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Fork's comment on CYPARK. All Comments

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Update: 17/Nov/2020

1) Intro

Malaysia Gov has shown unwavering commitment in meeting 20% of RE by 2025, that would be 6,000 MW in total. The Gov has awarded more than 2,000 MW of RE, where 1,634 MW (82%) is from solar energy (LSS Fast Track, LSS1, LSS2 & LSS3). Out of the 2,000 MW of RE, Cypark has already secured about 200 MW (10%) and targets to secure 1,000 MW of RE by 2025.

According to TNB AR 2019, Gas & Coal will continue to be the main source of power generation in the medium term, but there will be an increased uptake of renewable energy (RE) generation, especially solar.
- Coal (53.9%)
- Gas (42.30%)
- Hydro (3.1%)
- Solar (0.6%)
- Others (0.1%)
Cost of generating RE is getting cheaper as technology improves. The cost of generating Gas is at RM0.2322 /kWh while the cost of generating Solar is as low as RM0.1399 /kWh - LSS4. The industry foresees the future LSS projects will have bigger capacities of more than 1000 MW to meet 20% of RE and Malaysia Gov also targeting 6 x WTE Plants soon.

Malaysia needs US$8 billion investment to achieve 20% renewable energy target by 2025.



2) On-Going Projects

LSS1 - 15 MWac
- targeted Commercial Operation Date: 31 Dec 2020
- Daud (CEO) estimated RM10 million annually
- This will contribute to FYE 2021

LSS2 - 3 x 30 MWac = 90 MWac
- targeted Commercial Operation Date: 31 Dec 2020
- Daud (CEO) estimated RM25 million annually
- This will contribute to FYE 2021

WTE - 20 to 25 MWac
- Due to MCO, Cypark has yet to announce the completion date
- Prior to MCO, the targeted completion date was at Q2 2020
- Daud (CEO) estimated RM80 million annually
- This will contribute to FYE 2021

LSS3 - 100 MWac
- TNB has inked three LSS3 Power Purchase Agreements.
- Daud (CEO) estimated RM50-60 million annually
- This will contribute to FYE 2022

Net Energy Metering (NEM) ProjectS
- Unknown MWac

Once the above projects are completed, it will be owned, operate & managed by Cypark



3) Future Projects secured (announced )

- MOU w/ Negeri Sembilan Corp - 50MW Solar Project (NEM)
- MOU w/ Kedah Gov - 100MW Solar Project (NEM)
- MOU w/ Petronas Chemicals - WTE Plant Project
- To add 5MWac to 10MWac of biomass/gas per year
- To supply RE directly to end client ( testing phase)



4) Forecast Revenue

Cypark targets to achieve 500 MWdc by FY2022. According to Daud (CEO), Cypark is targeting a stable recurring revenue to be generated from the sales of energy (Green Tech and RE), which will make up 50% of the group’s total revenue by 2022 from the current 16%.

Cypark's revenue comes from four segments as follow:
* Data from Cypark AR2019 *
- RM262 | 73% - Environmental engineering
- RM34 | 9.4% - Landscaping and infrastructure
- RM5 | 1.3% - Maintenance works
- RM59 | 16.3% - Green Tech and RE

To estimate Cypark FY2022 "Green tech and RE" revenue, lets dive in to their past record from FY2014 to FY2019 (Revenue in MYR)
- FY2014 - 34,954,629
- FY2015 - 39,665,233
- FY2016 - 46,544,314
- FY2017 - 48,713,260
- FY2018 - 48,784,125
- FY2019 - 59,020,364

Now, we estimate Cypark future recurring revenue, factoring in their On-Going Projects once completed (Revenue in MYR)
- FY2020 - 59 millions +
- FY2021 - 161 millions +
59+(10/12*8)+(75/12*8)+(80/12*8) + NEM
- FY2022 - 265 millions +
59+10+75+80+(50/12*10) + NEM
- FY2023 - 274 millions +
Existing power plants + NEM + Others
Cypark expects to complete all three projects (LSS 1 & 2 and WTE) by the targeted COD 31 December 2020. For FYE2021, i have multiply by 8 months instead of 10 months (Financial ends at Oct) to have a more conservative forecast.

From their latest QR, Cypark owns approximately 47 MWdc of solar plants In 2020. This capacity is expected to increase to approximately 200 MWdc by early 2021. With only 47 MWdc, the sales of energy already contributing about 59 millions revenue annually. 200 MWdc definitely will contribute positively to Cypark revenue.

