Cypark Resources Berhad

能源领域的黑马！Cypark 资源（5184）

Cypark 资源有限公司（KL:CYPARK），马来西亚可再生能源及垃圾发电（WTE）领域的先锋企业，在获得政府批准将其位于森美兰州的垃圾发电厂垃圾处理费上调近三倍后，预计第四季度收入将显著增长。住房与地方政府部已批准将费用从每吨33令吉提高至预计的96令吉，与即将投入运营的双溪乌当垃圾发电厂提议的费率一致。

分析师预计，此调整每年可为赛朴增加30万至2000万令吉的收入。公共投资研究（PublicInvest Research）指出，第4季度财报可能反映自2023年4月起的两年追溯调整，财务影响或翻倍。

这一费用上调的时机恰逢 Ladang Tanah Merah 工厂在2024年10月因火灾暂停后恢复运营，该厂在此期间进行了效率提升的升级改造。公共投资研究保持谨慎态度，表示在等待本周晚些时候发布的2025财年第三季度业绩以确认整改效果前，暂不调整预期。该机构表示：“我们维持中性评级，目标价80仙，需视工厂升级后的表现而定。”他们强调，该设施自2022年12月起根据18年的供电关税协议运营，是改善经济效益的基石。

与此同时，马银行投资银行（Maybank IB）估算，垃圾处理费每公吨/天增加1令吉可为WTE板块每年带来约30万令吉的额外收入。由于已将更高的处理费纳入财务预测，马银行维持“买入”建议，并将目标价微调至87仙。该银行表示：“运营重启和费用调整巩固了赛朴的地位，但我们暂未调整核心盈利预测。”

Cypark 的整体发展轨迹依然引人注目。其可再生能源业务得益于如吉兰丹98兆瓦漂浮太阳能项目及参与耗资40亿令吉的马六甲德国科技园财团（持股29%）等项目，凸显其在马来西亚绿色能源领域的领导地位。然而，执行风险犹存，过去的项目延误及近期WTE工厂火灾引发了可靠性担忧。若技术升级成效显著，分析师认为有望实现持续的盈利动能，或为未来预期上调提供依据。

周二，Cypark 股价下跌0.7%，收于71.5仙，市值达5.88亿令吉。尽管垃圾处理费上调及与Masdar和Jakel Capital等高调合作预示增长，市场仍在等待运营稳定性与公司宏伟愿景相匹配的确认。目前，Cypark 在马来西亚WTE及可再生能源领域的地位愈发稳固，但仍需巧妙应对近期挑战。

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)

Cypark Poised to Benefit from LSS Petra 5+ Programme

Cypark Resources Bhd is expected to see further upside from the large-scale solar (LSS) Petra 5+ programme and the 500 megawatt alternating current (MWac) hybrid hydro floating solar (HHFS) plant at Tasik Kenyir, Terengganu.
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BIMB Securities deemed Cypark as an experienced engineering, procurement, construction and commissioning player and floating solar farm owner, positioning it to benefit from the recent LSS Petra 5+ announcement.
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“The said programme introduces an allocation of up to 500MW capacity for floating solar farms alone (at a range of 10MWac to 500MWac).
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“Additionally, we are also positive on its recent news of a joint venture with Terengganu Inc for the development of a 500MWac HHFS plant at Tasik Kenyir, which is set to begin design this year with expected commissioning by the fourth quarter of 2026,” the research house said.

Combining solar energy production and battery storage, this HHFS is the single largest site in Malaysia with an estimated capital expenditure of RM2.1bil.
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“We foresee the group to have further upside in the future as we noted Tenaga Nasional Bhd having another three phases of HHFS mandate to be built at (Tasik) Kenyir until 2040,” BIMB Securities said.
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BIMB Securities reiterated its “hold” call on Cypark with a target price of 89 sen per share. At the close yesterday, Cypark shares were down 2.44% to 80 sen.

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)
$TENAGA / 5347 (TENAGA NASIONAL BHD)

Source: The Star

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)
Research Report by PBIV

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)
Research Report by MAYBANK

Titan Trading Notes For Tuesday [19/11/2024]:

$KLCI managed to rebound strong back towards the 1604 points region with an overall positive market sentiment today. Daily trading volume remains around the 2.9 billion mark, which is just average.

Main stocks that showed strong buying momentum would be the likes of TOPGLOV, JPG, BAHVEST, LWSABAH, CYPARK, SCGBHD, CAPITALA, PMETAL, SUNWAY, SRIDGE, KOSSAN, and YEWLEE. All of which were able to sustain their rallies throughout the day on the top volumes list.

$JPG / 5323 (JOHOR PLANTATIONS GROUP BERHAD) since retracing back towards the RM 1.25+ support levels last week, had been able to regain its strength and broke out from its RM 1.35 resistance, rallying all the way towards the RM 1.40+ regions with good volume and buying momentum.

