ya lah. this big volume seller non stop since morning session. Tadi i thought sudah habis when price touch 0.865 back. but this big volume still continue throw at 0.86 level.
In January 2023, CYPARK changed its financial year end from Oct 31, 2022, to April 30, 2023, resulting in its current set of financial statements to comprise a period of 18 months from Nov 1, 2021, to April 30, 2023.This was in view of the imminent losses and subsequent sell-down of the counter if the 12-month period ending 30th Oct 2022 was to be observed.
CAUTION: WATCH OUT FOR THEIR NEW FINANCIAL PERIOD ENDING 30 APRIL 2023. MORE LOSSES AND ALSO SELL DOWN TO FOLLOW. THE 2 NEW SUBSTANTIAL SHAREHOLDERS DEFINATELY KNEW OF THIS AND MIGHT HAVE GOT THEIR HOLDINGS AT MUCH LOWER OFF-MARKET PRICE. SAD FOR THE RETAIL PUBLIC AND THEIR INVESTMENTS... STILL CHASING!
PSD'S FINANCIAL DESK ( MBA, CFA.). AVAILABLE FOR CONSULTANCY - 13 APRIL 2023
The 2 upcoming solar farm in Kelantan and terengganu is huge. The share price has not price in this two factors, so I buy before everyone realise it. Similar to pre-WTE plant (35sen). At the same time, think twice why they need to change the financial year? before 30 Apr 2023, their revenue mostly come from constrution, after 1 May 2023, most of the revenue will come from generating electric (from WTE, floating plant and etc.)
Public Invest Research Cypark Resources Berhad - Commissioning WTE Plant PublicInvest Publish date: Mon, 03 Apr 2023, 10:36 AM
DOWNGRADE TARGET PRICE TO 63c
Cypark Resources (Cypark) reported lower revenue of RM32.9m in 5QFY23 (***31st March 2023) , down 32% QoQ in the absence of revenue from the construction and engineering segment as most of its projects have been phased out from the construction phase. Despite the lower revenue, its core PATAMI grew from RM1.7m to RM3.0m (+78.4%) on a QoQ basis.
Due to changes in fiscal year to April 2023 from October 2022, no comparison has been made on a YoY basis. In comparison with estimates, the core PATAMI only met 3.8% of ours. On project updates, Cypark’s waste-to-energy (WTE) plant achieved commercial operation in December 2022 and has started to recognise sale of energy. Contributions remain minimal however and has been unable to offset the absence of revenue from construction and engineering segment in 5QFY23.
***Due to weaker than expected result and dilution from the recent private placement, we cut our earnings forecast and downgrade our call to Neutral (from Outperform) with lowered SOP-based ***target price of RM0.63 (from 0.85).
Update on WTE Plant. Cypark’s WTE plant at Ladang Tanah Marah (LTM) has achieved commercial operation on 14 Dec 2022. The plant has started to recognize sale of energy on top of tipping fees and recycling revenue in 5QFY23, though is still minimal for the period. We will expect to see full quarter contribution in 6QFY23. The plant, with installed capacity of 19.73MW, will contribute earnings for the next 16 years.
Participating in two WTE tenders. The success of LTM will enhance its track record and could strengthen its position in two WTE tenders in Johor and Malacca as part of five tenders in a nation-wide WTE implementation plan. It expects the future WTE plant capacity to be between 15MW and 25MW with expected capital expenditure above RM500m for each plant.
End of fund raising activities. The COVID-19 pandemic has caused significant delays in its key projects, namely the LTM WTE Plant and Danau Tok Uban Large Scale Solar 2 (DTU LSS2). As such, Cypark has raised funding amounting to c.RM650m since FYE2020 via term loans, perpetual Sukuk and private placement to provide lifelines for its working capital pending completion of these projects. With the commencement of the WTE Plant, we foresee no further injections needed. We also expect that the remaining RM30m from the private placement earmarked for the DTU LSS2 is sufficient until it achieves commercial operation in May 2023.
Source: Public Invest Research - 3 Apr 2023
Note: The full 15mth FYE 30th April 2023 to be announced on 30th June 2023, will not look attractive. Trade with care and accumulate around 60ct onwards.
At 83.5 c.... price had run ahead of fundamentals (PE 20x); frontloading the WTE earnings at a pre-mature stage. The actual effect could only be seen come FYE 31 March 2024. My clients are holding in the price range, 50 to 60cs.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
TCH1186
910 posts
Posted by TCH1186 > 2023-04-11 17:00 | Report Abuse
this wont go back rm1. max around .96-.985