KUALA LUMPUR (May 9): CIMB IB Research has downgraded Cypark Resources Bhd to “Hold” at RM1.67 with a lower target price of RM1.76 (from RM1.83) and said it expects contribution from the waste to energy plant to be delayed from 2HFY10/19 to early 2020, pending initial operation date from Tenaga Nasional Bhd which led the research house to cut its earnings.

In a note May 8, the research house said it downgraded the stock from Add to Hold given the year-to-date share price outperformance and anticipated weaker 2H19 earnings.

“We lower SOP-based target price to RM1.76,” it said.