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Update: 11/March/2021

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: This year
- Daud (CEO) estimated RM10 million annually
- This will contribute to FYE 2021

LSS2 - 3 x 50 MWac = 150 MWac
- Targeted Commercial Operation Date: This year
- Daud (CEO) estimated RM25 million annually
- To contribute revenue in FYE 2021

WTE - 20 to 25 MWac
- Targeted Commercial Operation Date: Mid 2021
- Daud (CEO) estimated RM80 million annually
- To contribute revenue in FYE 2021

LSS3 - 100 MWac
- Targeted Commercial Operation Date: 2022
- Daud (CEO) estimated RM50-60 million annually
- To contribute revenue in 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)



4a) Prospects on Green Tech and RE

According to AR2020, Cypark targets to achieve beyond 500 MWdc by FYE2022. 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 21.7%.

Cypark's revenue comes from four segments as follow:
* Data from Cypark AR2020 *
- RM214 | 79% - Environmental engineering
- RM20 | 6.5% - Landscaping and infrastructure
- RM4 | 1.3% - Maintenance works
- RM66 | 21.7% - Green Tech and RE

Cypark "Green tech and RE" revenue (MYR)
- FYE2014 - 34,954,629
- FYE2015 - 39,665,233
- FYE2016 - 46,544,314
- FYE2017 - 48,713,260
- FYE2018 - 48,784,125
- FYE2019 - 59,020,364
- FYE2020 - 65,856,536

According to the AR2020, by FYE2022, Cypark will increase its ownership of RE asset capacity to 245MWp from its current operating capacity of 47 MWdc.

In addition to its own assets, Cypark will operate a total of 150MWp solar assets under its EPCC + Operation and Maintenance (O&M) long term contract. In total, the number of secured capacity of solar assets built, owned and/or operated by Cypark will reach over 395 MWdc.

With only 47 MWdc, the sales of energy already contributing about 65 millions revenue annually. 395 MWdc definitely will contribute positively to Cypark revenue.



4b) Prospects on LSS 5, 6 & WTE

Cypark believe there will be further extension to the LSS programme possibly LSS5 and LSS6 as this will further enhance Malaysia’s green and renewable energy aspiration in achieving a total of 20% renewable energy mix by 2025.

Cypark's On Waste-to-Energy (WTE), is the first of its kind in Malaysia, is expected to be in commission by the mid of 2021. There will be another five WTE tenders that will be announced in the near future, targeted to be developed in Melaka, Johor, Pahang, and Kedah



