All Comments on CYPARK Reload

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Jackson
1 Like · Reply
0.85-0.86不买,0.88-0.89要买吗?在不买就回0.90以上了吗?还是买了又去试探0.80哦。哈哈何时才能买?
Kenyon Yi
果然高手在民间。
Like · 6 days · translate
enghock tan
股票数字是庄家抄上下的,你有很多钱就可以赌
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Fork
127 Like · Reply
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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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 · 1 day · 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 · 1 day · translate
Lionel Essi
2 Like · Reply
不知道为什么酱多人喜欢本地再生能源股 ^^|| 其实政府不会完全辅助, 因为他们主要收入来自石油 ^^||.. 最近起都是因为美国再生能源股效应, 换句话说就是炒风.. 要买的话买国外的比较好
Lionel Essi
还有. 我只是一个人没有pakat其它人. 所以你的废话是不成立的 :)
* 说给一直讲lan 话的人 --- hanson
Like · 1 month · translate
Lionel Essi
Hi. hanson. long time no heard your voice 走路 liao 啊? 想叫多点人陪你一起gg. 慢慢等 XD 读多几年书先才来和我说什么是价值投资 :)
Like · 3 days · translate
Ryan Ooi
1 Like · Reply
90 cents tutup mata sapuuuuu
Foong Sk
Like · Reply
生意是有但现金流到那里去?
Ng Wai Chong
做了,还没收钱。。。风险之一
Like · 5 days · translate
Ridzuan Othman
3 Like · Reply
mcm ada bau jer
Kaizer O
2 Like · Reply
its time to average ?
Bursaman
Yes, uptrend back to rm1.xx perhaps.
Like · 1 week · translate
Vincent Tan
1 Like · Reply
Its time hoot9e
MK Koh
2 Like · Reply
PIVB wishes to inform on behalf of the Board, that the application for the extension of time for the implementation of the New ESOS submitted to Bursa Securities on 9 July 2021 had been withdrawn today.
This announcement is dated 14 July 2021.

meaning no more ESOS???
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刘敬宝
not really
just for this time ESOS (price 0.595 if not wrong)period will due at OCT 2021
if they didnt subscribe will expired
Like · 1 week · translate
yutaka tong
esos is small value. not much effect
Like · 1 week · translate
Wei Loon Chan
Like · Reply
每次听人家说最怕就是阴跌阴跌,原来是这样的感觉。来说一下你们打算多少钱买进average down?
Teng M Y
一看到PP会稀释掉我股权的20%, 然后再来一个ESOS 又再稀释多15%, 我整个人就没有力了。。。
Like · 1 week · translate
Raymond Tiong
加油吧 top shareholder都是大機構... 有能力就avg down.. 他們hold更大份 現在的價錢確實很吸引人
1 Like · 1 week · translate