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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Echo echo
大市只会下调一些马上反弹,因为FMCO 是正确的方向,好过之前不三不四的。
Like · 2 weeks · translate
Bruce Lee
看来cypark的影响应该没那么大啊!
Like · 2 weeks · translate
Goeh Kar Win
这个不算fmco 这个是ketat sop而已...可以说大多数领域都照跑
Like · 2 weeks · translate
曾科純
一早开市多少会恐慌,大家别乱丢票就行了
1 Like · 2 weeks · translate
Wei Loon Chan
这个柜台下跌幅度应该是我的组合最小的一个了,强!明天就上回了 加油!
1 Like · 2 weeks · translate
Anson Sin
会有机会吗。。。跌了再买
Like · 2 weeks · translate
Jackson
现在就是觉得跌太少吗?哈哈
Like · 2 weeks · translate
Wei Loon Chan
真的跌太少了 哈哈 加油咯雨后就是天晴
Like · 2 weeks · translate
YS Tan
1.12进了,800,不懂今天有没有机会回去 1.15
Like · 2 weeks · translate
Anson Sin
就是跌太少了,但是还有机会的
Like · 2 weeks · translate
YS Tan
我排在1. 14,快来收我的票....
Like · 2 weeks · translate
YS Tan
卖掉了,赚了一点咖啡钱
Like · 2 weeks · translate
Vinco Lee
这么早卖,不是应该买来收咩哈哈
Like · 2 weeks · translate
Wei Loon Chan
@ys tan 本来天天有starbuck你不要,你要一包即溶咖啡 哈哈 也是好啦做不成股东也祝你其他股票赚大钱!
Like · 2 weeks · translate
YS Tan
好股不怕没得升,我只是怕大市
Like · 2 weeks · translate
wksoo
这个稳。good. 很难有便宜票了
Like · 2 weeks · translate
飞鸿腾达
我等你下来 0.90 乖啦!下来啦!
Like · 2 weeks · translate
Jackson
0.9买serbadk咯!
Like · 2 weeks · translate
Jackson
我一开始是先买cypark……后来也有买卖serbadk!但是当时我分享过serbadk应收账款和库存的风险。结果被人酸cypark也是一样的问题,他还说死都不会买cypark。当时我是想分享风险罢了!当然他们要不要买cypark…我也无所谓啦!
到现在我也不是要说serbadk的不好,还是cypark怎么样。我只是要说投资任何股票,我们自己风控要管理好。因为很多东西我们小投资者还是很难掌控的。
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2 Like · 2 weeks · translate
Bruce Lee
现在很多人都不理性的投资,所以尽量少说话静静的投资吧!不然又骂来骂去很没意思,看了美国的油股情况我是不敢碰所有的油股的,水太深。
Like · 2 weeks · translate
Jackson
是啊,所以被人刷存在感后。serbadk哪里算是很少吹水了。自己来回买卖几次罢了!
Like · 2 weeks · translate
Bruce Lee
我最近很少在马股聊天了,太多杂音了。哈哈。。。静静的做自己的投资就好。
1 Like · 2 weeks · translate
Jason Yzs
@fork 会不会是炒家?
Like · 2 weeks · translate
Jackson
或许之前pp的投资者认为,现在更便宜了。
就大手笔入场咯!
Like · 2 weeks · translate
Anson Sin
会不会是一个陷阱呢,还是慢慢看戏的好
Like · 2 weeks · translate
Goeh Kar Win
一开盘limitdown, 过不久外资开始吃票推起来然后0.850那一段本地庄也跟着进来一起推...目前看来本地庄已经跑了 外资还在
Like · 2 weeks · translate
Jackson
你又知道本地外资?哈哈
1 Like · 2 weeks · translate
Goeh Kar Win
有app 看的嘛 哈哈哈哈, 看5分钟图表的确是这样
Like · 2 weeks · translate
Jason Yzs
什么app 会跟我们讲本地还是外资买?
Like · 2 weeks · translate
Bruce Lee
我以前做trader时候用的交易apps - 好像叫pcpro是可以看到是什么机构买卖的。
Like · 2 weeks · translate
Goeh Kar Win
Homily ,trading view 付费 就可以看到啊 通常短线炒家都很需要这个indicator的. 跟庄有肉吃 但是也会死很惨
1 Like · 2 weeks · translate
Bruce Lee
说错了,是叫tcpro。哈哈。。。。比如某只股票credit suisse有买入就可以credit suisse的交易记录包括时间点交易价格数量等。但是普通人应该只能够用类似indicator类的方式来找外资和机构的吧!
1 Like · 2 weeks · translate
YS Tan
我是搞不明白为什么股东一直在卖票。。
Like · 1 week · translate
Anson Sin
还有机会再跌低点吗,0.9好吗。。
Like · 1 week · translate
Star Lucky
如果每个人都想0.9 那样 0.7都可以到了
Like · 1 week · translate
Goeh Kar Win
很多人中了serbadk 现在都怕债务高的公司了
Like · 1 week · translate
Tay Tze Sen
serbadk 明天还会跌咯,kwsp 一座山的票等着出。。
1 Like · 1 week · translate
krishnan shanmuganathan
Tq Fork for sharing a quite complete details about the company...
1 Like · 1 week · translate
Tay Tze Sen
善,我没有笑serbadk. 我是看短期serbadk technical 不是很好。外面很多严重传闻对serbadk 很不利。做假账啦,会进pn17,债务很多,银行会追债啦等等。
Like · 1 week · translate
Bruce Lee
其实他们没做那个briefing还没那么糟糕,做了之后尤其post出来那些queries。只要是有点auditor或account经验的人都会看到内部有corporate governance的漏洞。就像你说的,真的是做多错多。
Like · 1 week · translate
Bruce Lee
其实也有你说的这种解决方式,但是我看过以前也有用这种方式骗人的。其实最好的解决方式,我的看法是,把每一个有问题的文件都放上来并有doc number和照片和supporting doc,然后有解释原因(合理的),最后说明公司以后针对个别问题的action plan并最后给于全部人看已经在做着action plan了。这个才是真正解决audit query最好的方式。类似这样的正面面对问题而不是推卸责任,就是最好的回答了。
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1 Like · 1 week · translate
Fork
more information to share, I have summarized as follow:

