Bursa Malaysia Stock Watch
CIMB Research: Tenaga Trading Buy at RM10.90
kltrader
Publish date: Fri, 15 Jan 2010, 11:11 PM
kltrader
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Written by Joseph Chin
Friday, 15 January 2010 08:53
Friday, 15 January 2010 08:53
KUALA LUMPUR: Tenaga Nasional is scheduled to release its 1QFY8/10 results on Jan 20 and CIMB Equities Research expects core net profit to come in at RM450 million to RM500 million, which is 11%-23% higher quarter-on-quarter but up to 10% lower on-year.
THe research house said on Friday, Jan 15 that it would regard the results to be broadly in line if core net profit came in around 19%-21% of its full-year projection as the remaining quarters should be better due to stronger pick-ups on the demand front.
'We retain our FY10-12 earnings projections pending the results release. The upcoming 1QFY10 results announcement is likely to be relatively uneventful as the focus will be on the government’s impending decision on the scheduled Jan 2010 tariff review. Tenaga remains a Trading Buy with an unchanged P/BV-based target price of RM10.90,' it said.
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