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DATE: 24 JANUARY 2018
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THE STOCK : TENAGA
TENAGA NASIONAL BHD
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Current Price : RM15.86
Target Price : RM16.92
Warrant : TENAGA-C39 (0.28c) : TP '0.48c - 0.50c+++ JACKPOT!'
Another stock on Kim's eyes.
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"Its among of government GEMS and why not we looks into? Staytune and monitor closely this one. I am sharing my personal view again..KABOOM ANYTIME!". - Kim Spartan
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THE PROFILE
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Tenaga Nasional Berhad is engaged in the generation, transmission and distribution of electricity in Malaysia. The company primarily operates thermal and hydro power plants. It also manages and operates a transmission network that is also interconnected to Thailand and Singapore. In addition, the company manufactures transformers, high-voltage switchgears and cables, and is involved in the provision of professional consultancy services. The company was founded in 1949 and is headquartered in Kuala Lumpur, Malaysia.
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THE KEYNOTE
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JAN 2017
TENAGA - Tenaga Nasional Bhd’s (TNB) unit has proposed to buy a 50% stake in Vortex Solar Investments S.a.r.l. for £86mil (RM474mil) cash under its five-year international expansion roadmap to boost its power generation capacity, including renewable power.
TENAGA - Tenaga Nasional Bhd’s (TNB) unit has proposed to buy a 50% stake in Vortex Solar Investments S.a.r.l. for £86mil (RM474mil) cash under its five-year international expansion roadmap to boost its power generation capacity, including renewable power.
TENAGA - Tenaga Nasional Bhd’s (TNB) board has extended Tan Sri Leo Moggie’s (pic) term as chairman for two more years until March 11, 2019. TNB is 28.21%-owned by Khazanah Nasional Bhd and 14.79% by the Employees Provident Fund.
TENAGA - Tenaga Nasional Bhd’s (TNB) net profit for its first quarter ended Nov 30, 2016 dropped 12% to RM1.74bil from RM1.98bil in the previous corresponding period, its earnings mainly impacted by the strengthening of the dollar against the ringgit. TNB’s forex losses almost quadrupled to RM231.2mil from RM58.5mil in the same period of the previous year. Revenue in the first quarter rose to RM11.24bil from RM10.68bil a year earlier.
MAR 2017
TENAGA - Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power purchase agreement (PPA) with a private firm that will design, construct, own, operate and maintain a 50MWac solar photovoltaic energy generating facility in Rembau, Negeri Sembilan. The PPA was signed with Solar Management (Seremban) Sdn Bhd (SMSSB), a wholly-owned unit of Solar Management (Chembong) Sdn Bhd.
TENAGA - Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power purchase agreement (PPA) with Gading Kencana Development Sdn Bhd for a 30 MWac plant in Bidor, Perak.
TENAGA - Tenaga Nasional Bhd (TNB) has signed a large-scale solar (LSS) power purchase agreement (PPA) with a Mudajaya Group Bhd subsidiary today. It signed with Sinar Kamiri Sdn Bhd, a wholly-owned subsidiary of Mudajaya RE Sdn Bhd, which is an indirect wholly-owned unit of Mudajaya Group, via its wholly-owned unit Mudajaya Energy Sdn Bhd.
TENAGA - Tenaga Nasional Bhd (TNB) rose 15 spots to be ranked at 24th among Brand Finance’s Global Top 50 utility brands in 2017 or Utilities 50 (2017).This represented a significant jump of 33% for the national utility corporation’s brand value of US$1.583bil from US$1.187bil in 2016.
TENAGA - Tenaga Nasional Bhd (TNB) is expected to complete the environmental impact assessment (EIA) study for its 300mw Nenggiri hydroelectric plant in Kelantan by 2018.
TENAGA - Tenaga Nasional Bhd’s (TNB) RM12bil joint venture power plant in Jimah, Port Dickson, also known as Project 3B, is on track to be ready by December 2019.Work on the Jimah East Power (JEP) plant was going on smoothly and more than 40% completed since the plant's first concrete pouring in July 2016.
TENAGA - Tenaga Nasional Bhd (TNB) and state-owned electricity company Electricite de France SA (EDF) inked a memorandum of understanding (MoU) to collaborate on knowledge sharing. Both parties would benefit from experience sharing and the exchange of information on administration, management and technical aspects related to the energy sector. The two-year MoU, which culminated from several years of a strong link between TNB and EDF, is expected to galvanise (an) existing relationship into a long-term fruitful collaboration.
APR 2017
TENAGA - Tenaga Nasional Bhd (TNB) today entered into a Memorandum of Understanding (MoU) with its 30%-owned unit GMR Energy Ltd (GEL) to venture into power plant operations and maintenance (O&M) in India through its wholly-owned unit TNB Repair and Maintenance Sdn Bhd (TNB REMACO). Under the MoU, its repair and maintenance arm TNB REMACO and GEL will provide power plant O&M, performance improvement, testing and diagnostic services.
