Affin Hwang Capital Research Highlights

HwangDBS Research Highlights - 24 Jan 2014

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Publish date: Fri, 24 Jan 2014, 10:42 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.
CapitaMalls Malaysia Trust; Buy; RM1.38 
Price target: RM1.95; CMMT:MK 
Not resting on its laurels 
 
FY13 earnings within expectations, driven by robust rental reversions at key malls. FY13 DPU of 8.85 sen implies 6.4% distribution yield. 
 
Organic growth to drive near-term earnings; injection of Queensbay Mall could rerate stock. Maintain BUY rating and RM1.95 TP. 
 
Tenaga Nasional; Buy; RM11.50 
Price target: RM12.80 (Prev RM11.40); TNB:MK 
Powered by tax credit 
 
1Q14 core earnings in line with our and market expectations. Higher fuel cost in 1Q14 was compensated by tax credit. Expect
stronger earnings from 2Q14 onwards due to tariff hike effective 1 Jan 14. Outlook remains promising with rising energy demand and capacity growth; maintain BUY rating with higher TP of RM12.80

Source: HwangDBS Research - 24 Jan 2014

 
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