Fork's comment on CYPARK. All Comments

Fork
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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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Hanson
古代的太监没有JJ了.....
但是他连太监都不如啊!
至少太监还有懒趴......

可惜他连懒趴都没有,
因为他一直都不敢买......
还在那边等JJ从天上掉下来......

从0.8寸等到1.3寸,
可能他想要等到5寸才买......
哈哈哈哈哈!!!
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2 Like · 1 week · translate
J Jackpot
原来这里不是散户多,而是垃圾多和说话没水准的人多,哈哈哈哈哈
Like · 1 week · translate
Chris Tan
不是退出KLSE了吗? 真low
1 Like · 1 week · translate
Hanson
你才最没水准叻……
你三番四次猜都没中......
还敢出来大小声?
真丢脸!

不信你问看看
这里有没有人支持你?
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3 Like · 1 week · translate
J Jackpot
怪不得这股没什么动,原来垃圾太多庄家看到都闲,应该的哈哈哈哈哈,这样1250就快到了
Like · 1 week · translate
J Jackpot
1360了对了,就是这样才对哇哈哈哈哈哈
1 Like · 1 week · translate
Jpot J
哇哈哈哈哈收盘1360,美美啦
2 Like · 1 week · translate
曾科純
管它收盘多少,这股买了就不要看它了,放长期吧
4 Like · 1 week · translate
Jpot J
庄家真会玩,套人在1300-1400之间,套满了就会来一波嫑嫑的,几atas一下咯
1 Like · 1 week · translate
Jpot J
哈哈哈1380-1400怎样套在上面了爽不爽呢
Like · 1 week · translate
Bruce Lee
我的价位是1块以下哦!你一直说套我也很无语的。。。。
1 Like · 1 week · translate
Jpot J
不要对号入座啦,昨天的量就知道不少人住套房了,就是中你们这些人的手,说到这股会飞天,你们真的很害人,为了要股价起一直告诉人可以买进可以长期投资
Like · 1 week · translate
Bruce Lee
说句实话,你应该才进股市没多久吧?
1 Like · 1 week · translate
Jpot J
对我今天才学会买股票,老人家咩长期投资,不要和我讲这样的话,两年后你还在股市里才告诉我
Like · 1 week · translate
Bruce Lee
嗯,你这样我很理解。继续加油吧!
Like · 1 week · translate
Jpot J
这只大炮仙echo没你的事,去吃药睡觉不要吵我
Like · 1 week · translate
Naoki Maeda
股票会上下不是再正常不过的现象吗?每天的浮动都不超过3-5%, 有必要像整两个礼拜都像疯狗一样kpkb吗?有够无聊....mute掉这几个假账号的沙雕, 眼不见为净 =.="
5 Like · 1 week · translate
Hanson
既然这样子的话......
这三个户口大家都block好了
因为大家要是越回答这些户口
这些户口就会越兴奋的找事情!

好好的一个留言区
每天都要变成吵架区
既然我们都知道自己在做什么
何必一直与傻子争吵!
Never ague with idiots.....

如果我们直接block了它
我们就不用看见它的留言
如果它再开新的户口来吵
我们就再block多一次咯!
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4 Like · 1 week · translate
ys tan
从3月尾开始,大户已经慢慢收票了,
从3月尾开始卖票的散户增加了。
Like · 1 week · translate
Jpot J
ys tan 你这样说很快又要回到1300了哈哈哈哈
Like · 1 week · translate
刘敬宝
明天准备上探1.4咯…………
1 Like · 1 week · translate
Bruce Lee
8号有谁去agm的啊?
Like · 1 week · translate
Star Lucky
8号不懂会不会带来惊喜。。
1 Like · 1 week · translate
Jpot J
明天这股会起,大家不要担心,我不是每次只说跌罢了OK,我觉得会起就说会起
Like · 1 week · translate
Star Lucky
是不是想表达 明天会起,然后如果8号有利好消息,就会sell on news,星期5又会跌?哈哈
2 Like · 1 week · translate
Trigger Lim
想问大家有online agm吗 哪里可以去呢
1 Like · 1 week · translate
LoVe Keat
大家合作不要再entertain 他就好了,只不过是还没长大的孩子在胡闹。
1 Like · 1 week · translate
J Jackpot
keat你这个拉拉仔去打你王者荣耀,这里是大人的地方不适合你的出现,滚开
1 Like · 1 week · translate
Jackson
我在手套股哪里,就真的看见很多股神刷存在感!他们应该都是高价离场手套股而暴富的股神吧。每次一见手套股下跌,就荷尔蒙失调。出来威武刷存在感。他们这样做,我还是蛮能理解的!卖了难免会变得寂寞些!