TENAGA - Tenaga Nasional Bhd (TNB) has grabbed two gold awards at the 9th Global Corporate Social Responsibility (CSR) Summit and Awards and the Global Good Governance Awards 2017 held in Langkawi recently.
TENAGA - Tenaga Nasional Bhd has signed a power purchase agreement with Edra Power Holdings Sdn Bhd's unit which will build a plant with a total nominal capacity of 2,242.131 MW in Alor Gajah, Melaka.
TENAGA - Tenaga Nasional Bhd (TNB)’s net profit rose 12% to RM1.48 billion in the second financial quarter ended Feb 28, 2017 (2QFY17), from RM1.32 billion in the previous year’s corresponding quarter (2QFY16) as revenue grew. Consequently, earnings per share improved to 26.22 sen per share from 23.4 sen per share; topline was up 6% to RM11.16 billion from RM10.49 billion a year earlier. TNB announced an interim single-tier dividend of 17 sen per share to reward its shareholders.
MAY 2017
TENAGA - Tenaga Nasional Bhd (TNB) has entered into agreements with SIPP Energy Sdn Bhd and SIPP’s wholly-owned unit Southern Power Generation Sdn Bhd (SPG) to acquire a 51% stake in SPG for RM51. SPG a special purpose vehicle company for the development of 2x720MW combined cycle gas turbine power plant in Pasir Gudang, Johor – will become a subsidiary of TNB upon completion of the acquisition.
TENAGA - Tenaga Nasional Bhd (TNB), which in 2015 withdrew from a consortium to develop a power plant in Pasir Gudang, Johor, has made a U-turn and taken a majority stake in the RM4.7bil project.
TENAGA - Tenaga Nasional Bhd’s second ultra-supercritical (USC) RM6bil coal-fired power plant, Manjung 5 (M5), is on track to meet its scheduled commercial operation date (SCOD) this coming October or 45 months from the project’s starting date.
TENAGA - TNB Repair and Maintenance Sdn Bhd (TNB REMACO), a wholly-owned subsidiary of Tenaga Nasional Bhd, has been awarded a US$176 million (RM763.22 million) contract for the operation and maintenance (O&M) of the 1,223 megawatt (MW) Balloki combined cycle power plant located in the Punjab province, Pakistan.
TENAGA - Tenaga Nasional Bhd (TNB) has entered into agreements with SIPP Energy Sdn Bhd and SIPP’s wholly-owned unit Southern Power Generation Sdn Bhd (SPG) to acquire a 51% stake in SPG for RM51. SPG a special purpose vehicle company for the development of 2x720MW combined cycle gas turbine power plant in Pasir Gudang, Johor – will become a subsidiary of TNB upon completion of the acquisition.
TENAGA - Tenaga Nasional Bhd has signed a new power purchase agreement (PPA) and land lease agreement (LLA) with YTL Power International Bhd’s wholly-owned subsidiary, YTL Power Generation Sdn Bhd, which operates the combined-cyle gas-fired power plant in Paka, Terengganu.
TENAGA - Tenaga Nasional Bhd (TNB) has signed new deals with YTL Power International Bhd to extend the operations of the latter’s power plant in Paka, Terengganu. Its had signed a new power purchase agreement (PPA) and a new land lease agreement (LLA) with YTL Power for the independent power producer to continue operations of its Paka power plant for a further period of three years and 10 months.
TENAGA - Tenaga Nasional Bhd (TNB) via its wholly-owned subsidiary, TNB International Sdn Bhd (TNBI), has completed its 50% interest acquisition in one of Britain’s largest portfolios of operating solar power assets with a combined net installed capacity of 365 MW.
TENAGA - Tenaga Nasional Bhd’s unit Tenaga Cable Industries Sdn Bhd (TCI) has inked a memorandum of understanding (MoU) with Thailand-based GOV Supply Ltd to explore business opportunities in Thailand and Indochinese countries.
JUN 2017
TENAGA - The Government will bear RM1.303bil from imbalance cost pass-through (ICPT) subsidy of 2.54 sen per Kwh to consumers from July 1 until Dec 31, 2017. Tenaga Nasional Bhd (TNB) said the actual imbalance cost for period January to June 2017 of RM523.23mil, resulting a surcharge of 1.02 sen/kWh.
TENAGA - Tenaga Nasional Bhd is setting up a RM5bil Islamic medium term notes (MTN) programme with a tenure of between of one to 50 years. The proceeds raised from the Sukuk programme will be utilised by Tenaga to finance capital expenditure, investment, general corporate purposes, working capital requirements and/or refinance any existing financing facilities of Tenaga and/or its subsidiaries and to defray any fees and expenses of the Sukuk programme.
JUL 2017
TENAGA - Tenaga Nasional Bhd (TNB) has agreed to grant the extension period to SIPP Energy Sdn Bhd in relation to the share sale and purchase agreement for the acquisition of 51% stake in Southern Power Generation Sdn Bhd (SPG).
TENAGA - Tenaga Nasional Bhd’s (TNB) net profit slipped 15% to RM1.96bil in the third quarter ended May 31 from RM2.3bil in the same period last year mainly due to increase in deferred taxation expense.
