Maintain MYR2.05 TP but upgrade to BUY. YTL Power International (YTLP)
reported results that were largely within expectations. That said, it
was encouraging that YES is close to breaking even, likely due to the
1Bestarinet contract. YTLP attributed its cut in dividends to YES’
startup losses. Now that YES appears to be breaking even, dividends may
be reinstated, we think. At current prices, YTLP is trading at close
to trough valuations.
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Source: Maybank Research - 23 May 2012
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