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NewsAffinHwang Capital upgrades Tenaga to 'buy', raises target to RM15.50
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AffinHwang Capital upgrades Tenaga to 'buy', raises target to RM15.50
by Cals Thu 03 Dec 2015, 23:17
AffinHwang Capital upgrades Tenaga to 'buy', raises target to RM15.50
By theedgemarkets.com / theedgemarkets.com | December 3, 2015 : 8:42 AM MYTKUALA LUMPUR (Dec 3): [size=16]AffinHwang Capital Research has upgraded Tenaga Nasional Bhd (TNB) ([You must be registered and logged in to see this image.] Valuation: 1.20, Fundamental: 1.30) to "buy" at RM13.40 with a higher target price of RM15.50 (from RM12) and said it believed TNB was undervalued as its share price is not fully reflecting the removal of the overhang from the sale of Edra Global Energy Bhd by 1Malaysia Development Bhd to a foreign party.
In a note today, the research house said even without Edra, TNB would see its generation market share trend higher.
"We upgrade TNB to 'buy' with a revised target price of RM15.50 after rolling forward our valuation to FY16," it said.
(Note: The Edge Research’s fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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