|Last Price ||Avg Target Price || Upside/Downside ||Price Call |
|1.83 ||3.01 || +1.18 (64.48%) || |
|* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.|
|** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).|
|Date ||Open Price ||Target Price ||Upside/Downside ||Price Call ||Source ||News |
|01/04/2015 ||1.81 ||2.37 ||+0.56 (30.94%) ||BUY ||CIMB || |
|11/02/2015 ||1.92 ||3.20 ||+1.28 (66.67%) ||BUY ||PUBLIC BANK || |
|12/01/2015 ||1.75 ||3.20 ||+1.45 (82.86%) ||HOLD ||PUBLIC BANK || |
|02/01/2015 ||2.15 ||3.09 ||+0.94 (43.72%) ||BUY ||CIMB || |
|03/10/2014 ||2.66 ||3.20 ||+0.54 (20.30%) ||BUY ||PUBLIC BANK || |
|30/09/2014 ||2.66 ||3.20 ||+0.54 (20.30%) ||BUY ||PUBLIC BANK || |
|30/09/2014 ||2.66 ||3.09 ||+0.43 (16.17%) ||BUY ||CIMB || |
L. C. Chong CYPARK Analysis - https://lcchong.wordpress.com/2015/03/31/cypark-fundamental-analysis-31-mar-2015/
johnny cash Still growing
Cypark's 1Q15 core net profit of RM8.5m was below our expectations,
accounting for only 16% of our full-year FY10/15 earnings forecast. The main
reason for the variance was the higher-than-expected operating costs, which
we now impute into our forecasts. Our FY15-17 EPS estimates are reduced by
32-33% as a result of our lower net profit forecasts and the higher share base
as Cypark has completed its private placement. Hence, our SOP-based target
price is cut to RM2.37 (from RM3.09). Despite the weaker-than-expected
results, Cypark remains the best proxy for renewable energy (RE) exposure in
Malaysia. We thus maintain our Add call. Securing more RE projects will act
as a rerating catalyst for the stock.
1Q earnings grew 10.4% yoy
Cypark's revenues in the 1Q15 grew by 16.4% yoy, driven mainly by strong
performances from its landscaping and infrastructure division and renewable
energy division, which expanded 90.5% and 14% yoy, respectively. The strong
yoy growth for its infrastructure division was mainly due to the various
construction projects that Cypark undertook while its renewable energy
revenues continued to grow in tandem with its RE capacity expansion. This was
dragged down by its environmental engineering division, where revenues
declined by 11.9% yoy as it reached the final stage of the first phase of its
Ladang Tanah Merah (LTM) project. Construction on phase 2 of the project is
set to commence in 2QCY15. Overall, 1Q15 earnings grew by 10.4% yoy.
Phase 1 of LTM complete
Cypark's LTM concession is expected to begin given the almost-completed
status of Phase 1 of the project. The concession period is for 25 years, during
which Cypark will open, maintain and close the landfill in Negeri Sembilan.
Cypark will generate tipping fees of RM30-40/MT for every MT of municipal
solid waste (MSW) that the landfill collects. The second phase will involve a
waste-to-energy (WTE) plant that will use the waste collected as feedstock for
Expecting stronger quarters
Despite the disappointing earnings, we expect Cypark to deliver stronger
earnings in the coming quarters as it continues to expand its RE capacity.
fong7 haha! ya. so easy to become analyst.
syioksyiok AT also into RE, another option!!!!