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Tenaga active, up in early trade
by hlk Tue 05 Jul 2011, 17:27
KUALA LUMPUR: TENAGA NASIONAL BHD [] shares advanced on Tuesday, July 5 after Hwang DBS Vickers Research rated the stock as a Buy at RM6.75 with a target price of RM8.80.
At 9.20am, Tenaga rose five sen to RM6.80 with 1.19 million shares done.
HDBSVR said on July 5 that TNB plans to raise RM5 billion from a 20-year ringgit-denominated Islamic bond offering, according to its president and chief executive officer.
The proposed RM5 billion sukuk is TNB’s first bond sales since 2004. Proceeds from the offering will be used to finance a coal-fired Manjung power plant in Perak.
HDBSVR said: “We expect low utilisation of the facility for FY12-13F, but the full drawdown of the facility, estimated in FY14F, will increase TNB’s net gearing to 0.5 times, from 0.4 times in 2Q11.
“We estimate IRR of c.10% for the new Manjung plant
At 9.20am, Tenaga rose five sen to RM6.80 with 1.19 million shares done.
HDBSVR said on July 5 that TNB plans to raise RM5 billion from a 20-year ringgit-denominated Islamic bond offering, according to its president and chief executive officer.
The proposed RM5 billion sukuk is TNB’s first bond sales since 2004. Proceeds from the offering will be used to finance a coal-fired Manjung power plant in Perak.
HDBSVR said: “We expect low utilisation of the facility for FY12-13F, but the full drawdown of the facility, estimated in FY14F, will increase TNB’s net gearing to 0.5 times, from 0.4 times in 2Q11.
“We estimate IRR of c.10% for the new Manjung plant
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