Maintain MYR2.05 TP but upgrade to BUY. YTL Power International (YTLP) reported results that were largely within expectations. That said, it was encouraging that YES is close to breaking even, likely due to the 1Bestarinet contract. YTLP attributed its cut in dividends to YES' startup losses. Now that YES appears to be breaking even, dividends may be reinstated, we think. At current prices, YTLP is trading at close to trough valuations.
Click here for full reportSource: Maybank Research - 23 May 2012