Tenaga will buy over a 70% stake in Project 3B from 1MDB. While we believe the 2,000MW greenfield coal-fired power plant project is viable on a standalone basis, the market may see it as a prelude to more deals with 1MDB. We maintain our BUY call and earnings forecasts, but cutour TP by 12% to MYR15.53 (23% upside). We like Tenaga for its earnings defensiveness, large market value and high share liquidity.
Source: RHB Research - 19 Jun 2015
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TENAGACreated by kiasutrader | Jun 14, 2016
Created by kiasutrader | May 05, 2016