Cypark 这里暂时就不需要这些人吧!难道他们是隐士股神之前6毛买,一块六卖出。暴发户了犯失调症吗?所以寂寞无聊吗!

我最近功力变得深厚了!可以自己写自己爽,看不下直接block。眼不见脏东西,人的心情也变得平静一些!共勉!
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8 Like · 1 week · translate
ys tan
看看1.35的排队的有整万票,好像有戏哦
1 Like · 6 days · translate
J Jackpot
不要傻傻啦,根本就被压着来,哈哈哈这种叫压着大,很难了哈哈哈哈哈哈
Like · 6 days · translate
ys tan
15.46.25 pm
10277 unit buy at 1.35
Like · 6 days · translate
李政准
排在1.25已经要一个月了
就是下不去 还要等多久呢
Like · 6 days · translate
Echo echo
等晚上看你会不会发梦,可能会梦到的,不然现在发下白日梦也可以的
1 Like · 6 days · translate
Anson Sin
Coming soon....maybe or Man Man Tan
Like · 6 days · translate
Bruce Lee
其实根本不需要担心的,看都知道股价在酝酿了。不然早就大起或大落了。
1 Like · 6 days · translate
J Jackpot
这种卖压根本不是庄家,幕后老板真的很会玩,害我昨晚说这股会上,哪里知道猜错了
Like · 6 days · translate
Anson Sin
不过如果真的跌去1.25也可以买点啦。。
1 Like · 6 days · translate
Echo echo
Haha 废话连篇,你说的那有一次准。
Like · 6 days · translate
刘敬宝
3.40开始就已经有buying power了
同样的情况semaiden跟slvest已经快一步出现了
cypark的,看来是两边不合作啊
一边在买,另一边不让涨
还是esos后的出票?
感觉上又不像,因为esos也才那1m多的unit
应该早就出完了
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1 Like · 6 days · translate
J Jackpot
echo你去切了才留言OK,又被我猜中了哈哈哈,要不要我再猜猜明天会不会起?
Like · 6 days · translate
Nick Soo
你那么厉害就在这里哈拉咯。赚钱都赚到没有时间了。 一个股那么多的留言。 哈哈。
1 Like · 6 days · translate
刘敬宝
整体来说,今天还是好的
cypark这样的表现是一直以来的
波动幅度较小,跌的时候也是较少的
明天再接再厉
1 Like · 6 days · translate
J Jackpot
Nick我学会了如来神掌也不可能到处和人家说是不是,哈哈你我看法不一样,就不能说我乱说话好吗?
Like · 6 days · translate
J Jackpot
明天这股80%起,而且会起不少,当然希望幕后老板不要压盘,今天也压了不少
Like · 6 days · translate
Bruce Lee
明天有去agm的股友可以分享给大家有什么重点吗?
3 Like · 6 days · translate
Hanson
明天有谁线上参加AGM的?
1 Like · 6 days · translate
Star Lucky
希望明日投票派个股息开心开心一下。哈哈
2 Like · 6 days · translate
Jackson
看来我们都是小小小股东,所以没有人去Agm。只能期望大户多问问!等提问报告出来了!
1 Like · 6 days · translate
J Jackpot
哈哈哈这股还在被老板压着打啊,老板真的是一个打十个
Like · 5 days · translate
Zack Gan
也是啦,老板都没有一直在搞花样,股价哪里会飞啊
1 Like · 5 days · translate
Jackson
希望Agm让我更有信心加仓!哈哈
1 Like · 5 days · translate
Tui Ho Wang
agm这次有show出一些照片
-看的出wte已经是建好了
国外的测试员也陆续来了(三月时已经来了)testing phase已经开始了
今年会完成
-lss2的kelantan水上光伏发电也是今年一定会完成
-kedah的已经差不多要好了(只是没提到几月份可以发电)
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5 Like · 5 days · translate
Star Lucky
新手想问问,是不是agm里所有的提问都会被记录在报告然后公布出来?
1 Like · 5 days · translate
Bruce Lee
agm里的问题是不会公布的,除非有人或投行自己写报告。通常只有那几个resolution是通过还是不通过,还有投票结果。所以要清楚详情必须去agm才会知道的。
3 Like · 5 days · translate
Jackson
谢谢 Tui Ho Wang的分享。

