Waiting for power plants to come on board
■ Cypark’s LSS 2 is relocated from Empangan Terip to Danau Tok Uban. We
project delays in LSS 2’s COD due to relocation and recent lockdowns.
■ We believe EPCC revenue and LSS 3 plant progress could be affected by
slower work progress as a result of FMCO.
■ Our SOP-based TP is cut to RM1.00 after adjusting for its enlarged share
base from the private placement and changes in plants’ COD.