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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Sian Jin Low
我觉得有机会gap up,然后被套利
1 Like · 4 weeks · translate
Bruce Lee
看来要在second half才知道公司有什么好的进展了。
Like · 4 weeks · translate
Admiral Adama
唉。。。eps跌21.5%,而且trade receivable又暴涨。

gg了。
Like · 4 weeks · translate
刘敬宝
对的....
个人对这个业绩也不是太满意
EPS主要被esos跟perpetual susuk稀释了
18m的net profit,susuk就分去了3m
目前susuk进行到200m,还有300m没有认购
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Like · 4 weeks · translate
chanchoon leow
trade receivable pattern liked KPMG
Like · 4 weeks · translate
刘敬宝
次季的业绩都这样了
个人第三跟第四季度应该也不会好到哪里啦
还是等到2022吧
1 Like · 4 weeks · translate
Tay Tze Sen
cypark 出名收钱收不回,不过自serbadk 过后,大家会不会怕到trade receival 的问题啊!假假账目
Like · 4 weeks · translate
Sian Jin Low
Tay最近在哪里混?????????
Like · 4 weeks · translate
Tay Tze Sen
sian...最近在天桥底混。。。
Like · 4 weeks · translate
Andy Choo
耐心等待经济再次开放吧,在这种mco不知几时结束的环境下真的很难做工。
Like · 4 weeks · translate
Tay Tze Sen
Andy 今天确诊人数只有一人而已。。
2 Like · 4 weeks · translate
Jackson
再生能源收入,没有什么进展。WTE就好不错,试跑收入增加了。看样子试跑应该有达到40%吧!希望可以如期多两季再下半年看到全面运行。
太阳能产业成本看来增加不少,也是希望能够在下一季看到进展。下半年也能如期而至。
1 Like · 4 weeks · translate
Jackson
应收账款继续增加也是预期的啦!sukuk资金进账也就提高了NTA。如果股价下跌进入40%NTA范围,对我来说投资风险相对来说就比较低了。

cypark肯定是长期投资的股票。我们也只能持续观察它的进展罢了!风险依然存在!量力而为!
3 Like · 4 weeks · translate
Admiral Adama
NTA再高也没意思,不能产生现金流的资产只是变相的负债。
2 Like · 4 weeks · translate
Jackson
它贷款投资项目,我们担心负债太高,gearing又太高。利息负担很大。它借sukuk 计入equity 美化账目,NTA增加看了比较爽吗?

但是贷款融资或sukuk,公司不就是希望利用这些资金投入项目并产生收入吗?

还能不能投资,就要看个人投资者的想法了!
认为它的生意可行,未来收益有机会越来越多。负担的起利息,就可以投资。
如果觉得公司借这么多钱,管理不善,不精于成本控制。有这个想法,我真认为就不用再留了。
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1 Like · 4 weeks · translate
Admiral Adama
我不介意它负债太高,但是我很介意它借那么多钱却不能产生现金流。钱到底去了哪里?

唉,明明是稳稳赚大钱的行业都搞到像屎那样我也无言了。
Like · 4 weeks · translate
肚腩神
可能必须要找强强哥出来提高股价了
3 Like · 4 weeks · translate
Star Lucky
哈哈 youtuber 。。。。。。
Like · 4 weeks · translate
Star Lucky
说的都有道理,只是取决与投资者对cypark未来长望如何,有风险是肯定的,但是未来前景成长空间也是有的,所以有好有坏,也许等wte和lss完成后看看就会改善了。
2 Like · 4 weeks · translate
DC TY
真敢说不怕中毁谤信 是事实我都不敢公开写出来
2 Like · 4 weeks · translate
Travel Videos
sell on news
Like · 4 weeks · translate
Jackson
dc ty你是说上面的youtube吗?我认为它是想先分享吧!如果cypark之后真的有问题了,他也可以说我之前就叫你们看着办咯!哈哈
1 Like · 4 weeks · translate
DC TY
没有啦 只是想表达最近的youtuber很敢说 都不怕被这些上市公司告 没有验证的东西还是不要公开说到太直接 心里清楚就好
1 Like · 4 weeks · translate
Anson Sin
长期图表来看,cypark真的有点像扶不起的阿斗,但是太阳能和再生能源真的是未来的趋势,只是现在是要部署那家公司比较好,所以才小心为上比较好。
Like · 4 weeks · translate
飞鸿腾达
赶紧吧!跌破 0.90 / 0.80
Like · 4 weeks · translate
Jackson
还跌不下,需要慢慢来跌吧!