Now, we estimate Cypark's total revenue based on CEO's comment on achieving 500 MWdc by FY2022. My above estimated recurring revenue on FY2022 was based on 272 MWdc. If we were to add in both NEM projects which consist of 150 MWdc (MOU w/ Negeri Sembilan Corp + Kedah Gov), the total capacity would be 422 MWdc (very close to 500 MWdc from the CEO's target).

Forecasting Cypark's total revenue (RM):
- FY2017 - 301.7 millions
- FY2018 - 337.9 millions
- FY2019 - 376.7 millions
- FY2020 - 400 millions ++
- FY2021 - ???
- FY2022 - 700 millions ++ (500 MWdc)



5) Dividend

Cypark dividend policy is to distribute not less than 25% of its net profit to the shareholders, provided that such payout would not be detrimental to the operating cash flow as well as business development plans.



6) Cash Flow

According to AR2019, the remaining maturities of the borrowings are as follows:
- 184.8 million - On demand or within 1 year
- 53.2 million - More than 1 year and less than 2 years
- 220.2 million - More than 2 years and less than 5 years
- 715 million - 5 years or more
The reason of huge borrowing is due to building new power plants where large upfront capital investment are required.

Cypark has issued RM550 million Sukuk in FY2019. The RM550 million Sukuk is backed by the projects’ anticipated long-term recurring income from selling energy to TNB for the next 21 years. During 4th Sept 2020, Cypark has issued New RM97.25 million Sukuk ( upto RM500 million )

Generally, Sukuk has a tenure of up to 22 years commencing from the date of the first issuance. On top of that, Sukuk has a fixed profit payments which allows Cypark to determine it at a lower profit rate and enjoy the profit payment savings in the event of an increase in profit rate in the future. As long as Cypark is able to secure more projects in the coming future, logically the recurring income from selling energy to TNB for the next 21 years will also increase.

In the current scenario, it is expected to have more cash outflow than cash inflow due to the Company’s capital investment in the projects and the cash inflow can only be noticed clearly upon the commencement of the commercial operation date (“COD”) of the projects. The Company is expecting a significant amount of revenue and cash inflow to be generated in FY2021 from the completion of LSS 1 & 2 and WTE Plant.

However, Cypark is also expecting a significant cash outflow in year 2021 and 2022 due to capital investment of LSS 4 project and LSS 5 project.



7) Debt Collection (trade receivables)

Cypark has significant amount of trade receivables that is past due for more than 90 days. In AGM2020, Cypark mentioned the outstanding amount is mainly due by Gov agencies. The changes of Gov had impacted longer time in the processing of Cypark’s outstanding trade receivables and this is common whenever changes of administration happen.



DISCLAIMER:
All the information mentioned herein is solely for the purpose of education and references only.