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 2020, 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
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爱丽丝
没有绝对的事。。。我等看看。。。。。。。
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Star Lucky
但是其实我等的比你更低 哈哈
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爱丽丝
。。。。哈啊哈。。。。
Like · 1 month · translate
Lee Vins
乌鸦嘴,一说就跌了。。
Like · 1 month · translate
爱丽丝
今天星期五跌很正常。。。。。。。
Like · 1 month · translate
Lee Vins
这价位适合建仓了,如果还有跌再加码
Like · 1 month · translate
爱丽丝
0.875刚刚有收了一笔。。。再等等看看
Like · 1 month · translate
Jing
不要急 下个月国会还有戏给我们看
Like · 1 month · translate
Lee Vins
可能丁丁下台了就股票大起了
Like · 1 month · translate
Star Lucky
你看你收的是不是很好?哈哈 跌一下又起来了 没有那么容易到0.860感觉
Like · 1 month · translate
爱丽丝
看下星期如何囖。。。。。
Like · 1 month · translate
Lee Vins
丁丁果然下台了……明天应该很多人丢票
Like · 1 month · translate
曾科純
他下台是开心的事 。。。
1 Like · 1 month · translate
Star Lucky
他下台是好事 干嘛会影响丢票?
Like · 1 month · translate
爱丽丝
跌了再捞囖。。。。。。。。
Like · 1 month · translate
Lee Vins
无政府状态一些投资者会慌吧
Like · 1 month · translate
爱丽丝
等0.850再补一枪。。。。
1 Like · 1 month · translate
Lee John
现在都是散户在接票,机构和外资都在减持。你说说股价会上吗?只有掉的分吧!
Like · 1 month · translate
Star Lucky
john哪里看到机构在丢cypark票哦?
Like · 1 month · translate
Bruce Lee
通常只有持股5%或以上的大股东才会出现在announcement,我也蛮好奇的,因为cypark的5%以上的大股东好像没几个。除非说的是大盘那就还可以找到讯息,个股就。。。。
Like · 1 month · translate
Yee Zheng
你們是覺得現在的股價不夠便宜?沒有漲的理由。。。?
Like · 1 month · translate
爱丽丝
来咯来咯。。。。。。。。。
Like · 1 month · translate
Lee Vins
来了又跌了哈哈哈哈哈
1 Like · 1 month · translate
爱丽丝
没跌多少。。。0.870买的给我还可以啦。。放着看看
Like · 1 month · translate
Lee Vins
是啦还好你有买来建仓哈哈哈
Like · 1 month · translate
Jing
Diu咯 那个睡不醒的做首相
2 Like · 1 month · translate
nicole ong
几时出业绩.......
Like · 4 weeks · translate
Star Lucky
下个月尾才会出qr。。。。
Like · 4 weeks · translate
Travel Videos
epf is back
Like · 3 weeks · translate
Lee John
新首相做没几天就在隔离?
Like · 2 weeks · translate
Eric Choy
两个QR都提起WTE 6月会好,是不是开始操作了?
Like · 2 weeks · translate
爱丽丝
来了。。。。爽爽捞在底
1 Like · 2 weeks · translate
Lee Vins
恭喜各位捞底的朋友,慢慢回到正轨了
1 Like · 2 weeks · translate
Li Sheng
这个股终于动了。。。
Like · 2 weeks · translate
nicole ong
股东大会15号,谁有去
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爱丽丝
爽爽啊哈哈哈哈。。10多%了。。。等看看几时才套利
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Bursaman
TP RM2 :) for mw
Like · 2 weeks · translate
Lee Vins
这个业绩应该很好吧,希望回到2块皆大欢喜
1 Like · 2 weeks · translate
爱丽丝
向前冲。。。。。。。。。
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Admiral Adama
阔别半年今天终于买回了!
Like · 2 weeks · translate
Zack Gan
直接冲就是爽,虽然还在高楼,不过长期就放着吧,
希望有股息吧
1 Like · 2 weeks · translate
nicole ong
Epf买了难怪今天冲冲冲
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爱丽丝
epf是26号买的。。。今天可能再买进吧
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Star Lucky
哇 什么事情,忽然起那么给力,希望是好的开始,而不是又要套人住高楼 哈哈
2 Like · 2 weeks · translate
Bruce Lee
静静的看表演,加油cypark
1 Like · 2 weeks · translate
刘敬宝
这个月目标1.2
加油
1 Like · 2 weeks · translate
NiaSing Wai
一般都是one day show。。。虽然开心了一下,哈哈
1 Like · 2 weeks · translate
Admiral Adama
哈哈果然是one day show。