又回到0.9,激动人心。回到之前买的价格。一年过去了,公司基本面是否有更应该买入的理由吗?比起一年前有变化吗?
Like · 4 weeks · translate
Star Lucky
一年后疫情更严重去,管制了一年一样没控制住,各大行业都还在煎熬着。马来西亚真的boleh!!!
Like · 4 weeks · translate
YS Tan
公司不在应该在7月左右有事要宣布吗, 关于WTE的
Like · 4 weeks · translate
Nick Soo
k开始了。。。。。....
Like · 4 weeks · translate
Bruce Lee
难怪!所以大家说话还是要小心一点哦! SC不是说说罢了。
Like · 4 weeks · translate
Lim Jin Hong
被抓了会怎样。。。。。。。
Like · 4 weeks · translate
Tay Tze Sen
蟑螂哥,sc榜首第一名...变头号通缉犯了。。。哈哈
Like · 4 weeks · translate
Bruce Lee
现在应该给警告吧!除非被列入blacklist那就严重了。
Like · 4 weeks · translate
Bruce Lee
去年我好像有劝告过他说小心中sc,现世报啊!
Like · 4 weeks · translate
飞鸿腾达
头号收钱赚不少咯!好似有很多中哦!
Like · 3 weeks · translate
Eric Choy
ib开始rss short了
Like · 3 weeks · translate
Tay Tze Sen
你们在网上乱乱传,怀疑跟serbadk 一样做假账。害人股价跌。。。
2 Like · 3 weeks · translate
爱丽丝
是他债务高
很多大师在吹像48那样。。。。。所以跌到没眼看。。。。。。。。。。。…
Like · 3 weeks · translate
Star Lucky
散户看了怕怕哒, 卖了不是更好咯,才有机会买便宜票。哈哈
Like · 3 weeks · translate
爱丽丝
可能散户都在怕。。怕大市会跌破1500
Like · 3 weeks · translate
Bruce Lee
很明显有些人喜欢这样利用社交媒体来影响股价,Bursa里有很多更高风险甚至pn17 gn3的股票也没人说很危险。虽然那些人说的不可否认也是风险,但是看看bursa甚至全球会发生这些事情的几率就知道了。要真去看,美股的风险更高也没人这样吹嘘咯!

其实最重要还是做好自己的风险管理,不喜欢cypark就买其他的股票甚至其它国家的市场都可以。
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Like · 3 weeks · translate
Nick Soo
难道一吹就到? 有人吹手套赚赚赚,股市也不上。 哈巴
Like · 3 weeks · translate
爱丽丝
。。。。言之有理。。。。。。
Like · 3 weeks · translate
Star Lucky
你们去看genetec,近期最牛的马股
Like · 3 weeks · translate
Swift Foongz
其实这是策略来的,既然买不到好价钱又很多散户在里面,庄家们就会用不利消息去洗他的价钱去最低点,然后又可以好像色霸玩了。买低卖高,赚个富贵差价。不是公司不好,是市场太多作怪的人。
1 Like · 3 weeks · translate
Tay Tze Sen
cypark 是serbakd 2.0 会死很多人咯。。。没看到serbadk 哪里的散户,输到要自杀吗?。。。
Like · 3 weeks · translate
Jing
Genetec股量很少 庄家容易玩 看他几时要dump罢了
1 Like · 3 weeks · translate
Star Lucky
serbadk有人输到自杀?真的假的?生命可贵,活着就能重来
genetec起到那么高,都不懂逻辑价值在哪里。
Like · 3 weeks · translate
Bruce Lee
现在是现金市场,大多数人把退休金和定存拿在手里来投资或赌博。炒家一吹加上推一点就有一堆散户跟进把股价推上去了,但是这样的市场是最脆弱的。
Like · 3 weeks · translate
Tay Tze Sen
genetech 那么少票在市场,老板自己炒,自己爽。。。
1 Like · 3 weeks · translate
Nick Soo
少有 少好。 大鳄一看中你就huat了
Like · 3 weeks · translate
Tui Ho Wang
genetec冷眼赚到邦邦声
2 Like · 3 weeks · translate
Chai Chen Hean
tui ho, genetec bo jio
1 Like · 3 weeks · translate
Tui Ho Wang
chai i bo buy ma
that's why bojio xD
1 Like · 3 weeks · translate
刘敬宝
esos extend .....
Like · 2 weeks · translate
Goeh Kar Win
Good news......
Like · 2 weeks · translate
Star Lucky
Esos extend good news? Haha... No good no bad.
Like · 2 weeks · translate
Admiral Adama
how is that a good news if the esos will continue diluting minority shareholders' interest instead of expire worthless?
Like · 2 weeks · translate
Star Lucky
Everyday drop little...
Like · 2 weeks · translate
pali cd
everyday drop 1c / 0.5c wallawei...
Like · 2 weeks · translate
Anson Sin
有机会跌去0.75-0.78 吗?
Like · 2 weeks · translate
Goeh Kar Win
温水煮青蛙......
1 Like · 2 weeks · translate
Jing
防疫看不到尽头 破万了都 废柴政府
1 Like · 2 weeks · translate
man风之谷
还会跌,我在1.55的时候就下车了呵呵
Like · 1 week · translate
Jackson
1.55下车了,现在还要上车吗?
还是已经上其他车了?

