Bursa Malaysia Stock Watch
POWER (NEUTRAL) - Shortlisted Prai Power Candidates
kltrader
Publish date: Mon, 19 Mar 2012, 01:54 PM
kltrader
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POWER (NEUTRAL)
Shortlisted Prai Power Candidates
- Malaysia EC (Energy Comission) had shortlisted 9 candidates for the1,000-1,400MW Prai Combined Cycle Gas Power Plant.
- The final decision on the winner is likely to be announced by Oct-Nov2012 with final approval from the government.
- Separately, first generation IPPs are also welcomed to submit bids toextend their PPAs for another 10 years, which will be subjected to someconditions including reducing capacity payments for 4 years from now until endof the existing PPAs.
- Prai PPA is likely to be priced with IRRs of 7-8%, which issubstantially lower than first generation PPAs of more than 15%.
- Tenaga will benefit from the tendering out of new PPAs, ensuringcompetitive PPA rates (lower than the existing first generation PPAs).
- YTL Power have to compete with other contenders whichinclude international utility players (i.e. Mitsubishi, Mitsui, etc), loweringits existing ROEs.
- Maintain BUY on YTL Power with TP of RM2.23 and HOLDon Tenaga with TP of RM6.54.
Source: HLIB Research 19 March 2012
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