不过现在已经离边境开放不远了,外国专才应该可以今年内来commission wte plant了。
Like · 2 weeks · translate
Ivan Koh
cypark gogogo
Like · 2 weeks · translate
Star Lucky
如果是one day show,那就对了,这就是cypark!嘿嘿,而且epf每天买那么一点点而已 哈哈
2 Like · 2 weeks · translate
Lee Vins
目标1.2以上,应该再不久将来了
Like · 2 weeks · translate
刘敬宝
刚刚9.15有大户买入百万股了哦
0.97以上应该是稳了
Like · 2 weeks · translate
Lee Vins
对,epf也已经买入了,应该要炒上1块了
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Star Lucky
今天又0.915票咩。。。。。。。
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刘敬宝
我说的是时间 9.15am
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爱丽丝
压力。。哈哈哈哈冲啊冲啊
我等看看有1.200吗
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Star Lucky
哈哈 希望这次可以突破rm2块。哈哈
2 Like · 2 weeks · translate
Star Lucky
其他太阳能股都是红红,cypark青青,以前每次其他太阳能股青青,cypark红红,别人红红,cypark也红红,难道这次要逆袭了吗
2 Like · 2 weeks · translate
爱丽丝
我不贪心先1.200先。。买在0.870的。。。。倒是看看有没力再上
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Star Lucky
爱丽丝 賺很多哦这样。你有买多吗 哈哈
Like · 2 weeks · translate
爱丽丝
没特别多还可以
我手上股太多了
有的长期有的短期有的fifo
Like · 2 weeks · translate
Ivan Koh
嘻嘻 gogogo!
1 Like · 2 weeks · translate
Bursaman
TP RM2.. faster buy ticket and ride the boat.. rocket up soon
1 Like · 2 weeks · translate
Andy Choo
之前有捞到的股东们恭喜!
1 Like · 2 weeks · translate
Geouis Wei
花生生么事情上到一块钱 ?我还在亏
1 Like · 2 weeks · translate
Bursaman
Resistance rm1.02 broken. Next resistance 1.3 , 1.58 and rm2.. Long term investment for my case as I trust Simply wall fair value :)
Like · 2 weeks · translate
Bruce Lee
最近好像要选新的auditor啊! Baker tilly的
1 Like · 2 weeks · translate
Andy Choo
bursaman说的对,这只股长持漂亮
1 Like · 2 weeks · translate
Lee Vins
希望快点来探望我我在113楼
2 Like · 2 weeks · translate
Jing
继续冲呀。。。。。。。。。。
1 Like · 2 weeks · translate
Tui Ho Wang
今天的交易量有点大哦~
1 Like · 2 weeks · translate
Bursaman
Foreigns and local institutions buy back after washes ikan bilis from 1.67 that day… this counter to buy for long term. Rm5 fair value by Simply wall? “What? Now only rm1? Too cheap not to buy now…”
1 Like · 2 weeks · translate
Lee John
这只真的看不透在做什么
1 Like · 2 weeks · translate
曾科純
我还在130楼。。。还没有补到仓就起了
2 Like · 2 weeks · translate
Tempura Fish
是不是之前跌到8毛多,开始怀疑人生了,不敢补票。
2 Like · 2 weeks · translate
nicole ong
8毛补,9毛也补,快要出套房了
Like · 2 weeks · translate
Star Lucky
买了就等咯。在成长中 只要前景保持好就值得hold
1 Like · 2 weeks · translate
Bursaman
Wait RM2 first TP better. Invest for long term. No need to keep checking the monthly , quarterly or half year share price. Yearly share price will be good
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Star Lucky
Tp rm2 not easy to reach . Hahaha even previous higher price is below. Maybe take more than a years?
Like · 2 weeks · translate
yutaka tong
long term can reach 2.00..
1 Like · 2 weeks · translate
Star Lucky
Hopefully................
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爱丽丝
明天就有股市了
手痒痒
一到假期就没力
Like · 2 weeks · translate
肚腩神
CYPARK 很少会在业绩前飞的 我怕怕 哈哈哈哈哈
Like · 2 weeks · translate
Sian Jin Low
怕什么?????????
Like · 2 weeks · translate
肚腩神
哈哈哈哈哈哈 我看业绩先
Like · 2 weeks · translate
yutaka tong
nta 2.21 supported.... solar farm asset
1 Like · 2 weeks · translate
Star Lucky
去年就很多人說目標到2块,可惜還没1.7就一路跌。這次能回1.7左右就滿足了,而且可能过几天都跌了。常常都突然起一下,然后就又跌。但是都买好了 也不补了,耐心等待。
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肚腩神
之前我已经有幸参与和见证我的 0.825 到 1.6 今年也希望轮到你们也可以
2 Like · 2 weeks · translate
Jackson
跟着股价一起潜水到0.8,难得1.0以上有浮出水面。哈哈
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Jackson
难得看到yutaka看它2.00,此时不买更待何时!嘻嘻
1 Like · 2 weeks · translate
Star Lucky
没任何消息,每天这样一点一点起。。。
1 Like · 1 week · translate
肚腩神
果然大起后就是这样,cypark 太不稳了,他都是业绩好决定股价走向,追高的朋友别灰心,看看950 support 跌破吗?跌破就90 avg down 吧,然后875 看能不能反弹。如果对他业绩有信心就没个support 都买吧。coming业绩必须维持18M 和以上才算美。各位加油
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Lee Vins
这个股应该要长期持有,不要以为两三个月可以看到东西
1 Like · 1 week · translate
肚腩神
vins 我玩这股的时候你都还没来这里啊
1 Like · 1 week · translate
Travel Videos
run as fast as you can
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肚腩神
我只是客观阐述我想表达的东西,我去年 从最低位跟到上最高位然后块多又跟会上去后就放手了,想等 0.8x 没等到心水价位又弹上去了,没说过CYPARK不好,之前他cash flow 不美我都相信他,问题是cypark 很少出业绩前跌那么多然后突然反弹回去的啦,什么长期拥有,什么两三个月的theory 你看看你对谁说先吧
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爱丽丝
一块套利
有机会再回来
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飞鸿腾达
哇!肚腩神这股一起来哦!套利的别后悔
Like · 1 week · translate
nicole ong
Any 1 attended Cypark AGM today? Any good announcement?
2 Like · 4 days · translate
Alex Teoh
nothing in the meeting, just lousy reading script.
Like · 4 days · translate