Thank you OTB for the support and I do think your tp of RM4.00 in 2024 should be achievable if based on traditional valuation method of 10x PER on EPS of 40 sen for FY2024.

I think it is highly possible for YTLP to achieve EPS of 40 sen or net profit of RM3.2 billion for FY2024. Just a quick check, Maybank projects a net profit of over RM2.6 billion and TA projects a net profit of RM2.9 billion for YTLP in FY2024. I think what they may have missed out slightly are:
- their perception of a normalisation of earnings from PowerSeraya from Q1 FY2024 onwards
- under-estimation of earnings contribution from Jordan Power
- not inclusion of any earnings contribution from green data centre park business yet
- continued losses in Wessex Waters well into Q4 FY2024
- continued losses in Yes 5G business

YTL Power will need to prove its earnings power from PowerSeraya in Q1 FY2024 in Nov 2023 first then more steady earnings from Jordan Power from Q3 FY2024 (hopefully the arbitration case will have favourable outcome by then), then maiden earnings contribution from green data centre park business and turnaround of Wessex Waters from Q4 FY2024.

By end Nov 2023, I hope local analysts can switch their valuation method from sum-of-parts back to traditional PER method once they see steady earnings from YTLP and upgrade target prices to over RM3.50.

Furthermore, if YTLP delivers dividend of 15 sen as expected for FY2024, then it does not make sense for local analysts to still keep their SOP valuation at RM2.20-2.30 for dividend yield will be the highest among blue chip stocks.

Ya the outlook is good with expandable business model. I was just concerned with the big capex incurred in FY2023, and am not sure of its capex plan for FY2024 and beyond.

I hope the big capex spent on upgrading existing stores in FY2023 has helped the company to maintain the gross margin of 60% and the capex spent on new stores will provide revenue growth into FY2024.

Bonia released a set of decent quarterly result for Q4 FY2023. Revenue for Q4 FY2023 dropped slightly compared to last year as Hari Raya this year came in early April 2023 so some of the festive buying was already realised in Q3 FY2023. The good thing is Bonia managed to maintain gross margin of 60% in Q4.

Operating cashflows (before working capital changes and capex) remained strong at RM71 million for FY2023. Capex was unusually high at RM48.2m in FY2023 vs RM9.7m in FY2022, as it opened 5 new boutiques and carried out rebranding effort in FY2023.

Final dividend of 2.0 sen was well expected but the special dividend of 4.0 sen fell short of market expectations, if compared to its special dividend of 12.0 sen last year. I think there are probably 2 reasons for the lower special dividend in FY2023 - 1) much higher capex incurred in FY2023, 2) the disposal of SBG is not complete yet.

Bonia has proposed to dispose off 30% stakes in SBG to its founder for RM17.6 million and this deal is expected to complete in 2H2023. I think we can look forward to a higher special dividend in FY2024 as the completion of this disposal will bring in extra 8.8 sen of cash in addition to projected operating cashflows of over 35 sen per share in FY2024.

FYI, TM has 3.06 million unifi subscribers with average monthly fee of RM130. These will be the low hanging fruits for YTL Yes to target at.

YTL Yes launches today 2 new super attractive 5G packages with unlimited 5G data and uncapped speed for RM58 a month with no duration commitment and for RM99 a month with 24 month plan and a free 5G router (worth RM1,199).

Compared to a standard TM unifi wifi package of 300MBps at RM168.50 a month, the Yes 5G plan at RM99 a month will offer great savings while higher speeds supporting 6 devices. I am confident such a new Yes 5G plan will gradually grab market shares from TM unifi and other telcos' broadband wifi offerings.

A quick calculation shows that 1 million 5G subscribers at RM99/month will add revenue of RM99m a month or RM1.2 billion a year for Yes. Assuming 35% EBITDA margin (lower than TM EBITDA of 42% and CelcomDigi EBITDA of 46%), Yes would contribute EBITDA of RM420 million to YTLP a year.

Note: CelcomDigi postpaid 5G package is still higher priced than Yes if we add the RM10 extra fee to Celcom's RM98/mth and Digi's RM90/mth package.

Good closing at new high!! Congras to those who hold on.

Suggestion to those who chickened out this afternoon - try to buy back below RM1.90. The uptrend is still intact despite the ferocious profit taking this noon that appeared to scare off weak holders and short term traders.

good closing at new high!

@cgtan2020, yes it is important to track next quarterly earnings of YTLP to see any drop in PowerSeraya earnings after the implementation of TPC. I personally think the impact from TPC will be minimal but many are not convinced including some local analysts.

