Fork's comment on CYPARK. All Comments

Fork
91 Like · Reply
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
- 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

Cypark "Green tech and RE" revenue (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
- FY2020 - 65,856,536

Cypark future recurring revenue (Estimation), factoring in their On-Going Projects once completed (Revenue in MYR)
- 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

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 65 millions revenue annually. 200 MWdc definitely will contribute positively to Cypark revenue.



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
YinG
酱琢磨peb业绩还亏到淋酱?
1 Like · 2 days · translate
Ranger
業績和後面的funder是沒有關係的。funder是focus着爭取將來的太陽能project
Like · 2 days · translate
Bruce Lee
其实跟gme的情况类似,都是股价很小流通股很少,业绩不看,一个主题,炒起来!
1 Like · 2 days · translate
Phildes Hom
Price will go back.....
1 Like · 2 days · translate
Admiral Adama
contra kaki很多要先洗一洗。
Like · 2 days · translate
陈强强
今天最少跌15%,注意一下
Like · 2 days · translate
Nick Soo
出来了。 哈哈哈。。。。
Like · 2 days · translate
Bruce Lee
那些跟风的散户都从cypark跑去买PEB然后一早就被套高楼了。
Like · 2 days · translate
Ranger
今天的跌幅真的是严重。
Like · 2 days · translate
Tay Tze Sen
变月底2.00块钱了。。。
Like · 2 days · translate
Jackson
老板缺钱,昨天不懂有卖吗?今天又卖吗?
Like · 2 days · translate
Andreew
跌破1.6就乱水了,难玩
Like · 2 days · translate
Phildes Hom
just watch and enjoy how cypark perform....
Like · 2 days · translate
C.Y Wong
在高位冒出这种蜡烛形态
Like · 2 days · translate
Hanson
希望柔苏丹插一脚进来玩就好了……
2 Like · 2 days · translate
Star Lucky
今天喝了泄药吗 哈哈。
Like · 2 days · translate
Ranger
柔佛蘇丹和阿公插一腳在PEB了。。再进cypark應該不可能吧
Like · 2 days · translate
Peter Tham
就算没有苏丹撑腰,这只股也没有差到那里吧。其实它可以很突出的能源股,只是要时间证明
1 Like · 2 days · translate
lit Li
Why drop so much ? This stock confirm get the project la ,people sell for what
1 Like · 2 days · translate
Bruce Lee
lit, there are people who speculate that the project would be awarded to PEB rather than cypark.
Like · 2 days · translate
lit Li
Haha even no that project , the cypark income will rise in future for sure, a lot of project now starting generate money for them, how come people still dump lol, cypark is undervalued
3 Like · 2 days · translate
Peter Tham
In fact, i dont prefer Cypark to be speculated due to news.. and then sell on news kind of stock. Let it grow organically.
2 Like · 2 days · translate
Peter Tham
you dont want cypark end up like goreng counter...where it should rise based on company growth for long term
1 Like · 2 days · translate
Tui Ho Wang
哈哈 没事的啦
只要手上的发电站全部照计划今年开始跑
接下来就有戏看啦
如果拿到柔佛这个大计划,锦上添花
如果拿不到,也没什么事的
Show more
3 Like · 2 days · translate
lit Li
其实这个peoject 还是很大可能cypark 会拿到的到底是哪里听来消息说拿不到这个project
2 Like · 2 days · translate
Bruce Lee
i prefer cypark to be grow gradually but not shoot up like a rocket in just a day. We investors prefer a steady and growing investment. It is good to flush out those short traders/ speculators from cypark.
Like · 2 days · translate
Bruce Lee
lit,你的问题很好,我也很好奇怎么会有这种消息。也许ranger可以说说是哪里的消息。
Like · 2 days · translate
Ranger
只要我手上有多余的资金,一到我要的價位我就就继续加码cypark。。
Like · 2 days · translate
Peter Tham
i also continue to invest more and more on cypark. I believe in Cypark future. I can wait for another few years.
1 Like · 2 days · translate
Bruce Lee
其实cypark根本不需要跟其他的公司比,只要之前的工程完工开始卖电。盈利跟上后现在的股价就是超级低估的。
5 Like · 2 days · translate
Ken Law
Cypark 股价跟回它的nta就美了。
Like · 2 days · translate
Star Lucky
昨天上top gainer,今天上top loser 哈哈
Like · 2 days · translate
jh kuek
昨天看它突破1.6直接h9e,现在回来被吓傻了
Like · 2 days · translate
Echo echo
这个3月是1.35-1.45. 等年中好戏才会上影
Like · 2 days · translate
Star Lucky
哈哈 来日方长,股价总不可能天天上,相信之后会冲刺更高。
Like · 2 days · translate
Echo echo
我昨天出清了,年中回来和大家再做股东
Like · 2 days · translate
Ranger
Bruce。我沒有說cypark拿不到project。我只是说PEB也会参与這些太陽能的project。。。Lss4到现在還沒宣布原因也是因為政府內部有很大的分歧。
Like · 2 days · translate
Joe Wong
假突破,今天一根长红盖过昨天所有涨幅。昨天好彩不贪,不然欲哭无泪。
1 Like · 2 days · translate
Echo echo
其实cypark 拿不到最新的,有旧的也夠吃了
1 Like · 2 days · translate
M L
这个股果然没令我失望,一根长红哈哈哈
Like · 2 days · translate
Ken Law
明天上青。老板给机会加码。
Like · 2 days · translate
Admiral Adama
其实LSS4分成很多的小package。如果我没记错的话每个package才50MWp,所以可以给20个bidders获得。最好吃的lss1/2/3都给cypark吃了。
2 Like · 2 days · translate
陈强强
韭菜的味道真香………………
Like · 2 days · translate
Peter Tham
i will take all seller tickets..!! i sure do
2 Like · 2 days · translate
Bruce Lee
强强来了,有好戏看咯!
Like · 2 days · translate
Jackson
什么人都有,就是这么喜欢让人讨厌吗?有个钱又怎样哦?是在挥霍自己的福报吗?
4 Like · 2 days · translate
Hanson
@Jackson

