Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 1.66 |
Showing posts with label YTLPOWR. Show all posts
Showing posts with label YTLPOWR. Show all posts
February 13, 2015
2Q15 - No Dividend, Yet…
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: TA | Price Call: BUY | Target Price: 1.94 |
June 2, 2014
YTLPOWR - Bags Track 4A
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: TA | Price Call: BUY | Target Price: 2.15 |
February 21, 2014
YTL Power - Challenging times to persist for Power Seraya
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 1.83 |
July 19, 2013
YTL Power - A company in transition
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MIDF | Price Call: HOLD | Target Price: 1.60 |
March 22, 2012
Stock Overview - YTLPOWER - 22 Mar 2012
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
YTLPOWR ( 6742 : 1.83 ) : Targeting 2.06
Description
Resistance : 1.90 2.06
Support : 1.78
RSI of 52
RSI is on the rise
STOCHASTIC
It is on an upswing
TREND INDICATOR
Comment
It is on the verge of breaking out of the consolidation resistance of 1.90, to target 2.06. Stop loss should be
placed at 1.78
Trading Strategy
Buy. Stop loss is at 1.78
Source:Jupiter Securities Research 22 March 2012
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: JUPITER | Price Call: BUY | Target Price: 2.06 |
YTLPOWR ( 6742 : 1.83 ) : Targeting 2.06
Description
Resistance : 1.90 2.06
Support : 1.78
RSI of 52
RSI is on the rise
STOCHASTIC
It is on an upswing
TREND INDICATOR
Comment
It is on the verge of breaking out of the consolidation resistance of 1.90, to target 2.06. Stop loss should be
placed at 1.78
Trading Strategy
Buy. Stop loss is at 1.78
Source:Jupiter Securities Research 22 March 2012
March 19, 2012
POWER (NEUTRAL) - Shortlisted Prai Power Candidates
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.23 |
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
| Research House: HLG | Price Call: HOLD | Target Price: 6.54 |
POWER (NEUTRAL)
Shortlisted Prai Power Candidates
- Malaysia EC (Energy Comission) had shortlisted 9 candidates for the1,000-1,400MW Prai Combined Cycle Gas Power Plant.
- The final decision on the winner is likely to be announced by Oct-Nov2012 with final approval from the government.
- Separately, first generation IPPs are also welcomed to submit bids toextend their PPAs for another 10 years, which will be subjected to someconditions including reducing capacity payments for 4 years from now until endof the existing PPAs.
- Prai PPA is likely to be priced with IRRs of 7-8%, which issubstantially lower than first generation PPAs of more than 15%.
- Tenaga will benefit from the tendering out of new PPAs, ensuringcompetitive PPA rates (lower than the existing first generation PPAs).
- YTL Power have to compete with other contenders whichinclude international utility players (i.e. Mitsubishi, Mitsui, etc), loweringits existing ROEs.
- Maintain BUY on YTL Power with TP of RM2.23 and HOLDon Tenaga with TP of RM6.54.
Source: HLIB Research 19 March 2012
February 24, 2012
YTL Power International: Downgrade to Hold - Dismal dividends; downgrade to Hold
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Dividends disappoint again. YTLP's results were within expectations. That said, we are disappointed that it declared a second interim tax exempt DPS of only 0.9375sen or -50% QoQ as it conserves cash for M&As. We slash our dividend forecasts which now imply just 2.5% net yield. We also downgrade the stock to a Hold as there is currently only an 8% upside potential and with dividends unlikely to surprise to the upside. We tweak our DCF-based TP to RM2.05 (+1%).
Maybank Research - 24 Feb 2012
Click here for full report
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 2.05 |
Dividends disappoint again. YTLP's results were within expectations. That said, we are disappointed that it declared a second interim tax exempt DPS of only 0.9375sen or -50% QoQ as it conserves cash for M&As. We slash our dividend forecasts which now imply just 2.5% net yield. We also downgrade the stock to a Hold as there is currently only an 8% upside potential and with dividends unlikely to surprise to the upside. We tweak our DCF-based TP to RM2.05 (+1%).
Maybank Research - 24 Feb 2012
Click here for full report
YTLPOWR - Lower dividends
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
YTL Power; Hold; RM1.90
Price Target: RM2.20; YTLP MK
1HFY12 result in line, but DPS was lower q-o-q. New power plant in Malaysia and potential acquisitions are longer term catalysts. Maintain Hold on reasonable valuation.
Source: HwangDBS Research 24 Feb 2012
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 2.20 |
YTL Power; Hold; RM1.90
Price Target: RM2.20; YTLP MK
1HFY12 result in line, but DPS was lower q-o-q. New power plant in Malaysia and potential acquisitions are longer term catalysts. Maintain Hold on reasonable valuation.
