A fantastic quarter. RM861m 6MFY12 core net profit (-39.6% YoY) was in-line with ours but well ahead of consensus. 2QFY12 results was buoyed by higher supply of natural gas, lower coal prices and higher output from hydroelectric dams thanks to above normal rainfalls during the period. Tenaga has received its share of RM2.0b from PETRONAS and the government for the cost sharing of using alternative fuel. Maintain Buy, with a revised TP of RM7.40 based on 13x CY13 PER.


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Source: Maybank Research 13 April 2012