1) Solar Industry Update (across the globe)

- Solar panels prices have risen 18% since the start of the year
- The increase in the cost of solar panels is due to the rise in the raw materials and freight charges due to Covid-19
- other reason is also in the United States, where President Joe Biden had unveiled a massive infrastructure stimulus investment into green energy projects such as solar power
- Higher prices may delay some large-scale projects in the United States to Canada, China and India



2) Key materials for producing Solar Panel and module

- Polysilicon is an essential material in solar photovoltaic (PV) manufacturing
- Other material such as copper, iron-ore and aluminum



3) Solar Project Cost break down

- Solar panels make up almost half (40%-60%) of the cost in starting up a solar power plant. The purchase of the solar modules are usually done nearer to the end of a project
- Other costs are engineering, procurement, construction, and commissioning (EPCC)



4) With the increasing raw material cost, how can solar players reduce their overall project cost?

- By implementing engineering expertise which includes optimizing the solar plant design and using high-quality substitute materials which do not compromise on safety and performance
- and also with attractive Government tax incentives and lower Bank financing costs, this will help offset the overall project cost



5) Malaysia NEW RE target

- By 2025, the country has a target of achieving 31% RE (from the previous goal of 20%)
- To achieve the 31% goal, 1,178 MW of new RE capacities will be developed from 2021 onwards
- The additional capacities will consist of 1,098 MW of solar and 80MW of non-solar.