Source: HwangDBS Research 24 Feb 2012
YTLPOWR (BUY) - Lowered Dividend on Potential M&A?
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Reported 2Q12 core net profit of RM306.9m, leading to 1H12 core profit of RM594.4m, which is 45.8% of our numbers and48% of concensus. We expect earnings to improve in 2H12 due to tariff revision for Wessex.
Further cut in dividend payout to 0.9375 sen.
Stronger margins from Singapore Seraya Power due to higher utilization of combined-cycle gas power plant.
The weakened RM against SG$ on yoy basis has further increased contribution from Seraya Power in 1H12.
Despite higher revenue,YTL Communication (YTLC) continued to report larger losses of RM102.1m in 2Q12against RM94.9m losses in 1Q11 due to continued high operating cost commitment during startup phase.
Further enlarged cash piles to RM8.7bn. We will not be surprised with a potential M&A exercise in the telco industry.
Maintain BUY with unchanged Target Price of RM2.23.
Source: HLB Research 24 Feb 2012
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.23 |
Reported 2Q12 core net profit of RM306.9m, leading to 1H12 core profit of RM594.4m, which is 45.8% of our numbers and48% of concensus. We expect earnings to improve in 2H12 due to tariff revision for Wessex.
Further cut in dividend payout to 0.9375 sen.
Stronger margins from Singapore Seraya Power due to higher utilization of combined-cycle gas power plant.
The weakened RM against SG$ on yoy basis has further increased contribution from Seraya Power in 1H12.
Despite higher revenue,YTL Communication (YTLC) continued to report larger losses of RM102.1m in 2Q12against RM94.9m losses in 1Q11 due to continued high operating cost commitment during startup phase.
Further enlarged cash piles to RM8.7bn. We will not be surprised with a potential M&A exercise in the telco industry.
Maintain BUY with unchanged Target Price of RM2.23.
Source: HLB Research 24 Feb 2012
YTL Power International - Getting smarter
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Target RM2.80
YTLP is keeping cash for M&As for which it has a good track record having acquired prime assets during the 2001 and 2008 downturns. Its WiMAX venture is still maturing but it could win the 1Bestarinet school project and accelerate the acquisition of broadband subscribers.
Source: CIMB Research 24 February 2012
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: CIMB | Price Call: BUY | Target Price: 2.80 |
Target RM2.80
YTLP is keeping cash for M&As for which it has a good track record having acquired prime assets during the 2001 and 2008 downturns. Its WiMAX venture is still maturing but it could win the 1Bestarinet school project and accelerate the acquisition of broadband subscribers.
Source: CIMB Research 24 February 2012
Steady earnings but lower dividend payout
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: AMMB | Price Call: HOLD | Target Price: 2.05 |
February 21, 2012
Likely to be dragged by YES Wimax
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MIDF | Price Call: BUY | Target Price: 2.20 |
February 17, 2012
Carving a New Path
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: TA | Price Call: BUY | Target Price: 2.12 |
HLIB Research 17 Feb 2012 (Power; Maxis; TWS Plant; Traders Brief)
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Stock Name: MAXIS
Company Name: MAXIS BERHAD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: HLG | Price Call: BUY | Target Price: 2.23 |
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
| Research House: HLG | Price Call: HOLD | Target Price: 6.50 |
Stock Name: MAXIS
Company Name: MAXIS BERHAD
| Research House: HLG | Price Call: HOLD | Target Price: 5.54 |
Power (Neutral)
Remain Burdened by Gas Issue
'''' Expect Malaysia Power demand to increase by 4.0% in 2012, underpinned by 4.5% GDP growth.
'''' Tenaga is expected to continue burdened (~RM3.3bn) by high alternative fuel cost, until Melaka regassification facility commences by Aug-Sept 2012.
'''' Unclear fuel cost pass-through mechanism (as tariff revision schedule remain uncertain while final decision on the rat still within government's hand) continue to drag Tenaga.
'''' No more PPA renegotiation (direct negotiation), where all new PPAs will be awarded through tendering system, will'' give advantage to Tenaga and disadvantage to YTL Power.
'''' We are maintaining our Neutral rating on the overall power sector, given Tenaga's larger market captialization vis-a-vis YTL Power. Maintain Buy on YTL Power with lower TP of RM2.23 and Hold on Tenaga with higher TP of RM6.50.
''
Maxis (HOLD)
Sukuk and Broadband Tax Incentive
'''' In a filing to Bursa Malaysia, Maxis proposed to establish an Unrated Islamic MTN Programme with an aggregate value of up to RM2.45bn and tenure of 30 years from the date of first issue of the sukuk.
