KUALA LUMPUR (Jan 18): Maybank Investment Bank Research said on Wednesday that TENAGA NASIONAL BHD [] (TNB) received some well-deserved good luck which helped turn 1QFY12 operationally profitable.
It said TNG had received higher natural gas supply, and generated more power from its hydroelectric dams due to higher water levels courtesy of the monsoon rains.
Maybank Research also TNB had received RM1.0 billion of its cost-sharing payments and will likely receive the balance RM1.0 billion by the end of 2QFY12.
“Maintain Buy, with an unchanged target price of RM6.90 pegged to 13 times FY12 price-to-earnings ratio,” it said.
It said TNG had received higher natural gas supply, and generated more power from its hydroelectric dams due to higher water levels courtesy of the monsoon rains.
Maybank Research also TNB had received RM1.0 billion of its cost-sharing payments and will likely receive the balance RM1.0 billion by the end of 2QFY12.
“Maintain Buy, with an unchanged target price of RM6.90 pegged to 13 times FY12 price-to-earnings ratio,” it said.
