Cypark’s FY21 results were within our expectations, with core net profit up 6% YoY. We expect earnings in FY22 to improve as the company expects to grow its renewable energy (RE) portfolio by managing and operating a combined solar capacity of 230MW (from 40MW currently), and kick-start its first 25MW waste-to-energy (WTE) plant by 1Q of 2022. We maintain our BUY with an unchanged SOP-based TP of MYR1.35.