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Hot Stock Tenaga falls 0.97% after CIMB IB Research trimmed target price
by Cals Fri 29 Apr 2016, 05:13
- Hot Stock
[size=28]Tenaga falls 0.97% after CIMB IB Research trimmed target price
By Christina Ramani / theedgemarkets.com | April 28, 2016 : 11:31 AM MYTKUALA LUMPUR (April 28): Tenaga Nasional Bhd's shares dipped 0.97% in late morning trade today after CIMB IB Research maintained its "add" rating on the stock at RM14.40 with a lower target price of RM16.40 (from RM16.60).
At 11.04am, Tenaga fell 14 sen to RM14.26 with 5.49 million shares done.
This was despite CIMB IB Research choosing the utility giant as its top pick for the energy sector.
In a note today, the research house said Tenaga's 2QFY16 results were in line as 1HFY16 core net profit made up 47% of house and 50% of street's FY16 forecasts, adding that it expects stronger earnings in 2HFY16.
"10 sen dividend per share was proposed, as expected.
"Tenaga said it is moving forward with its internal restructuring exercise, which should improve transparency and efficiency. It is also reviewing its dividend policy.
"We fine-tune our FY16–18 EPS by -1.4% to 0.4% and cut our target price to RM16.40, still based on 12.5x CY17F P/E, its 5-year mean. Tenaga remains an 'add'," it said. [/size]
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