Samaiden Group Bhd (SAMAIDEN, 0223)

• SAMAIDEN may trend higher after breaking out from its two-weeks bullish flag pattern last Friday.As the stock bounced off the 20 days EMA with a long white marubozu candlestick, coupled with an uptick in the RSI, this suggests that its bullish momentum is picking up further.

• We opine the rising momentum has a decent chance to kick start a new upcycle and lift the stocktowards the subsequent level of resistance of RM1.35 (R1), followed by RM1.40 (R2).

• On the downside, stop-loss is set at RM1.09, below the 3 Jan’s low.

• Fundamentally, Samaiden announced the signing of a 20-year power purchase agreement (PPA)with Maxell Tohshin. This agreement entails the design and installation of an advanced solar photovoltaic (PV) system with a capacity of 1,028.28-kilowatt peak (kWp) at Maxell Tohshin's premises. This signifies a significant advancement in the company's growth trajectory. In addition, we believe Samaiden can benefit from the Large-Scale Solar 5 (LSS5) by fostering potential new streams of contract.
  

Source: Rakuten Research - 11 Mar 2024

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