So far looking quite strong here and as long as able to sustain above its RM 1.35+ immediate support levels, could continue to trend back up towards its RM 1.47 all time high levels soon.

Will be monitoring JPG closely here as still trending up strongly.

$CYPARK / 5184 (CYPARK RESOURCES BERHAD) after consolidating over the past 2 weeks, was able to breakout strong from its RM 0.86+ main resistance levels with huge volume, rallying all the way towards the RM 0.90 regions here.

So far still looking strong here and as long as able to sustain above its RM 0.86+ immediate support on the hourly charts, could continue to trend back up for this week.

Will be monitoring CYPARK closely.

CAPITALA since retracing back towards the RM 0.98+ main uptrend support levels earlier last week, had been able to rebound back strong towards the RM 1+ regions today with good volume and buying momentum.

So far looking quite strong and ripe here for a potential breakout back towards and beyond its RM 1.05+ major resistance levels soon in the coming few days as long as able to sustain the buying momentum.

Will be monitoring CAPITALA closely here

Titan Trading Notes For Wednesday [30/10/2024]:

$KLCI had a decent rebound back towards the 1615 points region with an overall mixed market sentiment here as we still saw almost 500 counters closing red for the day. Daily trading volume still settled around the 2.4 billion, which is still quite low here.

Main stocks that showed strong buying momentum would be the likes of CAPITALA, BARAKAH, YTL, NE, MAYBANK, NICE, YTLPOWR, MUIPROP, CYPARK, and NATGATE. All of which were able to sustain their rallies throughout the day on the top volumes list.

$NE / 0325 (NORTHEAST GROUP BERHAD) was definitely one of the best performers today as shortly after consolidating around the RM 0.60 support levels this morning, was able to breakout strong from its RM 0.625 all time high levels and rallied all the way towards the RM 0.68 regions to form a new high.

For now still looking very strong here despite the mixed market sentiment. As long as able to hold above its RM 0.635 immediate support on the hourly charts, could continue on towards and beyond the RM 0.68+ levels soon in the coming few days.

Will still be monitoring NE closely here as it's one of the best performing stocks recently since its IPO.

$CYPARK / 5184 (CYPARK RESOURCES BERHAD) since retracing briefly back towards the RM 0.755+ support levels recently, was able to form a solid support there and broke out strong all the way towards the RM 0.835 regions with good volume and buying momentum.

So far still looking quite strong here and as long as able to hold above its RM 0.79+ immediate support levels, could continue on towards and beyond the RM 0.835+ major resistance levels for a further breakout.

Will be monitoring CYPARK closely here as still seems to be trending up quite strongly.

$NATGATE / 0270 (NATIONGATE HOLDINGS BERHAD) since breaking out from its RM 1.90+ main downtrend resistance levels, had been breaking out strongly over the past few weeks here and today, was able to rally all the way towards the RM 2.15 regions with huge volume and buying momentum here.

Definitely looking very bullish here despite the weak market. As long as able to hold above its RM 2.05 immediate support levels, could breakout towards the RM 2.25+ major resistance levels soon.

Will be monitoring NATGATE closely here

Titan Trading Notes For Friday [25/10/2024]:

$KLCI retraced back towards the 1632 points region with an overall negative market sentiment as we saw over 700 counters closing red along with it for the day. Daily trading volume dipped back towards the 2.6 billion mark, which isn't really a good sight.

Main stocks that showed strong buying momentum would be the likes of NICE, YEWLEE WA, SCABLE, CYPARK, BAHVEST, IHH, TANCO, YEWLEE, and MRDIY. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market sentiment.

$NICE / 7139 (NICHE CAPITAL EMAS HOLDINGS BERHAD) so far looking quite strong here as able to breakout towards the RM 0.20 major resistance levels today with good volume and buying momentum despite being overbought here on the daily chart.

For now as long as able to sustain above its RM 0.175+ immediate support, could continue on towards and beyond the RM 0.20+ regions soon for a bullish continuation pattern soon.

Will be monitoring NICE closely here.

$CYPARK / 5184 (CYPARK RESOURCES BERHAD) on the other hand was definitely the star performer today as it was able to breakout strong from its RM 0.725 major resistance levels, rallying all the way back towards the RM 0.80+ regions with huge volume and buying momentum.

For now looking very strong here and as long as able to hold above its RM 0.78+ immediate support levels, could continue on towards and beyond the RM 0.85+ major resistance levels soon.

Will be monitoring CYPARK closely here as something big seems to be brewing.

$KOSSAN / 7153 (KOSSAN RUBBER INDUSTRIES BERHAD) since retracing back towards the RM 1.85+ major support levels earlier this month, had been able to regain momentum and hold above its RM 2.05+ support levels well over the past 2 weeks here on the daily chart.

