Cost-sharing lift. Tenaga's 9MFY8/12 core net profit of MYR2,255m (+20%
YoY) was ahead of our and consensus expectations. The positive surprise
relates to the booking of MYR1,145m in compensation from the Government
and PETRONAS under a cost-sharing agreement for the burning of
alternative fuels. The compensation amount has been verified and
payments will ensue within the year. We maintain our BUY recommendation
and raise our target price to MYR7.90 (from MYR7.40) after imputing
lower coal costs and stronger power demand prospects.
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Source: Maybank Research - 20 July 2012
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