Excluding net foreign gains (FX) of RM362.8m, Tenaga Nasional Berhad’s (TNB) 4QFY22 reported core net profit of RM446.3m dipped by 47.9% YoY and 65.4% QoQ respectively. This brings the Group’s FY22 core net profit to RM3.6bn, contracting by 3.8% YoY. Overall, the Group’s performance was below our and consensus estimates at 89% and 85% of full-year numbers respectively, mainly dragged by higher financing cost and higher tax expense. The Group recorded higher revenue by 39.1% YoY including an Imbalance Cost Pass-Through (ICPT) portion of RM22.3bn. It also recorded higher operating cost by 45.1% YoY to RM64.6bn however, due to heightened fuel and coal prices. As a result, the Group’s receivables and borrowings expanded at almost a similar quantum c.RM12bn amid timing mismatch between upfront payment made by TNB and recovery of the surcharges via the ICPT framework. However, the Group remains confident it will fully recover the outstanding ICPT in 1HFY23, with moderating commodity prices expected to ease strains on its working capital. We maintain our Outperform call with an unchanged DCF derived TP of RM12.42 on stable domestic electricity demand. On a side note, TNB declared a final dividend of 26sen, bringing total dividend for FY22 to 46sen.
Source: PublicInvest Research - 28 Feb 2023
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