Reference (they don't allow me to share link):
- Making cents out of solar (article)
- REPORT ON PENINSULAR MALAYSIA GENERATION DEVELOPMENT PLAN 2020 (2021 – 2039)
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4 Like · 1 week · translate
Star Lucky
When next qr ?
Like · 1 week · translate
Fong Jun Jie
usually end of this month
2 Like · 1 week · translate
Lee John
kpower gogogo
Like · 1 week · translate
Bruce Lee
现在整个市场的散户不是手套就是sb一家,其他的股票倒没有多少人在看。
Like · 5 days · translate
Geouis Wei
最近watchlist的counter不上不下 那些手套和SB的速度太快 老人的心脏复合不来
Like · 5 days · translate
Bruce Lee
现在真正的庄应该都在缓慢的在其他股票里建仓,然后继续去'吵'热sb等股票。当然大前提是公司本身业绩好和没有严重的政治事件发生。
Like · 5 days · translate
Nick Soo
SB 来水了。。。。。。。。。。。。。。。。
1 Like · 4 days · translate
Geouis Wei
SB那边又热起来了 上午LD 下午LU
Like · 4 days · translate
Wei Loon Chan
SB那边上午进到的现在profit 20%+
1 Like · 4 days · translate
muwo freer
road to rm1 soon?
Like · 4 days · translate
Lee John
bye bye cypark...change counter to kpower already. kpower more aggressive then cypark
Like · 2 days · translate
Jason Yzs
又搞PP,还是先跑好了。。
3 Like · 2 days · translate
Lim Jin Hong
好有serbak的影子。。。。
Like · 2 days · translate
Anson Sin
再低点好吗,然后可以收点
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NiaSing Wai
PP 有好有坏,这个要看自己的价位去衡量。有些工程年尾过明年头会开始进账,到时才看有没有足够的现金去支撑债务。这股需要时间,虽然我明白很多人不喜欢 PP。建议不要放太多资金在这,留一点做希望。
2 Like · 2 days · translate
pali cd
R.I.P. cypark..should change management team
Like · 2 days · translate
Jackson
PP一来就下跌了。这样要怎样筹钱哦!今天谁抄底1块啊!
Like · 2 days · translate
Fong Jun Jie
等下新股东发现市场价格便宜过PP价格,感觉被坑,不买了啦 啊哈哈哈哈哈
1 Like · 2 days · translate
Bruce Lee
我在等1块以下,哈哈。。。。我的价位都在1块以下啊!
Like · 2 days · translate
Jackson
这样不是要等0.9以下了!哈哈。
Like · 2 days · translate
Jackson
我想1块还是能稳住吧!之后回1.2啦!
Like · 2 days · translate
Bruce Lee
其实这个pp可以降低cypark的债务风险,我刚刚看了一下。最低和最高subscribe情况,cypark的gearing ratio会降低0.13-0.18。而这个pp会有4次实行6个月,如果这段时间股价被推上去那到底那些pp的人是赚还是亏呢?如果是2018的pp,股价没有大跌哦!所以我觉得大家还是照着各自的投资计划来调整。
4 Like · 2 days · translate
Zack Gan
而且就看有没有大咔参与这次的pp, 比如闹得沸沸扬扬的柔佛太阳能发电厂和相关机构,不说了,自己去找
1 Like · 2 days · translate
Jackson
yup,未来工程这么多。Gaering一直这么高,再融资我也算了有心理准备了的。只是没有想到股价低的时候PP,又是有利新股东和老板们吧!投资cypark真的需要耐心啊!就是要买比PP的价钱便宜了。
1 Like · 2 days · translate
Bruce Lee
通常这段时间会有很多人被洗出去。我是觉得只要没有right issue, share split, share conso我就还可以接受。如果来这3个我一定卖了。
1 Like · 2 days · translate
飞鸿腾达
哎哟哟!大马只有一只太阳能股吗???
Like · 2 days · translate
Jackson
right issue 10配1,10配2我更喜欢。至少全部股东一起买。PP只是特定股东买罢了。只好比PP的价格更低再买了。
Like · 2 days · translate
Bruce Lee
right issue需要现有股东掏钱,这点我不是很喜欢。而pp我觉得还是有操作空间的。如果这半年内最低的股价在8毛,但是pp在那段时间的股价是1块呢?我是觉得有很大的操作空间啦!
1 Like · 2 days · translate
Jackson
其他太阳能股没有再研究哦!买一辆个就可以了啦!选好就拿住咯!
就好像蔚来,小鹏,理想或特斯拉。想买那个就那个咯!我选蔚来就拿着咯,其他的也就偶尔看看吧了!如果选错了也没有办法啦!如果业务完全没有希望和没有竞争力了,我是亏钱离场咯!
Like · 2 days · translate
Bruce Lee
哈哈。。。我选理想,但是已经卖了。我现在主要放在nano dimension。主要看好未来会替代所有的代工厂。哈哈。。。。
Like · 2 days · translate
Tempura Fish
nano dimension..以色列企业。前几年亏钱,最近开始赚钱了。未来应该不错下。
Like · 2 days · translate
Jackson
哈哈 nana dimension我也有。NNDM亏钱哦买在13.80。还好是用Etoro买8股玩玩罢了,亏钱不舍得卖。还在想要不要低价再买咧。公司还没开始赚钱吧?
Like · 2 days · translate
Jackson
之前想开始买美股,看很多人用etoro。就用etoro来买了一些。之后想想还是用cimb附委托买比较好。哈哈
Like · 2 days · translate
Bruce Lee
我的nano dimension在6块钱。看看会有什么表现吧!怎么说nano在他的领域是monopoly,没有对手的,唯一的对手就是那些代工厂了。
Like · 2 days · translate
Bruce Lee
我是用tiger的,还拿到了免费的disney股。哈哈
Like · 2 days · translate
Jackson
它的竞争对手不是DDD吗?Cimb我是买了NIO和ZEV。Etoro之前也是有50股蔚来,但最近卖出部分,买了5股Airbnb。剩下的还在想要买NNDM吗?嘻嘻。想买自然希望可以低价买咯!
1 Like · 2 days · translate
Jackson
我想NNDM还需要很长时间看获利吧!
Like · 2 days · translate
Bruce Lee
DDD跟nano是不同的领域哦!DDD是industrial machine的3d打印,而nano是精密电子的3d打印。而且电子电板的3d打印nano是有patent保护的,也就是说只有nano可以做。
Like · 2 days · translate
Admiral Adama
bruce, right issue比pp好很多,因为不会分薄你的股权。要是你不要subscribe ri那把right卖出就好。pp基本上就吃定小股东了。
Like · 2 days · translate
lawrence hou
second serbadk?
Like · 2 days · translate
Bruce Lee
哈哈。。。这点我知道,但是我不喜欢我投资了还要跟我借钱。纯粹个人想法啦!哈哈。。。。
Like · 2 days · translate
刘敬宝
现在对管理层越来越没有信心
它有提到,在oct 2021集团的发电产能预计将达到395MW
各位对管理层说的这个预期有什么看法
2 Like · 2 days · translate
Admiral Adama
你把right卖了虽然也会减少你的股权但是你的投入成本也跟着降低。