Fork失踪了吗?
Like · 2 days · translate
Jackson
哈哈,Fork 这种才是高手。他笑看风云。
3 Like · 2 days · translate
Bruce Lee
Fork就是买了就等收获了,稳稳一个投资家。
Like · 2 days · translate
Peter Tham
我如果说今天cypark的图漂亮。。。信吗
2 Like · 2 days · translate
Hanson
@Peter Tham

你是说今天的图
是跌得最漂亮是吗?
2 Like · 2 days · translate
jh kuek
Bearish engulfing candle 吓9我
Like · 2 days · translate
Nicholas Mok
不要骗我cypark 今天的图美,我就算看好cypark 我也不觉得美
Like · 2 days · translate
Star Lucky
一根大的红柱,能好看吗?但前天大青柱,隔天却跌够力
Like · 1 day · translate
Star Lucky
前天应该挺多人看到突破买1.60以上吧
1 Like · 1 day · translate
Chris Tan
一根大青,偷鸡的进来。。加一根大红,不确定的都走了。。
1 Like · 1 day · translate
Hanson
触底反弹了?
我看应该也是个陷阱来吧?
我宁愿不要追高
再等机会捞底.....
Like · 1 day · translate
Echo echo
3月会在1.3-1.4
Like · 1 day · translate
Jackson
这样应该赶快卖了!1.3再买回。哈哈
Like · 1 day · translate
Star Lucky
哈哈 能预判股价的人都不是一般人 哈哈哈
Like · 1 day · translate
Echo echo
我是星期一出清了,休息下。
Like · 1 day · translate
Bruce Lee
今天cypark又要搞一支独秀?
1 Like · 1 day · translate
Star Lucky
量低,等下又是直接来个“惊”喜!吓死宝宝们!
2 Like · 1 day · translate
Phildes Hom
今天看到赢全场的脸了.....
1 Like · 1 day · translate
Jason Yzs
don't so happy first, later afternoon give u red color ah
Like · 1 day · translate
Nick Soo
大胆预测。。。。。 明天
Like · 1 day · translate
lit Li
我大胆预测这股今年会去到3块
4 Like · 1 day · translate
Star Lucky
今天有惊无险,哈哈,明天应该会青了
2 Like · 1 day · translate
Peter Tham
还是同样的一句,昨天的图是漂亮的,信吗
1 Like · 1 day · translate
Tui Ho Wang
哈哈 peter那今天的美吗xD
1 Like · 1 day · translate
Star Lucky
今天的算美哦,十字趋势扭转,明天上升的机会大一点吧,但是我学识浅薄,如果有错误请纠正我。
2 Like · 1 day · translate
Hanson
价格1.48的量有异样!
1 Like · 17 hours · translate
Choonjye Lim
什么异样啊。。。??老大
Like · 17 hours · translate
Frankie Lim
不好再说了等下蟑螂出来又告诉你要跌了
Like · 17 hours · translate
Bruce Lee
好像有1-2万的交易,大户出现了吗
1 Like · 17 hours · translate
Echo echo
Trader 很多,所以还是散户
Like · 17 hours · translate
Star Lucky
1.480 ,2万多交易。
1 Like · 17 hours · translate
Echo echo
但是有23个买家,所以单一买家是少量了
Like · 17 hours · translate
Tee Zhao Han
1.48 有个人丢了 19574张票
Like · 16 hours · translate
Goeh Kar Win
丢票是好....这样我们就可以买便宜票了啊...我很期待
Like · 16 hours · translate
Tee Zhao Han
这么多票是谁丢给谁 敬请期待
Like · 16 hours · translate
Hanson
正确来讲是daud或razali丢的票
丢2万lot就等于2million股.....