'''' First issuance of the sukuk is for RM2.45bn with maturity of 10 years for refinancing (RM1.45bn), CAPEX / working capital and other general purposes (RM1bn).
'''' Similar to DiGi, Maxis also announced that it enjoys last mile broadband tax incentive of total RM320m.
'''' Comments: The consolidated gearing will increase from 0.63x to 0.75x on proforma basis, based on 2010 audited accounts.
'''' The tax benefit is perceived to be positive to Maxis relieving NGBB's front-loaded high CAPEX and cost. After some channel checking, Maxis NGBB business is not "flying" as Maxis has only managed to secure about 4,000 subscribers to date.
'''' Tax incentive of RM97m for 9M11 translates into 23% effective tax rate (vs assumed tax rate of 26%) and directly boost earnings for FY11. We have assumed 23% for FY12 and FY13 as well.
'''' Tax credit in respect of prior years is assumed to further reduce tax by RM44.6m for FY12-FY16.
'''' Updated forecast with above mentioned assumptions. As a result, EPS for FY11 to FY13 are revised upward by 8.8%, 4.1% and 1.2% respectively.
'''' We upgraded our DD-derived TP by 2.8% to RM5.54 from RM5.39 with WACC of 7.5% and TG of 0%.
''
Tradewinds Plantation (Buy; TP: RM5.04)
Disposes stake in rubber trading house
'''' TWS Plant disposed its 45% stake in R1 International Pte Ltd via Mardec (a wholly-owned subsidiary) for US$25.9m (RM79.1m).
'''' TWS Plant expects RM38m gain from this disposal.
'''' Positive, as the disposal releases Mardec from its existing contractual obligations to trade exclusively through R1, and allows Mardec to unlock its value of its investment in R1.'' We note that the disposal is in line with TWS Plant's strategy in Mardec, i.e. to improve its plant' utilization rate and procurement efficiency.''
'''' TP maintained at RM5.04 (based on 11x 2012 FD core EPS of 45.8 sen). Despite the potential total return of only 9.3%, we are keeping our BUY recommendation on the stock for now.
''
KLCI: Crucial 1550 level''
'''' Overnight Dow's rally is expected to lift our market to stay above the crucial 1550 psychological support This level is crucial for sustainability as a close below would likely confirm a reversal and send the index back towards lower supports near 14-d SMA (1542), mid Bollinger band (1535) and 30-d SMA or uptrend line at 1529.
'''' Immediate resistance levels are situated at 7-d SMA (1560), 15 Feb's high of 1567 and upper Bollinger band (1574).
''
OLDTOWN: More upside if 30-d SMA resistance is broken''''''
'''' The pullback from 52-wk high of RM1.40 (July 2011) appears to be at its tail end, as prices have been consolidating above the 50% FR (RM1.14), supported by its oversold slow Stochastics. Further strong support can be found near 38.2% FR (RM1.08) and RM1.00 (23.6% FR).
'''' Buyers may start to nibble as hourly chart indicators are showing signs of bottoming up. A strong breakout above 30-d SMA (RM1.26) will spur greater upside towards RM1.32 (upper Bollinger band) and RM1.40. Significant resistance is 123.6% FR at RM1.52. Cut loss below RM1.13.
February 8, 2012
HwangDBS Equity Research: Malaysia Power Companies
Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Stock Name: PETGAS
Company Name: PETRONAS GAS BHD
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Racing to power up the nation
TNB will gain more from competitive pricing under new supply agreements; efficient IPPS will win in open tender system. Buy TNB for stronger earnings ahead and Petgas for growing gas demand and a visible growth pipeline in new regas and power plants. Hold YTLP for 4% yield and longer term upside from new acquisitions and power plant.
Tenaga Nasional; Buy; RM5.99
Price target: RM7.00; TNB MK
Better earnings visibility
Turned in core profit after gas supply improved. RM2bn compensation will be booked in 2Q; TNB will continue to claim if gas supply is below 1,350mmscfd. Maintain Buy and RM7.00 TP for strong earnings recovery in FY12.
Petronas Gas; Buy; RM16.20
Price target: RM16.90; PTG MK
Ascending to new heights
Gas shortage creates opportunities for Petgas. Ample catalysts from Petronas' rising gas capex and development of new regas plants. Resilient domestic earnings with visible growth pipeline; maintain Buy with higher RM16.90 TP.
YTL Power; Hold; RM1.84
Price target: RM2.20; YTLP MK
Marubeni partnership could lead to more global ventures
New power plant in Malaysia and future acquisitions are longer term catalysts. YES is a drag in near term earnings growth. Hold for reasonable valuations and 4% net yield; RM2.20 TP is derived from SOP valuation.
