Maybank Is Cautiously Optimistic For Cypark's FY25 Earnings
Maybank Is Cautiously Optimistic For Cypark's FY25 Earnings
Exploring new EPCC jobs in solar and WTECypark 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於4QFY24錄得淨虧損MYR66m，帶來其全年FY24淨虧損MYR110m。排除一次性因素，4Q核心虧損爲MYR22m，全年爲MYR44m，超出預測淨虧損預測：分別爲-MYR37m/-MYR35m。馬來亞銀行表示，該錯失應歸因於可再生能源和廢棄物轉化爲能源事業部門產生了高於預期的成本。該機構調整了其FY25/26E核心淨利潤預測爲-65%/+59%，並引入FY27E。維持持有，SOP-TP爲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
廢物管理和可再生能源業務的虧損抵消了利潤
FY24集團營收佔預測的93%，4Q建造業的營收顯著增長，這得益於一項醫院建設項目。可再生能源和廢棄物轉化爲能源的收入在4Q下降（分別爲-4%和-5%），其中可再生能源建築收入和廢棄物轉化爲能源銷售嚴重不足，因爲4月底發生了一起意外火災。最終，可再生能源和廢棄物轉化爲能源運營在4Q產生稅前虧損，受管理費用上升的影響，特別是職業費用和維護費用等。團體稅在4Q非常高，由於MYR46m遞延所得稅資產的攤銷被取消。
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.
對FY25E持謹慎樂觀態度
進入FY25E，位於登嘉樓的LSS3項目於2024年6月9日實現商業運營，將在未來21年對可再生能源產生積極的貢獻。私人醫院項目仍有價值爲MYR62m的工作要完成，預計於FY25E完成。馬來亞銀行表示，由於到目前爲止沒有獲得新合同，因此將FY25E的任務贏得預測降至MYR100m（從MYR150m），並維持我們分別爲FY26/27E的MYR150m預測。對於廢物管理和廢棄物轉化爲能源業務，馬來亞銀行表示，預計第一次垃圾處理費用的修訂將在3QCY24E公佈。假設垃圾處理費每噸/日增加MYR1，該部門的年度額外收入大約可以達到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.
探索太陽能和廢棄物轉化爲能源EPCC工作
目前，賽柏以擁有或經營的可再生能源資產爲主（包括於2024年6月完成的171.8MWp LSS3項目在登嘉樓），並希望通過太陽能和廢棄物轉化爲能源探索新的可再生能源相關機遇，到2027E的容量目標爲800MW。
