than 0.80 times over the next three years, with adjusted funds from operations debt coverage (FFODC) at around 0.15 times (1Q fiscal 2026: gearing of 0.78 times and FFODC of 0.27 times (annualised)). While adequate for the current ratings, these levels provide minimal headroom. Prudent expansion will be vital to ensure growth is balanced with disciplined financial practices.

Typical of the domestic solar EPCC industry, Samaiden faces competitive bidding dynamics, order book replenishment challenges and pricing volatility for key equipment and materials. Its maiden venture into bioenergy adds some diversification beyond solar but also brings new execution risks.


Analytical contacts
Darrel Tiang
(603) 2708 8219
darrel@ram.com.my

Chong Van Nee, CFA
(603) 2708 8210
vannee@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my