我下一半车,下车的一半去手套股,另一半去美股。都坐过山车,嘻嘻
Like · 1 week · translate
Star Lucky
这个价位是时候补票了吗 哈哈
Like · 1 week · translate
pali cd
can add ler..anything below 90c
not a buy call though
Like · 1 week · translate
爱丽丝
排队0.860很久了。。。快点。。。。。。。
Like · 1 week · translate
nicole ong
我90sen补一轮了,之前买在1.4
3 Like · 1 week · translate
飞鸿腾达
0.80 庄家给吗?排了很久
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Star Lucky
我排0.805感觉都没机会买到了
Like · 1 week · translate
Andy Choo
我倒是不介意等的。反正风也还没有吹到这里…
Like · 1 week · translate
Star Lucky
所以andy你觉得有机会跌到0.8吗??
Like · 1 week · translate
Andy Choo
star我没有资格预测是否会到,可是我觉得既然风还没有吹到,也没有reversal signal,所以我还是维持心底价0.8,要是真的有reversal了再买也不迟吧。
1 Like · 1 week · translate
Nick Soo
等国会开了再来看。。。。。
Like · 1 week · translate
Fork
most probable due to this: https://www.theregister.com/2021/06/25/biden_administration_bans_some_xinjiang_polysilicon/

but the reduction of polysilicon might not benefit Cypark (at this moment) since their largest Solar project is LSS3 and most of the material they already purchased.... i am monitoring Solarvest... waiting it to drop lower to enter ^^
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Like · 6 days · translate
Zenos
光伏原料价钱连涨了20周 现在触顶下跌了对整个板块算是好事吧?
2 Like · 6 days · translate
Star Lucky
感觉有炒家进来了玩野了。哈哈
Like · 3 days · translate
爱丽丝
几号开国会哦???????
Like · 3 days · translate
Star Lucky
看来要準備加码了,0.80左右看来是不会买到了吧。
Like · 3 days · translate
Jing
有~太阳能的都起 看看samaiden和slvest 飞超多的
Like · 3 days · translate
曾科純
chinhin也起了很多
Like · 3 days · translate
Jing
来料咯 哈哈哈。。。。。。。
Like · 2 days · translate
Bruce Lee
Esos不会实行了哦!
2 Like · 2 days · translate
Star Lucky
esos cancelled and no implement.
1 Like · 2 days · translate
Star Lucky
Time to average and buy???? 0.80+ coming de ma? wait till higher and higher.. Hmmm
Like · 2 days · translate
Bruce Lee
RM1++差不多要来了咯!
Like · 2 days · translate
Star Lucky
看来rm1++要来了 底部有买到的恭喜发财料。
2 Like · 2 days · translate
Star Lucky
冲到rm1++,wte完成冲到1.5++,lss完成再冲到2.0++,嘻嘻
3 Like · 2 days · translate
Bruce Lee
cypark好久没上top 30 gainers和top 30 % gainers了哦!
1 Like · 2 days · translate
Star Lucky
还是上不到top gainers ,低调一点慢慢起。
Like · 2 days · translate
Bruce Lee
排在第16位,去看看。哈哈。。。。
Like · 2 days · translate
Travel Videos
pp at 1.03 dun forget
Like · 2 days · translate
Bruce Lee
pp价格没提到是多少啦!看那个pp文件里提到1.03是指for illustration哦!
Like · 2 days · translate
Travel Videos
very rare that the final PP is at higher price than illustration. Usually its lower than the illustration price
Like · 2 days · translate
Lee John
这只真的是一分钟热度。哈哈,slvest 比它好很多
1 Like · 1 day · translate
Tp Teh
对, slvest两分钟热度的确比较好 哈哈
Like · 24 minutes · translate