Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Research House: AMMB
KUALA LUMPUR: AmResearch reiterated its HOLD call on TENAGA NASIONAL BHD [] with an unchanged DCF-derived fair value of RM9 share after its FY10 core net profit came in right on the dot of its forecast but below 15% below street estimates.
'We have become less sanguine about Tenaga and have fine-tuned FY11F-FY12F earnings due to the US$10/tonne increase in coal cost assumption to US$100/tonne,' it said on Friday, Oct 29
AmResearch said however, that was largely offset by a revision to its exchange rate projection from RM3.10/US$1 to RM3.00/US$1. The stock currently trades at a fair FY11F PE of 14 times, which is Tenaga's three-year average.
Company Name: TENAGA NASIONAL BHD
Research House: AMMB
KUALA LUMPUR: AmResearch reiterated its HOLD call on TENAGA NASIONAL BHD [] with an unchanged DCF-derived fair value of RM9 share after its FY10 core net profit came in right on the dot of its forecast but below 15% below street estimates.
'We have become less sanguine about Tenaga and have fine-tuned FY11F-FY12F earnings due to the US$10/tonne increase in coal cost assumption to US$100/tonne,' it said on Friday, Oct 29
AmResearch said however, that was largely offset by a revision to its exchange rate projection from RM3.10/US$1 to RM3.00/US$1. The stock currently trades at a fair FY11F PE of 14 times, which is Tenaga's three-year average.
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