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CIMB Research maintains Trading Buy on Tenaga
by hlk Mon 01 Aug 2011, 13:39
KUALA LUMPUR: CIMB Equities Research is maintaining its Trading Buy call on TENAGA NASIONAL BHD [] and target price of RM7.60.
It said on Monday, Aug 1, it was not making any changes to its EPS forecasts or target price of RM7.60, which remains based on 1.4 times price-to-book value, 30% below Tenaga’s historical average P/BV.
“Tenaga remains a TRADING BUY as it could be catalysed by tariff increases, a 100% pass-through of all its fuel costs and lower IPP payments,” it said.
It said on Monday, Aug 1, it was not making any changes to its EPS forecasts or target price of RM7.60, which remains based on 1.4 times price-to-book value, 30% below Tenaga’s historical average P/BV.
“Tenaga remains a TRADING BUY as it could be catalysed by tariff increases, a 100% pass-through of all its fuel costs and lower IPP payments,” it said.
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