REFERENCE:
- Cypark Annual Report 2019 , 2018, 2017
- Cypark latest Quarterly Report
- Cypark AGM 2020
- TNB Annual Report 2019
- http://ir.chartnexus.com/cypark/docs/agms/Summary%20of%20Key%20Matters%20Discussed%20at%20the%20Postponed%2015th%20AGM%20held%20on%2018%20June%202020.pdf
- https://www.nst.com.my/news/nation/2019/09/518408/malaysia-needs-rm33bil-investment-hit-renewable-energy-target
- https://www.st.gov.my/contents/2020/Copy%20of%20LSS%20Progress%20By%20Region%20(Q1).pdf
- https://www.power-technology.com/comment/malaysia-needs-us8-billion-investment-to-achieve-20-renewable-energy-target-by-2025/
- https://www.theedgemarkets.com/article/govt-targets-six-wastetoenergy-plants-2021
- https://www.theedgemarkets.com/article/better-earnings-visibility-prospects-cypark
- https://www.theedgemarkets.com/article/cypark-sees-doubledigit-revenue-growth
- https://www.theedgemarkets.com/article/tnb-awards-three-lss3-projects-total-capacity-29088-mwac
- https://www.theedgemarkets.com/article/cypark-reorganises-loans-address-debtcash-flow-mismatch
Show more
Edward Tan
wow 期间还突破1.5,虽然1.35出完票了 但不后悔哦 剩下的你们赚就好
1 Like · 2 days · translate
刘敬宝
出在1.55还觉得有点可惜
没想到是短期高点了,幸运哈哈
等回调多一点再进场了。
1 Like · 2 days · translate
Daniel kk
没量来难上去啦....找个好入点再看看
2 Like · 2 days · translate
Jackson
Edward重仓在serbadk布局了咯!我也相信会等到它的大回报的!
2 Like · 2 days · translate
kennon liew
请问各位知道LSS4招標的成绩几时公佈嗎?買在1.5价位有点緊張 !
Like · 2 days · translate
刘敬宝
如果是等lss4的成绩公布以后想賺差价的肯定会担心咯,因为谁也不知道什么时候,只知道近期。
而且股价偷涨那么多了,回调很正常。也不排除sell on news的情况
不管如何还是做好风险管理,在自己能承受的点买入最好。
cypark是很值得等的公司
1 Like · 2 days · translate
Fong Jun Jie
旧新闻是写年尾,不过mco的关系,我觉得是明年年头哦~ 肯定都会拿到吧,之前的都拿到了,又有经验,想拿不到都难,哈哈哈
1 Like · 2 days · translate
kennon liew
谢谢你们,那我们就一起等待cypark给大家发红包过新年了哈哈!
2 Like · 2 days · translate
Bruce Lee
我的年底花红红包都靠它了
Like · 2 days · translate
Tay Tze Sen
cypark 价值严重被低估。。。
1 Like · 2 days · translate
Nick Soo
我不想再听到说被低估, 很多股也被低估。 哈哈, 说说笑而已。
1 Like · 2 days · translate
Nick Soo
今天是不是很多人玩vaccine 股啊。
Like · 2 days · translate
LION KING
被低估的股很多,但严重被低估的股票很少。cypark就是其中一只。
4 Like · 2 days · translate
Fong Jun Jie
与其说是被低估,cypark比较适合被形容为有潜质吧~ 之前低于RM1的时候就可以说被低估,现在则还可以,但是是非常有潜质咯 哈哈哈
2 Like · 2 days · translate
Bruce Lee
Lion 说的太对了,低估的股很多但是严重低估的却不多,尤其还是前景很好的股就更少了。
2 Like · 2 days · translate
Tay Tze Sen
年赚0.18eps...股价才1.50....PE才8左右。去哪里找哦。。。
4 Like · 2 days · translate
刘敬宝
没办法
谁叫它收不到钱
哈哈哈哈
2 Like · 2 days · translate
Tay Tze Sen
欠最多是政府。不过不用怕啦。政府欠,一定收的回钱的。只是有时候政府部门一直换人,手续重复了再重复。才导致文件缓慢等等
1 Like · 2 days · translate
Star Lucky
之前低于1块时大家看不起,最近股价起了,大家就覺得它好好哦。
1 Like · 2 days · translate
LION KING
我还hold着低于一块的票。哈哈
Like · 2 days · translate
Bruce Lee
我从1块多hold到几毛钱到现在回去1块多,看到了各种贬。其实要投资就别说那么多,决定是自己做的。之前那样子跌我也是一直做average,就是对它有信心。
2 Like · 2 days · translate
Sian Jin Low
敬佩Bruce Lee.........
1 Like · 2 days · translate
Tay Tze Sen
我1.02.........不过在1.48卖出一些了。。
1 Like · 2 days · translate
Jackson
票卖到差不多了……我也可以安静下来了。这里要靠你们好好经营了。我得空再来窜门子。如果回看留言,我想我是最八卦的了。哈哈
Like · 2 days · translate
Fong Jun Jie
Jackson 你舍得丢下我们咩~~~ 来给几个你在看的股,我跑去串门子 哈哈哈哈
Like · 2 days · translate
Hanson
@Jackson
你别走哇!
没有留下些免费票吗?
Like · 2 days · translate
Jackson
walau 我一定会出现的。只是cypark我剩下40%的票了。它也涨了就不用看它了。除非它跌回很多我再买回咯!不然剩下的票就等2块以上再打算了。
Like · 2 days · translate
Jackson
Hanson,我没有卖完啦…它涨这么多,现在也是要休息一下。我去其他股转转先。哈哈。cypark我要等明年中的季报,再好好观察。如果有持续改善,给我hold5年以上也没有问题。
Like · 2 days · translate
Nick Soo
没有你收票很难起。 jackson 帮忙抬高价
Like · 2 days · translate
Jackson
Nick Cypark Rm0.92 以上我都没有买过,它也不是一样涨到Rm1.56。我也不是什么大户,推也推不上咯!