To be conservative, I have removed any contribution from long generation sales into the wholesale pool market from Q1 FY2024 onwards. If you read my article, I have estimated that the long generation has generated a gross margin of S$43 million for PowerSeraya in Q4 FY2023 (vs Sembcorp's estimates of S$60 million impact on its profit for 1H2023). I have totally ignored any contribution from long generation in my earnings projection, just using the base generation which is almost fully hedged with retails contracts and vesting contracts.

3,300 GWh x S$80/MWh = S$264 million gross profit per quarter

Of course, some people may argue the high retails margin cannot sustain going forward. But I fall back to fundamentals of supply and demand, and not based on the fluctuations of wholesale pool prices. You only see that the pool prices in July 2023 had been low after the implementation of TPC, but the fact shows that USEP did shoot to max of S$4,500/MWh again on a few occasions in August 2023, and even after TPC kicked in, USEP remained at the TPC cap price of S$500+/MWh for many periods.

If you invest in shares based on taking bets on fluctuations of share prices every day, then you'd better sell all today on price strength. But you would run the risks of missing out the next rally which you would never know when it will come.

The same logic applies to electricity consumers in Singapore. If they bet on low pool prices in July 2023 and sign up for fluctuating-priced contracts, then they may run the risks of being caught with pool price spikes (like what happened in 1H2023) or sudden jump in gas prices (like in 2022) which may cause them pay S$100/MWh or S$200/MWh extra, compared to those who opt for fixed priced retails contracts and enjoy certainty of price for 2 years at a small premium of S$30-80/MWh over pool prices.

@cgtan2020, thanks for the CIMB report.

CIMB projects net profit of RM2.0 billion only for FY2024 based on its assumption that PowerSeraya earnings will be lower from FY2024 onwards compared to FY2023. Again, it seems like YTLP management has failed to convince analysts on the sustainability of PowerSeraya earnings at the result briefing last evening.

Anyway, I see this as a good thing as it leaves room for further upgrades come Nov when YTLP is expected to post another set of stellar results.

@Zhuge-Liang, my own target price for YTLP is of course higher than the local analysts' numbers. My earlier projection for YTLP share price to hit RM5.00 by 2025 was based on EPS of 40 sen and PER of 12.5x.

But apparently local analysts are reluctant to upgrade their target price to beyond RM3.00 for now. It may take time.

Again, you should assess the risks and rewards of investing, and not based on my TP.

@Zhuge_Liang, Hong Leong tp for YTLP is RM2.90

Maybank report is also out, TP raised to RM2.30. The good thing is that Maybank has raised net profit projection for YTPower to over RM2.6 billion for FY2024 or EPS of 32 sen. The issue is it uses Sum-of-Parts (SOP) valuation that comes out with a low TP of RM2.30 implying a PER of 7.2x on its own FY2024 earnings projection.

@cgtan2020, I would be happy if YTLP could report EPS of 40 sen, not dreaming of 50 sen in near future.

Again, the stock needs time to get re-rated. We may have to wait for Q1 FY2024 result to come out in Nov 2023 to see if earnings from PowerSeraya can sustain at RM700-800m PBT, then only analysts will upgrade the profit projections for FY2024 to RM2.4 billion or more.

Now even the most bullish analysts like Hong Leong and Affin only projects net profit of RM2.0b and RM2.2b for FY2024. Again patience is the key.

Ya don't chase high, but stay invested for long term to reap the best benefit.

My projections above may seem over bullish but even my best estimates (RM700-800m PBT) for Q4 FY2023 has been handsomely beaten by actual YTLP results. As always, the market is skeptical of such stellar quarterly results from YTLP, as they were in May 2023 when YTLP reported net profit that beat the street by a few miles.

Local analysts as usual are reluctant to upgrade YTLP after they kept a bearish view for too long and most of them missed the early upgrade cycle, so it is only natural for them to remain skeptical. Foreign analysts are more agile in upgrading, like the case of Sembcorp for which Singapore analysts from UOB or DBS have been active in revising numbers up.

Only Hong Leong research house is non-bias enough to upgrade YTLP as the numbers show. CIMB and Maybank remain silent so far as they may have issued too many call warrants and have been under-hedged with the mother share.

So by 2025, YTLP should achieve total PBT of some RM1.1b to RM1.20 billion per quarter, annualised to RM4.5b to RM4.8 billion per year. Net profit should come in at about RM3.2 billion to RM3.6 billion a year or EPS of 40 sen to 45 sen.

