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Results Note – Tenaga (BUY, maintain) - Record earnings delivery




Affin Hwang Investment Bank Bhd


31 Oct 2013





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FY08/13 earnings were inline with Affin and street estimates The stock has appreciated by 38% YTD. Key re-rating catalysts are: (1) lower coal prices; (2) higher gas supply; and (3) 2/3 alternative fuel cost compensation. These engine cylinders have helped to propel earnings growth - FY08/13 core net profit surged 21.8% yoy to RM4,120.6m. The robust earnings were inline with Affin and street estimates. The Group declared a 25 sen net DPS for FY13, translating to a net yield of 2.7%.

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