我没有买,它很快也是上Rm2以上的。哈哈
Like · 2 days · translate
Jackson
Fong 最近我主要在关注OCK和Serbadk。OCK就比较安静,Serbadk是很热闹的股来的。只是负面留言现在比较多!哈哈
Like · 2 days · translate
Sian Jin Low
来个负负得正如何?????????
Like · 2 days · translate
Jackson
还负负得正啦!Sian,Serbadk是你主要counter吗?还是什么股?介绍一下。我也要跟注!嘻嘻
Like · 2 days · translate
Sian Jin Low
最近比较分散,没有什么主要的了,暂时没有什么股敢分享的
Like · 2 days · translate
Jackson
walau分散应该是很多股可以买才对啊?哪里会没有股分享哦!放心,我亏了会自负的。哈哈
Like · 2 days · translate
Sian Jin Low
手套, kerjaya, ifc 。kerjaya ifc现在应该没有打算进了啦。
Like · 2 days · translate
Jackson
谢谢哦,有股票可以研究一下了。哈哈
Like · 2 days · translate
Jackson
厉害厉害,果然是高手。买什么就涨什么。
Like · 2 days · translate
Sian Jin Low
别笑我了,手套不上不下,其他两个也只是小钱。。。。。
Like · 2 days · translate
Jackson
手套,最近跌下来才进,没有什么波动很好了咯!至少不是买在最高区域。之后可能就起了咯!
Like · 2 days · translate
Fong Jun Jie
OCK最近是比较静,大概是因为bonus issue的事情吧~ 不过反正我也买了,就放着慢慢看咯,不急的
Sian,我也是有买进kerjaya咧,请教一下你的高见TP是多少哇?~
Like · 2 days · translate
Jackson
ifc之前我就看留意过,但是没有钱买?这两季业绩都很好。还有机会goreng。
Like · 2 days · translate
Sian Jin Low
Fong, 基本面情况我觉得它值1.2-1.4啦。我没有什么一个标准价位,超过的话我就是看图形来决定卖了
1 Like · 2 days · translate
Fong Jun Jie
sian好的~ 因为我是觉得大概1.2~1.3,然后就要看有没有什么消息之类的还有买卖量来决定了..
Like · 2 days · translate
Nick Soo
topglove 应该会掉。明天。。。
Like · 2 days · translate
Sian Jin Low
你可以一起观察一系列同领域股的走势
Like · 2 days · translate
Daniel kk
业绩应该会比samaiden slvest好吧
1 Like · 1 day · translate
Bruce Lee
今天应该是supermax表演吧!刚进指数股
1 Like · 1 day · translate
Jackson
cypark应该会很努力盘整消化卖压。

这次老板头晕了!
老板说我们很努力提升公司价值,股价却一直跌below Rm1。搞到他们被逼一直要卖票。
之后来一个撒手锏Esos,弥补低价出售的痛。
将来有钱再慢慢补痛。

