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Alliance IB Research maintains Buy on Tenaga, raises target price

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Alliance IB Research maintains Buy on Tenaga, raises target price Empty Alliance IB Research maintains Buy on Tenaga, raises target price

Post by Cals Fri 24 Jan 2014, 16:22

Alliance IB Research maintains Buy on Tenaga, raises target price
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 24 January 2014 08:34

KUALA LUMPUR (Jan 24): Alliance IB Research has maintained its Buy rating on Tenaga Nasional Bhd at RM11.0 with a higher target price of RM13.24 (from RM13) and said  Tenaga reported 1QFY14 core earnings of RM1.4 billionn, which was above house  expectations and consensus, due to positive deferred taxation.
In a note Friday, the research house said while coal prices were lower, Tenaga was not able to fully capitalise on this due to unplanned outages.
“Current LNG price which is above the tariff level may be a concern going into 2014 unless an adjustment is made during the next review.
“We maintain our Buy rating with RM13.24 target price as we believe Tenaga will undergo a structural re-rating given the pace of industry reforms,” it said.
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