Analyst Research Report Snapshot

Title:

Results Note – Tenaga (BUY, maintain) - Benign coal prices to power FY13 earnings

Price:

$35.00

Provider:

Affin Investment Bank

Date:

18 Apr 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

TENA.KL

Available for Immediate Download
Summary:

1HFY13 core net profits of RM1,901m is within expectations 2QFY13 core net profit (excluding RM388.6m of forex translation gains) came in at RM883.5m (+20.2% yoy; -13.2% qoq). We estimated a core net profit of RM900m in our recent 2QFY13 results preview. Including the 1QFY13 numbers, the Group grew 1HFY13 core net profit by 28.7% yoy to RM1,901.6m. Key drivers were: (1) +4.6% yoy P. Malaysia electricity demand growth; and (2) 9.5% yoy decline in 1HFY13’s fuel costs. All in, we deem the results to be inline with Affin and street’s estimates with scope for potential earnings upside if coal costs remains suppressed at current levels (< US$90/MT). The Group declared a 10 sen interim net DPS (implied net yield of 1.3%).

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