哪里知道时隔没多久,烟消云散股价又回来反它的价值了。Esos还是弥补不了卖掉的痛!哈哈
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2 Like · 1 day · translate
Sk Cheong
有一位学生问出名的股票老师,如何看cypark这间公司。因为现金流收不回来的问题,老师竟然拿伦敦食品来做比喻?我的天啊.....让人哭笑不得
2 Like · 1 day · translate
Bruce Lee
Sk,哪个老师那么厉害做比喻啊?真想认识一下,就跟无 常一样买相反就行了。
2 Like · 1 day · translate
Sk Cheong
Bruce Lee 老师的名字不方便说,但是他的门生,确实到处留言一知半解的问题。实在有趣...
2 Like · 1 day · translate
Jackson
SK 你在说剑叔叔吗?那个很久了的啦……可能人家已经改变观点了咧!现在变contract asset了。哈哈
3 Like · 1 day · translate
Mimi
可以来一个1.55 吗?哈哈
Like · 1 day · translate
Hanson
@Jackson
那个溅叔叔是中国人来的,
听他说话的声音不像大马人......
又不见得他开youtube,
说说龙筹股的不好......
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Like · 1 day · translate
Jackson
哈哈,不要这样。他算是不错的老师了!
国籍不是问题啦……
他有很多youtube……OK的比较啰嗦罢了!哈哈
2 Like · 1 day · translate
NiaSing Wai
老师好不好我不懂,至少在他的 live 学到很多想法。关于他对 cypark 的评论,他只是拿来做例子。他在里面有说出他个人的看法,我觉得没问题啊。原本每个人对公司的看法都会不同,相信自己就好了。不需要针对人家教学怎样,学不学到是自己的。
2 Like · 1 day · translate
Fong Jun Jie
难得整个行业都回调诶,又要存子弹准备年尾业绩+LSS4成绩了呀~
2 Like · 1 day · translate
Mimi
成绩出的时候会不会整个行业都起?哈哈
1 Like · 1 day · translate
Fong Jun Jie
这个啊,不敢说呢,不过会大概有一点影响吧,毕竟RE这块属于有潜质的板块,cypark是老屁股,大概会带动一点吧~ 我觉得业绩是小事,LSS4才是最重要那个,哈哈哈~ 等这里回调完毕就可以继续建仓(如果是对他有信心的话啦)
3 Like · 1 day · translate
LION KING
1.42加码了。。。祝我好运haha
Like · 1 day · translate
Nick Soo
因为你加码才会上1.46,我们要谢谢你
2 Like · 1 day · translate
Fong Jun Jie
收在1.47.. 比预期好很多咧
2 Like · 1 day · translate
Mimi
真的,我以为会收在1.45
Like · 1 day · translate
LION KING
哈哈。我没那么厉害。是很多人有共同的想法一起买进推高股價
2 Like · 1 day · translate
Fong Jun Jie
蝴蝶效应~ 你的贡献引起共鸣呀 哈哈哈
2 Like · 1 day · translate
Edward Tan
1.34以下会考虑进场第一批,希望有机会!
2 Like · 1 day · translate
Sk Cheong
我希望它直接涨到1.700以上,哈哈哈
3 Like · 1 day · translate
Eric Choy
大马评级中降,拜一应该开低走高,拜二拜三见1.7
2 Like · 1 day · translate
Pauline Ang
关于LSS4竞标成绩请问这里有谁知道大概几时会揭晓? Crpark 得标的几率有多大呢?可以分享一下吗?
Like · 1 day · translate
DC TY
既然你诚心诚意的发问,我就大发慈悲的告诉你吧。几率没有人懂,投行讲根据过去的历史几率很高,揭晓时间预计1月根据mfcb管理层的说法
3 Like · 1 day · translate
Sian Jin Low
LSS4 不只是分给一个公司而已啦。Cypark LSS1-3都有拿到所以基本上应该是可以分到一杯羹的。至于LSS4的结果“据说”是1月结束前会有答案。
1 Like · 1 day · translate
Tay Tze Sen
cypark com lan 9 firm 拿到。 看cypark 老板就知道了。。
Like · 1 day · translate
Hanson
@DC TY

难道说mfcb的管理层是在
最近新出的QR里面有提到
LSS4的公布日即将在1月份?

如果在QR里面没有提到
那么消息来源自哪个媒体报道哦?

可以分享一下吗?
谢谢!
Show more
Like · 1 day · translate
Sian Jin Low
Hanson做么不要自己去做功课查证下勒
Like · 1 day · translate
Sian Jin Low
MTCB prospect:
The Group has on 2 September 2020 submitted a bid to build a 50 MW large scale
solar photovoltaic plant under the Energy Commission’s 4th cycle Large-Scale Solar
development scheme (“LSS4”) in Malaysia.
Results of the bidding exercise is expected to be announced in January 2021. If
successful, the project which carries a term of 21 years, is expected to be
commissioned in 2023.
Show more
1 Like · 1 day · translate
Hanson
@Sian Jin Low.....
刚才我就是快速的看它QR一下
没有细读才看漏眼没发现到啊……
所以也才会发问一下嘛……
Like · 1 day · translate
Jackson
大家不用太过紧张LSS4。LSS4可以说是政府要用来刺激国家经济的计划。所以受惠的公司将会有很多。1Gw的LSS4,将会有很多公司拿到。我想Cypark拿到100或150mw是没有问题的。

再来就是LSS4的目标是在2023年开始营运,所以政府一定会给它们足够的时间来完成竞标项目。一般上竞标50mw项目需要至少18个月的时间完成。10-30mw项目好像要在2022年就开始营运了,所以今年12月份公布的几率比较大吧!迟也是到明年1月份咯!这个影响cypark不大啦!