For now as long as able to hold a higher low region here, could breakout from its RM 2.20+ main downtrend resistance levels on the daily chart for a new uptrend rally soon in the coming weeks.

Will be monitoring KOSSAN closely

Cypark Resources Bhd had inked a memorandum of agreement with Melaka Corp (MCORP) and Jakel Capital to jointly explore and develop energy solutions for the German Technology Park (GTP) in Melaka.

PETALING JAYA: Cypark Resources Bhd has inked a memorandum of agreement (MOA) with Melaka Corp (MCORP) and Jakel Capital to jointly explore and develop energy solutions for the German Technology Park (GTP) in Melaka.

KUALA LUMPUR: Cypark Resources Bhd, Melaka Corporation (MCorp) and Jakel Capital have agreed to jointly explore and develop energy solutions for the German Technology Park in Melaka.

© New Straits Times Press (M) Bhd

PETALING JAYA: Cypark Resources Bhd has inked a memorandum of agreement (MOA) with Melaka Corp (MCORP) and Jakel Capital to jointly explore and develop energy solutions for the German Technology Park (GTP) in Melaka.

KUALA LUMPUR: Public Investment Bank Bhd has cut its estimate for Cypark Resources Bhd to a net loss of RM16 million for financial year 2025 (FY25) due to prolonged rectification works on the company's waste-to-energy (WTE) segment. 

© New Straits Times Press (M) Bhd

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)
Research by PublicInvest

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)
Research by Public
Neutral – TP RM0.80

“Third Consecutive Loss"

Cypark Resources (Cypark) reported a third consecutive quarterly core net Loss After Tax and Minority Interest (LATAMI) of RM68.4m in 4QFY24, widening from a core net LATAMI of RM30.7m in 3QFY24. This is mainly due to derecognition of deferred tax assets of RM46m, following the over provision during the kitchen-sinking exercise in FY23. The result was also impacted by the unexpected fire incident, which caused unscheduled downtime in its waste-to-energy (WTE) plant, with the segment recording a net loss before tax of RM13m. Overall, FY24 net core LATAMI of RM106.2m is below our and consensus full-year net LATAMI estimates of RM43.1m and RM34.7m respectively. On a positive note, the Large Solar Scale 3 (LSS3) Merchang project has finally achieved commercial operation date (COD) on 9th June 2024. This will allow Cypark to re-channel its resources to focus on achieving COD for its LSS2 Danau Tok Uban (DTU) project in 3QCY24. Nevertheless, we cut our forecast for FY25F/26F by 48/18% to reflect lower efficiency in the WTE plant due to staggered resumption in operations after the fire incident, and slight delays in the DTU commercialization. We maintain our Neutral call with a slightly-reduced sum-of-parts (SOP) TP of RM0.80 (from RM0.86).

Analyst:
Khairul Fahmi, CFA
khairul.fahmi@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 30/04/2024

MEMORANDUM OF UNDERSTANDINGCypark Resources Berhad ("CRB" or "the Company") - Status of Memorandum of Understanding

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR CHUNG CHEE YANG

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MOHAMED NIZAM BIN MOHAMED JAKEL

$CYPARK / 5184 (CYPARK RESOURCES BERHAD)

PETALING JAYA: Cypark Resources Bhd’s 100 megawatts (MW) large scale solar 3 (LSS3) hybrid solar energy plant in Merchang, Terengganu, has successfully reached its commercial operation date (COD) on June 9, 2024.

KUALA LUMPUR: Cypark Resources Bhd's 100-MWac (megawatt alternating current) large scale solar 3 (LSS3) hybrid solar energy plant in Merchang, Terengganu, has reached its commercial operation date (COD) on June 9, marking a significant achievement in supporting Malaysia’s ambition for a 70 per cent renewable energy mix by 2050.

KUALA LUMPUR: Cypark Resources Bhd's 100-MWac (megawatt alternating current) large scale solar 3 (LSS3) hybrid solar energy plant in Merchang, Terengganu, has reached its commercial operation date (COD) on June 9, marking a significant achievement in supporting Malaysia’s ambition for a 70 per cent renewable energy mix by 2050.

KUALA LUMPUR: Cypark Resources Bhd's 100 megawatt (MW) large scale solar 3 (LSS3) hybrid solar energy plant in Terengganu has reached its commercial operation date (COD) on June 9.

© New Straits Times Press (M) Bhd

OTHERSCYPARK RESOURCES BERHAD ANNOUNCES COMMERCIAL OPERATION DATE (COD) FOR 100MW LSS3 HYBRID SOLAR ENERGY PLANT IN MERCHANG, TERENGGANU, MALAYSIA

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MOHAMED NIZAM BIN MOHAMED JAKEL

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR CHUNG CHEE YANG

Change of Address

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR CHUNG CHEE YANG

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR CHUNG CHEE YANG