Maybank Is Cautiously Optimistic For Cypark's FY25 Earnings
Maybank Is Cautiously Optimistic For Cypark's FY25 Earnings
Cypark Resources saw its 4QFY24 headline net loss of MYR66m bringing its full year FY24 net loss to MYR110m. Ex-one-off, core loss was MYR22m for 4Q, and MYR44m for full year, above consensus net loss forecast of –MYR37m/-MYR35m respectively. Maybank said the miss was due to a higher-than-expected cost incurred at Renewable Energy and WTE segments. The house adjusts its FY25/26E core net profit by -65%/+59%, and introduce FY27E. Maintain HOLD with lower SOP-TP of MYR0.83 (-3sen).
Cypark Resources于4QFY24录得净亏损MYR66m，带来其全年FY24净亏损MYR110m。排除一次性因素，4Q核心亏损为MYR22m，全年为MYR44m，超出预测净亏损预测：分别为-MYR37m/-MYR35m。马来亚银行表示，该错失应归因于可再生能源和废弃物转化为能源事业部门产生了高于预期的成本。该机构调整了其FY25/26E核心净利润预测为-65%/+59%，并引入FY27E。维持持有，SOP-TP为MYR0.83（-3sen） 。
Losses at WTE and RE ops offset profits
FY24 group revenue made up 93% of forecast with significant QoQ pickup in construction rev. in 4Q from a hospital construction project. Renewable Energy and WTE rev. were lower in 4Q (-4% and -5% respectively), on lower contribution from LSS construction revenue and lower sale of green energy at WTE due to an unexpected fire incident that took place at the end of Apr. Bottom-line, both RE and WTE ops recorded pre-tax loss in 4Q, on higher administration costs, particularly professionalfees and maintenance costs. Group tax was exceptionally high in 4Q due to one-off derecognition of the deferred tax assets of MYR46m
废物管理和可再生能源业务的亏损抵消了利润
FY24集团营收占预测的93%，4Q建造业的营收显著增长，这得益于一项医院建设项目。可再生能源和废弃物转化为能源的收入在4Q下降（分别为-4%和-5%），其中可再生能源建筑收入和废弃物转化为能源销售严重不足，因为4月底发生了一起意外火灾。最终，可再生能源和废弃物转化为能源运营在4Q产生税前亏损，受管理费用上升的影响，特别是职业费用和维护费用等。团体税在4Q非常高，由于MYR46m递延所得税资产的摊销被取消。
Cautiously optimistic for FY25E
Into FY25E, the completion of LSS3 project located in Terengganu that achieved COD on 9 June 2024 will contribute positively to the RE op. for the next 21 years. The construction of a private hospital project still have a remaining MYR62m worth of job, to be completed in FY25E. Mayank said is is lowering the job win forecasts in FY25E to MYR100m (from MYR150m) as no new contracts secured so far; and maintain our MYR150m forecasts for FY26/27E respectively. For waste management & WTE op., Maybank said it expects the first revision on tipping fees to be announced by 3QCY24E. A hypothetical MYR1/mt/day increase in tipping fees could generate around MYR300k additional rev. for the segment annually.
对FY25E持谨慎乐观态度
进入FY25E，位于登嘉楼的LSS3项目于2024年6月9日实现商业运营，将在未来21年对可再生能源产生积极的贡献。私人医院项目仍有价值为MYR62m的工作要完成，预计于FY25E完成。马来亚银行表示，由于到目前为止没有获得新合同，因此将FY25E的任务赢得预测降至MYR100m（从MYR150m），并维持我们分别为FY26/27E的MYR150m预测。对于废物管理和废弃物转化为能源业务，马来亚银行表示，预计第一次垃圾处理费用的修订将在3QCY24E公布。假设垃圾处理费每吨/日增加MYR1，该部门的年度额外收入大约可以达到MYR300k。
Exploring new EPCC jobs in solar and WTE
Currently, Cypark operates, owns, and/or manages c. 261MWp of RE assets (incl. a 171.8MWp LSS3 project in Terengganu which was completed in Jun 2024), and expects to increase its RE asset capacity to c.358.9MWp by end2024. Cypark is also exploring new RE related opportunities in solar and WTE, with a capacity target of 800MW by 2027E.
探索太阳能和废弃物转化为能源EPCC工作
目前，赛柏以拥有或经营的可再生能源资产为主（包括于2024年6月完成的171.8MWp LSS3项目在登嘉楼），并希望通过太阳能和废弃物转化为能源探索新的可再生能源相关机遇，到2027E的容量目标为800MW。