Dividend should be 15 sen at least for FY2024 to meet YTL dividend requirement. Operating cashflows should be over 30 sen a year, supporting dividend payouts of 15-18 sen a year.

@Zhuge_Liang, looking at the latest Q4 result, I am revising my projections for YTLPower as follows:

1) PowerSeraya to report PBT of RM700-800 million per quarter for next 2 years at least to FY2025
2) Wessex to report PBT of RM130-170 million per quarter only from Q4 FY2024 after another water tariff revision
3) First phase green data centre to contribute PBT of RM25 million per quarter from 2024 (Note Hong Leong report today that reported on YTL management guidance of RM100m PBT from 1st phase green data centre)
4) Subsequent phases of green data centres (secured another 200MW) to start contributing PBT of RM100 million per quarter possibly from 2025
5) Jordan power to contribute PBT of RM50-100 million per quarter from Q1 FY2024 (Note Jordan Power contributed RM350m PBT in Q4 FY2023 due to some accruals of technical service income)
6) Rawang WTE plant to start contributing PBT of RM100 million per year from 2026 increasing to RM400 million per year after project debts are repaid
7) Digital bank JV to contribute PBT of RM25-30 million per quarter from 2026 (more optimistic now after seeing encouraging earnings growth in SEA Money digital bank)

Posted by Zhuge_Liang > 46 minutes ago | Report Abuse

Dear dragon328,
Your previous posting.
Thank you.
Quote !!
By FY2024, I am projecting for:

1) PowerSeraya to report similar level of PBT of around RM800 million to RM1.0 billion a quarter
2) Wessex to report normalised PBT of RM130-170 million per quarter
3) 1st phase green data centre to contribute PBT of RM10-15 million per quarter, subsequent phases to contribute PBT of RM50-75m a quarter from FY2025
4) digital bank business to contribute PBT of around RM10-20 million per quarter
5) Jordan power is fully commissioned by then and contribute PBT of RM50 million per quarter

SO if we add up the above, PBT will top RM1,050 - 1,200 million per quarter, annualised to RM4.0 billion to RM4.8 billion a year.

After tax profit may be around RM3.0 billion to RM3.6 billion resulting in EPS of 35 sen to 45 sen.

Cashflows will be around RM4.0 billion a year or 50 sen per share, supporting dividend payouts of minimum 25 sen.

So at 5% dividend yield, YTLP should trade to RM5.00 per share, or at PER of 11x to 15x.
Unquote !!

@cgtan2020, PowerSeraya should continue reporting strong earnings of at least RM600 million net profit every quarter for next 2 years. Come 2026 when Keppel and Sembcorp new units come online, supply situation will get eased out a little. Whether or not retails margin will get affected much depends on electricity demand growth in next 3 years. If demand growth is as strong as what EMA projects, then the new capacity of 1,200MW in 2026 will hardly meet the projected demand growth of 1,500MW in next 3 years. Then I will expect supply will remain tight and retails margin healthy for another 2 years to FY2027.

the framework of the writeup has already been prepared in past few weeks, I only filled up the actual numbers this evening

@CommonMan, I think this 3.5 sen dividend for YTL Power and 4.0 sen dividend for YTL are likely the final dividend for FY2023. Typically they announce the final dividend at the 4th quarter result.

The reason that YTLP was not able to declare higher dividend for this FY2023 is likely because they need to use the cash to pare down some debts at PowerSeraya and reserve some cash for new projects like the green data centre and solar power farm. Once such allocation is complete, coupled with continued strong earnings from PowerSeraya in FY2024, I think YTLP will have no issue of declaring dividend of 15 sen for FY2024 and YTL to declare 9.5 sen dividend for FY2024.

https://klse.i3investor.com/web/blog/detail/dragon328/2023-08-24-story-h-241866920-YTL_YTL_Power_Electrifying_Up_to_Record_Profits

some simple analysis of the stellar results for your reading & comments

https://klse.i3investor.com/web/blog/detail/dragon328/2023-08-24-story-h-241866920-YTL_YTL_Power_Electrifying_Up_to_Record_Profits

as promised

Excellent results! Will post an update later tonight

hello Pinky, I have been here since 2022. Lets hope Wellcall can catch up to RM1.80

Good closing today, finally bottoming up!

excellent set of quarterly result!!

Net profit jumped up 70% y-on-y and record dividend possible for this year

@probability, I have put more weight on YTL Power before the start of their share price rally when YTLP was trading at RM0.72 and YTL at RM0.53 last year. Now at current prices, it is a tough call.