我们应该需要更关心目前LSS2的完成和WTE的营运。这应该市场更关心的。哈哈
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3 Like · 1 day · translate
Tay Tze Sen
Jackson. 是的lss4, cypark confirm 拿到。现在就是看wte和今年年尾完成LSS2,LSS3,提供的盈利了。还有,政府快点还钱给cypark啦。。。。。
2 Like · 23 hours · translate
Jackson
LSS3没有这么快完成,应该也是要到2022年才开始营运。还钱应该是以营运后买电的方式支付。所以contract asset还是会维持高水平的。
1 Like · 22 hours · translate
Jackson
所以LSS项目都会已Sukuk的方式融资。
甚至Cypark会将项目公司上市或产业信托的方式上市。这样就能快速的降低cypark负债有更充裕的资金招标更多工程。国家再生能源使用率才能加快脚步哦!再生能源项目是covid后,全球很重要的刺激经济项目之一唷。
2 Like · 22 hours · translate
Jackson
再讲下去,我卖了都有一点后悔了。哈哈
1 Like · 22 hours · translate
Bruce Lee
还是要长期持有的,目标价就是5年内3.5
1 Like · 21 hours · translate
Jackson
一年涨一块,五年涨五块。存10-15年吧!哈哈
2 Like · 21 hours · translate
Sian Jin Low
Hanson, 分享你一招,打开mfcb quarter report后右上角有个search的功能,输入lss4就会马上找到啦
1 Like · 21 hours · translate
Jackson
三年3块,六年6块九年变12块。开心吗?哈哈

放心第一个三年已经走一半了……
所以接下来的一年半要涨到3块了。
2 Like · 21 hours · translate
Pauline Ang
谢谢各位,我是看在八楼没有买,但是我买在九楼也是一个不错的楼层。
Like · 21 hours · translate
Bruce Lee
Jackson越说越兴奋哦!我都要被你带动去提epf买进了。
2 Like · 21 hours · translate
Jackson
我是看你说5年3.5太低了。所以才要给你更美好又合理的梦想。哈哈

不要相信我,要相信cypark罢了!
2 Like · 21 hours · translate
Jackson
cypark继续涨是很好,但是我是真心希望它会回调到1.25-1.30之间。给我再买入的机会,之后再继续涨。
(你是什么东西,你以为股价是为你涨跌吗?我不要犯傻了)类似这样的话,在Dpharma有大神讲过。终生受用。哈哈
1 Like · 21 hours · translate
Sian Jin Low
相信J神。。。。。。。。。。。
Like · 21 hours · translate
Jackson
不要信我,要也是信Dato Daud。我现在只是小小股东罢了!0.000001%罢了
2 Like · 20 hours · translate
Bruce Lee
jackson小那我就更小了,我才100多粒。cypark要跌我就要继续增仓了
Like · 20 hours · translate
Tay Tze Sen
Jackson 你现在有几lot 在手?
Like · 20 hours · translate
Jackson
我现在保留400lot在手罢了! 还有一些本金在里面啦!平均价0.2x吧!
2 Like · 19 hours · translate
Jackson
市场大户这么多,我们不要小巫见大巫。我们自己实现资本成长就OK了!慢慢建立我们的养老金就可以了!投资机会很多的!慢慢一起加油哟!一起研究交流啦!
2 Like · 18 hours · translate
Bruce Lee
jackson你还有拿什么股?我现在手上还有fpgroup, myeg,和cypark
Like · 18 hours · translate
Jackson
fpgroup 可以哦!以前三毛多没有买就走宝了!myeg 稳定啦!我genm,ock跟serbadk咯!亏钱的layhong都还有。偶尔投机一些咯!是哦harta 400units罢了。等topglove下个星期便宜,我要买来投机了。哈哈
2 Like · 18 hours · translate
Bruce Lee
topglove我看说不定还会再跌哦!我在等6块以下就要入了。哈哈。。。你的组合很不错哦!都是我心动想买但是没买的
Like · 18 hours · translate
Fong Jun Jie
*赶快抄下jackson的组合* 笔记笔记 哈哈哈哈
3 Like · 14 hours · translate