WTE也是也算已经在季报里面透露终于要完成了啦!季报里面WTE看到一些获利贡献了。季报也增加WTE业务的详细说明。管理层预期WTE功效开始越来越多了吧!
1 Like · 5 days · translate
Jackson
Tui Ho Wang你本人出席Agm吗?Esos和Dividend有股东提出询问吗?未来还有融资的计划吗?毕竟接下来还有很多项目要展开。Johor的WTE也是需要资金吧!
2 Like · 5 days · translate
Tui Ho Wang

我刚才有提问股息今年会不会派
daud回答这次的agm不会讨论这个股息
是过后他们管理层会再详细讨论
未来也应该会融资计划 depends on接下来的计划
目前有在bid nem和neda的quota
johor的tender也是最近才完成submission
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4 Like · 5 days · translate
李政准
个人角度认为以公司现况来看
拿派息的资金来作为发展会是更好的选择
毕竟派息就是拿公司的钱来派
派了公司没钱又来ESOS什么的
不是脱裤子放屁吗
而且cypark的发展空间还有很大。
#纯属个人看法#
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1 Like · 5 days · translate
Jackson
Esos是雇员认股。并非融资的最好方式。更加公平的融资还是right issues,但是对股价打击比较大。Dividend还是能够派发的!可以以DRP的方式派发。这样比较好咯!

公司不断扩充之余,股东还是希望看到回报的!
5 Like · 5 days · translate
Tui Ho Wang
刚才有好几个问题
有的问为什么cypark这么低
有的问现金流要几时转正
有的问intangible asset为什么会越来越高
有的问营业额的2巴仙是用在r&d的部分,然后进展如何
等等
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6 Like · 5 days · translate
Bruce Lee
我想最多人好奇的还是1.股价 2.盈利相关的计算方法 3.债务 4.现金流 5.工程相关问题 6. 董事抛售股票 7.Esos 8.派息或其他的红股类corporate actions等。
1 Like · 5 days · translate
Bruce Lee
Tui谢谢你的分享,让我们没去也可以知道大会的内容。
1 Like · 5 days · translate
Tui Ho Wang
@bruce & @jackson不用客气
还有提问到lss4这次拿不到
epcc那里可以拿到多少的工程来做?
答:目前还不能给予一个明确的答案,不过有在争取着
然后ceo有提到刚过去的lss4他们已经提交了很有竞争力的价钱,但还是最后拿不到。
他们也不清楚是什么原因
但也不用担心因为接下来lss2和lss3还有wte要发力了
而且lss5他们会更努力争取到合约,
加上nem3.0还有neda那里,和接下来的wte tender
已经够cypark忙好一段时间了。
只是刚才忘了问现有的三个备忘录什么阶段了。
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8 Like · 5 days · translate
Christy Sin See Yen
真的谢谢Tui的分享...
Like · 5 days · translate
Ivan Koh
谢谢分享,cypark技术分析来看也是非常的不错了
Like · 5 days · translate
EDeviling
不错 。 有前途。 谢谢
1 Like · 5 days · translate
Nick Soo
omg 差一点我就top up 了
Like · 5 days · translate
Fork
谢谢 Tui 分享
之前cypark很有信心可以拿到LSS4。。。2020AR也写到macam yes可以拿到project....可是现在他们却不知道什么原因输。。。我对这一点有点小失望。。。当然它今年会有一些大project会完成。。我觉得两年内profits肯定会创新高。
2 Like · 5 days · translate
Bruce Lee
其实看得标的公司就知道政府要把太阳能化带到其他大企业了,而不是在乎竞标价和建造经验与能力。中标的不是建筑领域,就是种植领域,消费领域(tchong)等。这届政府其实已经好几次做出了意料之外的政府工程招标决定,大多数大热都未必得标。
3 Like · 5 days · translate
Bruce Lee
话说,今天的esos有好几个是惊现过关啊!所以有些机构也对公司的频繁esos不开心了,不只是我们这些小股东不开心而已了。
2 Like · 5 days · translate
Jackson
之前的耕耘才要开始开花结果……
大家握紧哦!哈哈