YTLPower will continue to see strong earnings and strong cashflows hence enabling it to declare dividends of easily 15 sen per share each year for FY2024-2025, yielding 8% p.a.

YTL may declare dividends of 9.5 sen per year for FY2024 and FY2025 as guided by Francis Yeoh, yielding 7% p.a. But YTL may have more surprises in several other things such as explosive earnings from MCement, bagging of MRT3 project, revival of HSR project, monetisation of its various assets etc.

The choice is yours.

thanks cgtan2020. Ya it does look like the surge in YTL Power shares this morning was due to this inclusion into FTSE Asia Pacific index. This will enable foreign funds to put more weight onto YTL Power.

More will come when YTL and YTLP is included as KLCI component index stocks in next review.

haha TeamRocket must be biting sour grapes or completely out of his mind.

Bad sentiment in China and the USA will cause YTL share to gap down 9-10% tomorrow?? What kind of logic is this?

Another good thing about such WTE project is that it can replicated elsewhere. As the news article suggests, Selangor generates 10,000 tons of municipal wastes a day, and this WTE project at Rawang will burn 2,400 tons/day of wastes or about one quarter of the daily waste volume generated in the state of Selangor.

If this first project is successful, it may pave the way for further WTE projects in Selangor and other states. YTL group has several advantages in developing such WTE projects :
- YTL Power has decades of experience in developing power projects
- YTL group has long and reputable history of construction experience
- YTLP has deep pockets with net cash of over RM1.0 billion at holding level and over RM2.0 billion of free cashflows a year for next 2-3 years
- YTL/MCement has cement plants at several locations in Peninsular (Selangor, Perak and Pahang etc)

At total project cost of RM4.5 billion, assuming debt to equity ratio of 80%, YTLP's share in the JV of 70%, project loan tenor of 15 years and low teen project IRR, YTL Power will inject equity money of RM630 million and in return get its share of project cashflows of RM45 million a year initially rising to RM320 million a year after project loans are fully repaid.

I think this WTE project will have a net power output closer to 58MW as reported by The Edge than to the figure of 132MW stated in the news link below.

Anyway this is a good development for YTL Power as it will add a new stream of recurring income over next 30 years or so and good for MCement/YTL as it will get fly ash from the WTE project as raw materials for cement production. This WTE project has long been mooted with EIA studies already done and hence I don't expect much hurdle to its implementation. Such WTE projects are very common now and have proven very effective in dealing with the ever increasing municipal wastes with limited environmental impact to surrounding areas. Some good examples are those modern WTE plants in Singapore such as the one in Tuas south that burns 2,400 ton/day of wastes and Senoko WTE plant that burns 2,100 tons/day of wastes.

Posted by moncmondo87 > 23 hours ago | Report Abuse


To add to Ravi Kumar's reference above -
this link was posted last month - https://voiceofasean.com/government/kdeb-waste-management-power-from-waste/

Yes, fundamentally MCement should be worth over RM5.00 by any measure

MCement is only playing catchup, Hume cement has doubled its share price. MCement should double also to RM4.50

MCement adding 60 sen or over RM1.0 billion to its market capitalization, it has added over RM800 million value to YTL's 77% holdings. Interesting to see when YTL share price will catch up...

MCement will either report a super good quarterly result next Friday or will see a favourable corporate exercise coming soon

@moncmondo87, I have taken a look at the daily trading report from EMC. I see that TPC only started to apply from period No. 34 onwards on Monday 14th August 2023. USEP hit the max of S$4,500/MWh in period 26 and continued hitting above S$1,000/MWh until TPC came in period 34.

I remember there is some mechanism for TPC to come in, at certain lag of 24 periods or 48 periods after the forecast demand is higher than forecast supply. But I cannot find the TPC paper from EMA website anymore.

Anyway, it is still possible for USEP to hit S$4,500/MWh for some periods up to 24 or 48 before TPC comes in.

Whenever USEP hits S$4,500/MWh, you know that the supply is very tight.

If you look at SEA financials more deeply, it still registered good operating cashflows with cash balance swelling to US$7.7 billion as of 30 June 2023. Though it may incur higher capex and some accounting losses in next few quarters, but as long as operating cashflows continue to be strong, I don't see any problem for the group in expanding its businesses.

It was not an easy task for SEA to turn around with net profit of over US$300m in June 2023 quarter from a loss of over US$1.0billion last year. The management has done a good job in cutting costs and terminating loss-making ventures, as evident from consecutive 3 quarters of profits.