pp降低你的股权但你的投入成本不变,一毛钱也拿不回。
Like · 2 days · translate
Bruce Lee
哈哈。。。有这种想法是正常的啦!你看一看12月份的qr,在mco那么严格的2020年期间而日本砖家没办法过来的情况之下也可以超标完成目标,而且几个projects也得到对方的同意extend了。我个人是抱持乐观的看法啦!但主要还是要看大环境的。
2 Like · 2 days · translate
Bruce Lee
哈哈, admiral我知道啦!我只是个人不喜欢而已。我自己觉得pp是根据5-day VWAP来计算价格,那不代表我在这段时间买就高啊!如果我跑去买而且低过pp的价格呢?看个人的看法和策略啦!可不可以卖rights也要看是renouncable还是non renouncable right issue吧!哎呀,大家懂自己在做什么就好啦!哈哈。。。我回答到有点累了,你们继续聊。
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Like · 2 days · translate
Jackson
不要回答到累咧……我是看股市看到累了。
没涨没收获!
2 Like · 1 day · translate
Bruce Lee
马股没有大波动我都不怎么看了,主要还是看美股。感觉格局更大了,哈哈。。。。
Like · 1 day · translate
Nick Soo
人民都没有钱买股了。 push不上。 哈哈
2 Like · 1 day · translate
Chiang Chye Eng
new low 1.0
Like · 21 hours · translate
Bruce Lee
PP still in propose stage, after obtain nod from bursa then only will start pp. Now is just the news effect, let's see how it goes.
1 Like · 21 hours · translate
Jackson
那天不是1.00了吗?new low 需要破1。
1 Like · 21 hours · translate
Chiang Chye Eng
30 days new low
Like · 21 hours · translate
Jackson
ohh 6 months new low loh
Like · 21 hours · translate
YS Tan
曾经拥有的股票, 只等一个signal我才会进回
Like · 21 hours · translate
Lim Jin Hong
那业绩会照常出吗。。。。。
Like · 20 hours · translate
Bruce Lee
正常时候出业绩当然最好,但是因为mco而延迟也算正常,我有看到几家公司都延期了。
Like · 19 hours · translate