[%ugNy%] CYPARK RESOURCES BERHAD 
Research by Public Bank
NEUTRAL ; Target Price RM1.48 ; Upside +8.7%

"EPCC Continued To Be The Main Driver" 
 Cypark reported a net profit of RM20m (+4.4% YoY) in 3QFY19. YTD 9MFY19, its net profit jumped 4.4% YoY to RM52.4m, below ours but within consensus expectation at 67% and 72% of net profit estimates respectively. The discrepancy from our forecast was mainly due to the delay in the commissioning of waste-to-energy (WTE) plant in Ladang Tanah Merah, Negeri Sembilan. We understand that the WTE is only expected to be commissioned by 1QCY20, with initial operation date by 4QCY19. We revise downwards our forecast by an average of 15% for FY19-21F, to account for the delay in WTE as well as higher financing cost from the new financing. We maintain our Neutral call on Cypark with a lower SOP-based TP of RM1.48 (previously RM1.60). 

Nur Farah Syifaa’ Mohamad Fu’ad 
T 603 2268 3011  F 603 2268 3014  
E [%foDq%]  

$KLSE-CYPARK CYPARK RESOURCES BERHAD 
Research by Public Bank
NEUTRAL ; Target Price RM1.48 ; Upside +8.7%

"EPCC Continued To Be The Main Driver" 
 Cypark reported a net profit of RM20m (+4.4% YoY) in 3QFY19. YTD 9MFY19, its net profit jumped 4.4% YoY to RM52.4m, below ours but within consensus expectation at 67% and 72% of net profit estimates respectively. The discrepancy from our forecast was mainly due to the delay in the commissioning of waste-to-energy (WTE) plant in Ladang Tanah Merah, Negeri Sembilan. We understand that the WTE is only expected to be commissioned by 1QCY20, with initial operation date by 4QCY19. We revise downwards our forecast by an average of 15% for FY19-21F, to account for the delay in WTE as well as higher financing cost from the new financing. We maintain our Neutral call on Cypark with a lower SOP-based TP of RM1.48 (previously RM1.60). 

Nur Farah Syifaa’ Mohamad Fu’ad 
T 603 2268 3011  F 603 2268 3014  
E nurfarah.syifaa@publicinvestbank.com.my  