To note is that its digital bank business, SEA Money registered good growth of 53% in revenue to US$428 million and achieved adjusted EBITDA of US$137 million. Total loans receivables remained stable at around US$2.0 billion with non-performing loans remaining stable at 2%.

Anyway, SEA has only committed to the first phase of 48MW data centre with YTLP's green data centre park in Kulai. YTLP has secured a larger data centre deal with GDS for 168MW, more to come.

I don't think any YTL company owns any shares in SEA group. The historical share price plunge in SEA last night was due to its chairman's statement of possible venturing into new markets and incurring losses in coming quarters.

As far as I know, SEA's online shopping business is still thriving, growing at over 20% from last year. I am not sure about its livestreaming business. In any case, SEA requires large data centres for its operations whether online shopping or livestreaming businesses. I see no impact on YTLP's data centre business from SEA's share price plunge.

@moncmondo87, how could it possible for USEP to hit $4,500/MWh two days ago after TPC kicked in?

@Alex Chua, as mentioned before, I am looking at Bonia and Padini besides YTL/YTL Power

I think Tan Sri meant RM1 billion dividend if utilities and construction & cement divisions perform well as expected

But overall this is positive to the share price rally of YTLP, as Kenanga TP of RM1.85 currently is based on a very conservative earnings projection for FY2024. If YTLP proves that its earnings from Q1 FY2024 is not much impacted by TPC, then analysts will upgrade the earnings for FY2024 and raise TP further.

Kenanga may have got it right for the 4Q FY2023 earnings which will be higher than 3Q, but they have got it wrong on FY2024 earnings which show lower numbers than FY2023. This does not make much sense to me unless they predict a 50% drop in PowerSeraya earnings in FY2024 along with the 55% drop in USEP. If so, then it shows that they do not understand how the business works in Singapore competitive electricity market.

Power companies in Singapore make the bulk of the profits from generation which is over 95% hedged with retails contracts and vesting contracts. This is made very clear from Sembcorp result presentation slides which show that the company will rake in more longer term contracts and leave spot exposure to just 4%.

Secondly, YTL chairman is confident of giving out RM1.0 billion dividend a year for FY2024 and FY2025, which means the company forecast strong earnings from PowerSeraya to continue at least for another 2 years to 2025. There will be new baseload new generating units coming online in 2026 so supply tightness will be eased and so it may impact the retails contract margin. How much it will impact retails margin will depend on how much long term contracts Sembcorp and Keppel will sign up for their new capacity and how much high pressure steam sale to third parties they will have (which will reduce the net generation output).

@cgtan2020, pls check the presentation video at 09.08, the slide shows that as of 30 June 2022, Sembcorp spot exposure for its gas plants was 8% and as of 30 June 2023, the spot exposure was 4%.

So my earlier assumption of 6% spot exposure in generation volume seems appropriate.


https://webcast.openbriefing.com/Sembcorp_1H2023/player/?player_id=51514
From the CFO comments, 1:16:00 onwards, if TPC is implemented on H1Y23, to take care of the spike, it will have S$60Million impact on the S$435Million net profit, or 13.7%. Just to be fair to @hng33, USEP will have impact to YTLP net profit in coming quarters, some say 8%, some say 10% of the power sectors, it depend on their spread on contracted customer. Hopefully other sectors can cover the reduction profit in power generations. Overall the CEO did say with TPC in place, efficient power generator like them will still make a decent profit onwards.

Having said that, I am still happy to see if PowerSeraya could have made extraordinary gain of S$30 million from long generation into the pool in the upcoming Q4 results.

@cgtan2020, in the case of Sembcorp, the CFO said there would have been a 13.7% impact on its net profit in 1H 2023 should TPC have been implemented in 1H 2023. Pls take note that the stated impact is on dollars terms which was S$60 million out of net profit of S$435m in 1H.

The impact in dollar terms could be as high as 13.7% but in electrical power (GWh) terms it could have been much lower. Take an example, say Sembcorp base load generation hedged with retails and vesting contracts for 1H 2023 was 5,000 GWh (vs 6,600GWh for PowerSeraya) and it secured an average non-fuel margin of S$75/MWh in 1H (vs S$80/MWh in Q3 for PSeraya), so the base generation margin would have been:
5,000 GWh x S$75/MWh = S$375 million

Then Sembcorp could have sold long generation (assumed 6%) into the pool at much higher margin of say S$200/MWh, so it could have earned a gross margin of:
300 GWh x S$200/MWh = S$60 million by selling long into the pool taking advantage of power price surges

You can see in terms of long generation volume, it could be just 6% (with remaining 94% hedged with retails and vesting contracts) but the financial impact was 13.7% as power prices were very high in 1H 2023.

