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,Cyparks renewable energy park in Pajam

PETALING JAYA: Renewable energy (RE) based Cypark Resources Bhd is currently tendering for two new waste-to-energy (WTE) projects in Melaka and Johor.

“If successful, these projects will provide potential upside to the group’s earnings,” says Maybank IB Research in its latest report.

Cypark’s first WTE plant in Negri Sembilan is still pending testing and commissioning by foreign specialists due to pandemic-related inbound travel restrictions.

It is scheduled for commercial operation by December.

The group also has 18 domestic solar farms, which currently operates with a total installed capacity of 40MW.Cypark solar project

Upon the completion of its Large Scale Solar 2 (LSS2) and LSS3 projects, Cypark will be managing and operating a combined solar capacity of 230MW by 2022, which is more than five times higher compared with the current capacity.

Maybank IB Research believed that the growth for the group in the near term will be derived from the RE and WTE segments.

“We expect its pre-tax profit from sale of electricity and deferred turnkey payment to grow by a three-year compounded annual growth rate (CAGR) of 17% to RM42mil by financial year 2023.

“This will contribute 27% of the group’s pre-tax profit,” the research house said.

Its waste management and WTE segment is also expected to contribute RM14mil, which is 10% of group’s pre-tax profit.

“All in, we expect its net profit to grow by a three-year FY’20-FY’23 CAGR of 18%,” added Maybank IB Research.

The research house has initated a buy on the stock with a target price of RM1.35.

“We value solar photovoltaics and WTE based on discounted cash flow (DCF)-valuation, while construction-related income is based on sustainable orderbook value of RM200mil.

“Furthermore, its profit margins remain attractive and sustaining above 20%,” added Maybank IB Research.



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