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RHB Research maintains Buy on Tenaga, ups fair value to RM13.75

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RHB Research maintains Buy on Tenaga, ups fair value to RM13.75 Empty RHB Research maintains Buy on Tenaga, ups fair value to RM13.75

Post by Cals Sat 26 Apr 2014, 18:12

RHB Research maintains Buy on Tenaga, ups fair value to RM13.75
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 25 April 2014 08:20

KUALA LUMPUR (April 25): RHB Research has maintained its Buy rating on Tenaga Nasional Bhd with a higher fair value (FV) of RM13.75 (from RM13.24) and said Tenaga’s 1HFY14 core earnings of RM2.2 billion (+16.1% y-o-y) came in line with both consensus and house estimates, at 45.5% and 46.5% of full-year forecasts respectively.
In a note Friday, the research house said growth was largely driven by higher electricity demand as well as revised tariffs on 1 Jan 2014.
“No changes to our forecasts.
“Maintain Buy with our FV revised up marginally to RM13.75 (from RM13.24) as we roll forward our valuation to FY15,” it said.
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