Razali还剩下4 million esos 没转换完
Daud 还有 19.525 million esos 呐.....
而前几天卖票的人已经肯定是Daud了
那么你觉得今天到底是谁在卖的票呢?

加上最近柔苏丹公布发展Taman solar
然而去年柔政府旗下的PDT跟cypark
已经秘密签署了合作协议……

而今天就有股权交易活动那么大的量
市场猜测会是柔苏丹开始入股进场.....

柔苏丹一直以来
都是有做生意的思维
以做生意的角度来看
入股cypark分一杯羹
是无可厚非的事情.....

写了那么多
重点是大家买卖自负
Disclaimer啦......
Show more
5 Like · 16 hours · translate
陈强强
应该会跌至1.20才会有机会反弹,安息吧
Like · 14 hours · translate
Nick Soo
来了。 他一来我就安心了
1 Like · 14 hours · translate
Bruce Lee
看到了小强,我真的放心了
Like · 14 hours · translate
小弟路过问题最多
............
Like · 14 hours · translate
小弟路过问题最多
some related news coming. but not sure when... =)
Like · 14 hours · translate
Tui Ho Wang
小弟
有关lss4的吗?
Like · 14 hours · translate
小弟路过问题最多
nope, LSS4 我还在打听。 看看有没有消息。。本人在他家其中一个工地走走 XD
3 Like · 14 hours · translate
Ling Ling
哈哈,走多点带好消息给我们 xD
2 Like · 14 hours · translate
李政准
机会又来了 各位要抓紧机会啊
Like · 13 hours · translate
Tui Ho Wang
哈哈 很好奇你在哪一个工地xD ladang tanah merah 的?
Like · 13 hours · translate
ys tan
是不是一个有关TNB的project ?
Like · 11 hours · translate
小弟路过问题最多
hmm, shhhh. nanti i kena tangkap.. haha..cannot disclose my location.
Like · 11 hours · translate
Zack Gan
tnb大动作一直参与太阳能计划,但我国却没有任何风吹草动,
等待那一刻?
Like · 11 hours · translate
Andreew
这个股背着降落伞。。。一路gg
Like · 9 hours · translate
Jason Yzs
1.3 will rebound hahaha hahahaha
Like · 9 hours · translate
Star Lucky
1.69跌到1.46哈哈,cypark boleh!哈哈
Like · 9 hours · translate
DC TY
0.7 up to 1.46 cypark boleh! opps
4 Like · 8 hours · translate
Star Lucky
1年后今天应该2.8 哈哈
Like · 8 hours · translate