Cypark历经一年covid,虽然业务有被影响。但我个人还是认为它是抗经济低迷的行业。我们耐心等它持续成长就OK了!
3 Like · 5 days · translate
Fork
bruce, 很好的观察哦。。。没有想到这一点。
2 Like · 5 days · translate
J Jackpot
讲到会飞也没用啦,不要自我安慰啦,没人来炒什么也不是,1250快要来了
Like · 5 days · translate
Jackson
bruce我原本也是想投反对票的。只是麻烦处理罢了!哈哈
1 Like · 5 days · translate
Bruce Lee
我也会投反对票的,哈哈。。。。老板不专心工作一直搞钱,真不是个好习惯。但是我想这次的结果也许老板会警惕点希望往后不会太乱来了吧!
1 Like · 5 days · translate
DC TY
这样的投票结果很不健康,管理层再不醒目我就要拉队伍去丢椅子了
1 Like · 5 days · translate
ys tan
以公司的前景,
现在员工esos便宜,
市场上又有便宜票,何乐儿不为呢。。
2 Like · 5 days · translate
Teng M Y
ESOS 对员工来说可以提振士气,但是15% from total shares, 就有点触目惊心了!目前公司有490mil shares, so15% is 73.5mil shares 是给员工和management 的。
1 Like · 5 days · translate
林敬永
esos会不会是管理层哦????
Like · 5 days · translate
Tay Tze Sen
永。你头像的美女是谁来的?...
Like · 5 days · translate
Jackson
ys tan,我也是我认同你说的。esos会压制股价,也不完全是坏事。一来公司可以筹钱。听到Esos可能有投资者不愿意等而卖出。股价下跌靠近或低过新的esos价格的话。搞不好长期投资者还能买到更低的价格!
1 Like · 5 days · translate
lit Li
有没有弄到弄到想换码头了....
Like · 5 days · translate
Jackson
15%确实是蛮多,但是对于未来需要的资金。这或许远远不够!能够拿出比较多资金还是大老板们咯!所以esos肯定都是他们拿多咯!试问有哪家公司的esos不是老板们拿多咧?

接下来还是让我们先关注,完成开始营运的项目是否能够为未来的发展项目造血吧!
Like · 5 days · translate
ys tan
这里的散户不少,部分也会有些想要卖票了,这是大户都想要看到的
Like · 5 days · translate
Jackson
30大股东只占60%股份。确实cypark散户比例是蛮高的!
1 Like · 5 days · translate
Hanson
@李政准

你说脱裤子放屁?没股息?
那么我岂不是等到牙掉
都吃不到糖了?
好惨吖....
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Like · 5 days · translate
ys tan
股价放生了?,
没人理
Like · 5 days · translate
Echo echo
放生,没人理就自由飞翔吧!
Like · 4 days · translate
J Jackpot
不要急嘛,等下老板就要打下来,哈哈哈哈哈
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Bruce Lee
半天还没到呢!慢慢看,cypark是老人来的,不能催。
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Jackson
是的cypark我是放生了的!跌below1.2,below1.0 再考虑加仓了。我相信横盘1.35上下是很合理的水平。
不需要把全部资金和精力放这里啦!看看其他的机会啦!cypark这里老板们努力搞好公司,公司继续成长就OK了!
9 Like · 4 days · translate
Bruce Lee
今天表现还不错,继续加油!
1 Like · 4 days · translate
Jpot J
这种还叫不错?多一月吧,没人看这股了,到时平盘在1200-1300的股,一看就知道很多以前的人都不在了
Like · 4 days · translate
政霖吴
没人看庄才能收货,收够了就会突然推高了
2 Like · 4 days · translate
NiaSing Wai
最近看到台湾海上太阳能的新闻,蛮多资讯的。谁有兴趣可以 Google 一下,谢谢。
4 Like · 1 day · translate
Goeh Kar Win
这个counter真的需要很多耐心....
3 Like · 1 day · translate
jh kuek
跌就很凶 起就one day show 累
Like · 1 day · translate
ys tan
大量丢盘,小量拉盘,还在操作着
1 Like · 1 day · translate