Now with TPC in place, power prices have been remaining low close to SRMC of CCGT so gencos are not able to realise any big extraordinary gain from long generation. It will impact at most 5% to 6% of gencos' generation. I am not worried about the loss of such long generation gain, as long as the base load generation continue to get decent margin, just like what Sembcorp CFO said with their efficient fleet of machines.

@cgtan2020, the industry people who are familiar with the electricity sector in Singapore do not bother much about the fluctuations in USEP as they know most of the companies' profit is hedged through retails contracts and vesting contracts with almost 100% hedged gas costs.

Only consumers and independent retailers care about USEP, as they take the risks on the typical norm of USEP being at a discount to the retails contract price.

Why USEP is normally trading at a discount to the retails contract price or vesting contract price? It is because the retails contract price and vesting contract price have incorporated in a non-fuel margin on top of the fuel costs (or we call it short run marginal cost SRMC). When the supply is tight and demand high, this non-fuel margin tends to be high like we are seeing now. Historically this non-fuel margin may hit S$60-80/MWh during tight supply. When there is over-supply of capacity, gencos dump the prices and non-fuel margin may get to as low as S$20-30/MWh like in the period of 2017-2019. During 2014-2016 when there was severe over-supply of capacity coupled with the Take-or-Pay clauses in the gas supply agreements, gencos dumped prices to extreme low in order to keep their machines running and all made losses then.

In the wholesale electricity market (or we call it the electricity pool), gencos typically bid their selling prices at the SRMC of their most efficient units (which are combined-cycle gas plants CCGT) first then the less efficient open-cycled gas units followed by heavy fuel oil steam plants. Under normal situation where the demand supply is quite balanced where the most efficient CCGTs are enough to meet the demand, then USEP will be cleared at the SRMC of CCGT units. This appears to be the situation from July 2023 onwards (after TPC is in place and EMA intervened) when we see USEP trading at S$160-180/MWh which coincides with the SRMC of CCGT units. Only when there is a CCGT unit down or a sudden demand surge then USEP may clear at the SRMC of a less efficient open-cycled gas unit or fuel oil-fired steam unit which is above S$200/MWh. There is the reason why we are seeing USEP being at a discount to retails contract price (which is above S$250/MWh) or vesting contract price, as USEP does not include a non-fuel margin.

Whether or not this situation will encourage more independent retailers to come in to buy power from the pool at USEP and sell to consumers at a margin depends on the risk appetite of the retailers. Some have already gone bankrupt after a period of power price surges in Q1 & Q2 2023. Furthermore, the EMA has tightened regulations to ensure retailers will not go bankrupt so easily by forcing them to hedge at least 80% of their electricity purchases, and not 100% subject to USEP fluctuations.

Will consumers choose these independent retailers to buy cheaper? Consumers will need to assess the risks with these independent retailers and product offerings by them. If these independent retailers are not able to offer fixed price contracts for 12 months or so because their cost of purchase is not fully hedged (as it depends on USEP which fluctuates every 30 minutes), then not many consumers will sign up with them as they have experienced power price surges in Q1 & Q2 when these consumers paid much higher electricity prices than other fixed-price retails contract. This is especially so for corporate and industrial consumers who need to do a budget of their utility bills.

So yes, there will be consumers who will switch to independent retailers and take risks on USEP fluctuations but I think the number is not big.

@Muyutin, I am not trying and not able to push YTLP to RM5.00. We can just wait for it to run its course and time will tell. Along the way there will be skeptical people and remarks, YTLP just needs to demonstrate that the company will be able to make EPS of 30 sen or more a year and declare dividends of 15 sen or more for FY2024 and FY2025. Then only analysts and fund managers will be convinced of its earnings power and strong cashflows.

We talk so much now, there is no use. It is not for us to prove anything, but for the company to prove and its Chairman to prove his claim of paying RM1 bil dividends every year.

If you believe in your analysis and the company prospects, just hold tight for 2 years. Who knows? It may hit RM5.00 one day.

Singapore has about 2 million households, and if 5% has EVs then the potential demand is for 100,000 EVs. If 10% households have EVs then the demand will go up to 200,000 EVs and 2,000MW power demand