UOB Kay Hian Research Articles
Tenaga Nasional: FY17: Results In Line; Dividend Upside In FY18 Given Active Capital Management
UOBKayHian
Publish date: Fri, 27 Oct 2017, 03:53 PM
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All materials published here are prepared by UOB Kay Hian. For latest offers on UOB Kay Hian trading products and news, please refer to: http://www.utrade.com.my
UOB Kay Hian Securities (M) Sdn Bhd (194990-K)
Hotline:
1800 UTRADE /
1800 88 7233 (Securities)
+6088 235611 (Futures)
Email: contact@utrade.com.my
(TNB MK/BUY/RM14.32/Target: RM16.00)
On higher interest, depreciation and effective tax rates, 4QFY17 core net profit fell 8% yoy to RM1,722m. With stable EBITDA margin, FY17 core net profit came in within expectations. Positively, TNB doubled FY17 net DPS to 61 sen (yield of 4.3%). Additionally, in a surprise move, management increased its sustainable dividend payout ratio to 30-60%. This active capital management provides room for share price discovery. Maintain BUY. Target price: RM16.00.
Source: UOB Kay Hian Research - 27 Oct 2017
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