Company Name: TENAGA NASIONAL BHD
|Research House: HWANGDBS||Price Call: HOLD||Target Price: 7.00|
Tenaga Nasional; Hold; RM6.51
Price Target: RM7.00; TNB MK
Strong turnaround in 2QFY12 with increasing gas supply and RM2bn compensation. Negotiating for additional gas supply, but tariff hike unlikely due to upcoming election. Positives largely priced in, downgrade to Hold; TP remains at RM7.00.
Source: HwangDBS Research - 13 April 2012