Finally, some good luck. Tenaga received some well-deserved good luck which helped turn 1QFY12 operationally profitable. It has received higher natural gas supply, and generated more power from its hydroelectric dams due to higher water levels courtesy of the monsoon rains. It has also received RM1.0b of its cost-sharing payments and will likely receive the balance RM1.0b by the end of 2QFY12. Maintain Buy, with an unchanged target price of RM6.90 pegged to 13x FY12 PER.


Maybank research (18 January 2012)

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