PETALING JAYA: Cypark Resources Bhd
is expected to post a core net loss of RM69.5mil for financial year ending April 30, 2026 (FY26), compared with a previously projected profit of RM4.7mil, according to Maybank Investment Bank Research (Maybank IB).
The research house said the revision stems mainly from lower engineering, procurement, construction and commissioning revenue recognition, as well as a more gradual recovery in waste-to-energy (WTE) earnings.
“Our FY27 and FY28 earnings (estimates) remain unchanged, underpinned by higher recurring income from large-scale solar three (LSS3) and normalising WTE contributions,” it said.
Cypark has recently secured RM1.3bil in Islamic financing facilities from MBSB Bank Bhd to refinance its renewable energy (RE) assets in solar and WTE projects.
The research firm said the lower borrowing costs post-refinancing – estimated at 4.8% to 5%, versus 6.5% to 6.8% previously – should help cushion losses.
Looking ahead, Maybank IB noted that growth visibility is supported by a RM3.5bil tender book, of which RM2.2bil is targeted for conversion. This includes the recently secured 100MW LSS Petra 5+ project.
Maybank IB maintained its “hold” call but lowered its target price to 88 sen per share, from 94 sen, to reflect the slower EPCC order book conversion.
