Asean’s only listed renewable energy (RE) developer is set to boost FY13 core EPS by 91% yoy as it increases RE capacity by eightfold to 60MW. Execution risks are mitigated by Malaysia’s feed-in-tariff, government support and 16-21 year offtake agreements with Tenaga. As its risk profile improves due to a sixfold jump in fixed revenue by FY13, more value will be unlocked. Cypark is trading at 6.3x FY13 P/E while offering 6% net yield. We begin coverage with an Outperform and RM2.82 target price, based on 10% discount to SOP due to its small size.
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