(CYP MK/NOT RATED/RM2.48)

Cypark has undergone a transition from short-term contracts to concession-related activities. By 2020, the renewable energy segment is to contribute about RM300m in recurring revenue (FY16: RM47m). This is to be driven by the commercial operation of Ladang Tanah Merah waste-to-energy 25MW power plant and large scale solar contract wins. Cypark trades at 8x FY18F PE, based on consensus estimate where FY18 net profit will jump 53% yoy.

Source: UOB Kay Hian Research - 19 Sept 2017