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Wednesday, January 2, 2013

CIMB Research maintains Outperform on Cypark, TP RM2.82

Published: Wednesday January 2, 2013 MYT 8:44:00 AM (Star)

KUALA LUMPUR: CIMB Equities Research is maintaining an Outperform on Cypark with an unchanged target price of RM2.82, which is an upside of 76.3% from the last traded price of RM1.60.
The research house said on Wednesday its valuation methodology is still based on the discounted cashflow sum-of-parts using a 4.7% WACC and a 3.0% terminal growth rate.

"We expect the award of a 20MW renewable energy (RE) concession in Negeri Sembilan and higher RE sales to Tenaga to act as catalysts to the stock," it said.

CIMB Research said the FY12 core EPS was in line with its and consensus's full-year estimates of 101%. All non-environmental engineering revenue segments reported on-year growth due to project completion and the sale of RE.

"Management's next milestone is a 20MW concession, expected by 1Q13," it said.


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