United States

Analyst Research Report Snapshot


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




Affin Hwang Investment Bank Bhd


18 Apr 2013





Companies referenced:


Available for Immediate Download

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%).

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.