CYPARK RESOURCES BERHAD
KLSE (MYR): CYPARK (5184)
You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!
Last Price
0.685
Today's Change
+0.06 (9.60%)
Day's Change
0.625 - 0.695
Trading Volume
24,146,700
Details of Changes
Securities After Change
Transactions
| Ann. Date | Name | Details of Changes | Securities After Changes | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Date | Type | No. of Shares | Price | Direct (%) | Indirect (%) | Total (%) | ||||
Discussions
12 people like this. Showing 50 of 6,837 comments
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.
PSD'S FINANCIAL DESK ( MBA, CFA.).- 13 APRIL 2023
1 month ago
psd, ask yourself. shares price trade base on historical price or future prospect?
1 month ago
WTE only 20MW made cypark went to RM1.20+. How about future 2 COD which about 200MW?
1 month ago
i believe many people think same with you, but if cypark didnt manage well, even good prospect also useless, money inside all pocket
1 month ago
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.
PSD'S FINANCIAL DESK ( MBA, CFA.).- 17 APRIL 2023
1 month ago
Then should ask your client's to sell if you think cypark run ahead of it's fundamental
1 month ago
I would give 5x forward looking PE for this company due to high risk and debt
1 month ago
Start of the downtrend towards the industry PE of 14 to 16x. Presently high at 20x @81c
PSD'S FINANCIAL DESK ( MBA, CFA.).- 18 APRIL 2023
1 month ago
selamat hari raya semua..
paktua ambil kesempatan ini..
untuk mohon maaf zahir dan batin..
tut tut
selamat hari raya aidil fitri
semua..
1 month ago
lousy stock up from 0.3x to 1.1x you still not sell?
drop back is a certain, no argument.
1 month ago
Outstanding stock. Super cash rich that need to sell off all the treasury shares. Wow
1 month ago
everday drop abit, shark little little sell off, drop back to low price for sure.
2 weeks ago
so sad me...average up @ 0.82 around April thought want goreng up up liao mana tau tak jadi...sad
1 week ago
junam cecah 0.610 , agak agak harga berapa operator nak buat dead cat bounce ?
1 week ago
Got in Cypark 0.63 n 0.635. Have dropped 50% from high and hoping for bottoming at 0.60+ level. Anyone watching this as well?
3 days ago
Lowest was 0.275 with no much potential. The revenue and profit dropping for a few quarters.
3 days ago
Post a Comment
Featured Posts
[07 JUN] Uncovering the future stars of the Asian market
Looking for REITs with high returns? Check this out!
[14 MAR-30 JUN] Invite friends to join MQ Trader for extra 1,000 MQ Coins!
Apps
Top Articles
1
Good Articles to Share
2
Good Articles to Share
3
Good Articles to Share
North Korea slams UN meeting on satellite launch, 'robbery' US demand
4
Good Articles to Share
5
Good Articles to Share
6
Good Articles to Share
India train crash survivor recounts: 'We thought we were dead'
7
save malaysia!
8
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
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....
Kelvin Soh
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.)
Dun need MBA CFA, Let Kelvin Soh tell you
1 month ago