Bursa Malaysia Stock Watch
TENAGA - AmResearch maintains Buy on Tenaga, FV RM10
kltrader
Publish date: Fri, 08 Oct 2010, 10:41 PM
kltrader
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Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Research House: AMMB
KUALA LUMPUR: AmResearch is maintaining its Buy call on Tenaga Nasional with an unchanged fair value of RM10 a share, based on a 10% discount to DCF of RM11.10 a share.
It said on Friday, Oct 8 that Tenaga has largely won the legal suit launched by MMC Corp's wholly-owned Prai Power Sdn Bhd which was claiming RM114 milllion for allegedly wrongfully reducing its capacity payments from June 2003-November 2006.
Essentially, the case was dismissed and Tenaga will be able to claim back a net amount of RM8 million from Prai Power.
AmResearch said the latest development was mildly positive for Tenaga as the award will not significantly increase its forecasts, which have not incorporated any provisions arising from this legal case. Hence, it maintained its forecasts.
'Valuation-wise, Tenaga trades at an attractive CY11F PE of 11x vis-vis a three-year average of 14x,' it said.
Company Name: TENAGA NASIONAL BHD
Research House: AMMB
KUALA LUMPUR: AmResearch is maintaining its Buy call on Tenaga Nasional with an unchanged fair value of RM10 a share, based on a 10% discount to DCF of RM11.10 a share.
It said on Friday, Oct 8 that Tenaga has largely won the legal suit launched by MMC Corp's wholly-owned Prai Power Sdn Bhd which was claiming RM114 milllion for allegedly wrongfully reducing its capacity payments from June 2003-November 2006.
Essentially, the case was dismissed and Tenaga will be able to claim back a net amount of RM8 million from Prai Power.
AmResearch said the latest development was mildly positive for Tenaga as the award will not significantly increase its forecasts, which have not incorporated any provisions arising from this legal case. Hence, it maintained its forecasts.
'Valuation-wise, Tenaga trades at an attractive CY11F PE of 11x vis-vis a three-year average of 14x,' it said.
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