AUG 2017
TENAGA - Tenaga Nasional Bhd (TNB) aims to raise RM2bil via an auction of Islamic bonds, or sukuk, to be issued today, according to a regulatory filing. The issuance by TNB, in which state investor Khazanah is the biggest shareholder, comprises a RM500mil 15-year tranche and a RM1.5bil 20-year tranche, with periodic distribution rates of 4.95% and 5.18% respectively.
TENAGA - Tenaga Nasional Bhd (TNB) has secured RM339 million financing for its first Large Scale Solar (LSS) project in Malaysia. Its unit TNB Sepang Solar Sdn Bhd (TSS) had secured the amount through Affin Islamic Bank Bhd, who will be providing funding and working capital requirements for the said project
SEP 2017
TENAGA - Tenaga Nasional Bhd’s (TNB) 51%-owned subsidiary Southern Power Generation Sdn Bhd (SPG) has proposed to issue sukuk of up to RM4bil in nominal value to partially fund its power plant project in Johor.
TENAGA - Tenaga Nasional Bhd(TNB) continues to play an active role in supporting Malaysia's renewable energy (RE) generation target by leveraging its competitiveness and strength, both locally and overseas. They has formed joint ventures for a biomass power generation stations, among other, in Jengka, Pahang with Felda and two biogas power stations in Layang-Layang, Johor and Bagan Datuk, Perak with Sime Darby.
TENAGA - Tenaga Nasional Bhd (TNB) said today it has signed an agreement to purchase energy of up to 100 megawatt from Electricite Du Laos (EDL) in Laos via existing transmission grid of Electricity Generating Authority of Thailand (EGAT).
TENAGA - Tenaga Nasional Bhd(TNB) plans to collaborate on 13 projects with Elia System Operator SA, the sole operator of Belgium’s high-voltage grid and one of Europe’s largest transmission system operators in Europe. It had signed a memorandum of understanding with Elia for a strategic collaboration in sharing of best practices in capacity building. Elia, listed on the Euronext Brussels stock exchange, is the transmission operator for Belgium and East Germany, serving 30 million residents.
OCT 2017
TENAGA - Tenaga Nasional Bhd’s (TNB) unit TNB Repair And Maintenance Sdn Bhd (TNB Remaco) will set up a waste heat recovery power plant (WHRPP) to generate electricity from waste heat from Cement Industries Malaysia Bhd’s (Cima) two cement plants.
TENAGA - Tenaga 4Q net profit at RM1.72b, full year net profit at RM6.9b
TENAGA -Tenaga Nasional Bhd(TNB), adopting a new dividend policy for the financial year ended Aug 31, 2017 (FY17), has announced a record annual dividend payout of RM3.5bil.
NOV 2017
TENAGA - J.P. Morgan analyst Ajay Mirchandani upgraded the recommendation on Tenaga Nasional Bhd to overweight from neutral. Mirchandani raised the target price to RM17.50 from RMR14.60, implying a 17 percent increase from the last regular trade. The target is 6.4 percent above the consensus average of RM16.44. Tenaga Nasional had 19 buy recommendations, 4 holds and 2 sells previously.
TENAGA - Tenaga Nasional Bhd(TNB) has signed a memorandum of understanding (MoU) with Indonesian state-owned PT PLN (Persero) (PLN) to develop a 2x200MW coal-fired power plant in Kalimantan, Indonesia.
TENAGA - Tenaga Nasional Bhd (TNB) announced today it has formed a joint venture (JV) to jointly build a 4MW mini hydropower station in Sungai Tersat, Kuala Berang, Terengganu.
DEC 2017
TENAGA - Tenaga Nasional Bhd(TNB) has received a letter of acceptance of offer from the Energy Commission (EC) to develop a 30MW alternate current large scale solar photovoltaic plant at Bukit Selambau, Kedah
TENAGA - Tenaga Nasional Bhd (TNB) is acquiring an information technology related services company from Setia Haruman Sdn Bhd, the master developer of Cyberjaya, for RM28 million cash.
TENAGA - Tenaga Nasional Bhd's overseas investments will not be passive and focused solely on financial gains, as the Malaysian state-owned utility hopes to be a strategic investor in its power assets abroad. Tenaga president and chief executive officer Datuk Seri Azman Mohd said Tenaga executives will hold seats in these overseas companies’ management to reflect Tenaga's position as a strategic investor
JAN 2018
TENAGA - Telekom Malaysia Bhd (TM) and Tenaga Nasional Bhd (TNB) have signed a memorandum of understanding to jointly develop an implementation plan to deliver the government’s Nationwide Fiberisation Plan.
TENAGA - Tenaga Nasional Bhd(TNB) has received proposals from several third parties who are keen to participate and help facilitate the Nationwide Fiberisation Plan (NFP) after teaming up with Telekom Malaysia Bhd(TM) on the project.
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THE FINANCIAL
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Regards,
Kim Stockwatch
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