Source: HwangDBS Equity Research 8 Feb 2012
Company Name: TENAGA NASIONAL BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 7.00 |
Stock Name: PETGAS
Company Name: PETRONAS GAS BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 16.90 |
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: HWANGDBS | Price Call: HOLD | Target Price: 2.20 |
Racing to power up the nation
TNB will gain more from competitive pricing under new supply agreements; efficient IPPS will win in open tender system. Buy TNB for stronger earnings ahead and Petgas for growing gas demand and a visible growth pipeline in new regas and power plants. Hold YTLP for 4% yield and longer term upside from new acquisitions and power plant.
Tenaga Nasional; Buy; RM5.99
Price target: RM7.00; TNB MK
Better earnings visibility
Turned in core profit after gas supply improved. RM2bn compensation will be booked in 2Q; TNB will continue to claim if gas supply is below 1,350mmscfd. Maintain Buy and RM7.00 TP for strong earnings recovery in FY12.
Petronas Gas; Buy; RM16.20
Price target: RM16.90; PTG MK
Ascending to new heights
Gas shortage creates opportunities for Petgas. Ample catalysts from Petronas' rising gas capex and development of new regas plants. Resilient domestic earnings with visible growth pipeline; maintain Buy with higher RM16.90 TP.
YTL Power; Hold; RM1.84
Price target: RM2.20; YTLP MK
Marubeni partnership could lead to more global ventures
New power plant in Malaysia and future acquisitions are longer term catalysts. YES is a drag in near term earnings growth. Hold for reasonable valuations and 4% net yield; RM2.20 TP is derived from SOP valuation.
Source: HwangDBS Equity Research 8 Feb 2012
January 11, 2012
RHBInvest Research Highlights 11th January 2012
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: RHB | Price Call: HOLD | Target Price: 1.70 |
Stock Name: SAPCRES
Company Name: SAPURACREST PETROLEUM BHD
| Research House: RHB | Price Call: BUY | Target Price: 4.50 |
11th January 2012
| Top Story |
| Plantation ' Demand unlikely to fall off the cliff Overweight Sector Update - Malaysia's CPO production fell by 8.2% mom in Dec, while exports fell by a slightly smaller 4.5% mom. On a yoy basis, production rose by 21.3% yoy in Dec (+11.3% 2011), while exports rose by 23.1% yoy in Dec (+7.9% 2011). As a result, closing CPO stock levels fell by 1.5% mom to 2.04m tonnes in Dec (from 2.07m tonnes in Nov). We are now well and truly in the low season for CPO, although we suspect the slowdown in production was exacerbated by the wetter-than-usual weather patterns. As a result of the lower CPO stock levels, the stock/usage ratio in Dec fell to 10.36% (down from 10.5% in Nov and up from 8.7% in Dec 2010). - Related story: Plantation Sector Update ' Risk Of Crop Losses Rising? (3 Jan 2012) Timber ' Jaya Tiasa and Ta Ann to benefit from plantation Neutral Sector Update - Given the recent rally in the plantation sector, we believe this will likely spur investors' interest in quasi plantation stocks. While Jaya Tiasa and Ta Ann are generally perceived as timber companies, earnings profile for Jaya Tiasa and Ta Ann have actually transformed considerably over the years, with more than 70% of earnings likely to be contributed by the plantation divisions going forward. - Related story: Timber Sector Update ' Plywood Inventory In Japan Continues To De-stock (4 Jan 2012) |
| |
| Corporate Highlights |
| YTL Power ' Just Chugging Along Market Perform Visit Note - Not much clarity on the future outlook on dividends by management. Besides WiMAX losses, management attributed the recent decision to cut dividends on preparation for potential M&A. - Lacks catalysts due to more delays in launching Android-based smartphones for Yes and feasibility study not yet done for the Jordan oil shale project. - Maintain Market Perform with unchanged fair value of RM1.70. - Related story: Utilities Sector Update ' A Potentially Bumpy Ride (20 Dec 2011); YTL Power Results Note ' Dividends Cut (18 Nov 2011) Top Glove ' Tail winds taking shape? Market Perform (Upgraded) Briefing Note - On the whole, management appeared rather positive on the prospects ahead as two key factors, i.e. forex rates and latex prices, appear to be trending favourably. Given how latex prices have trended in recent weeks, management appeared more optimistic and now thinks latex prices could ease further and stabilise towards the RM6.00/kg mark over the next 3-6 months. - Related story: Top Glove Results Note ' Below Expectations (19 Dec 2011); Rubber Glove Sector Update - Outbreak Of Bird Flu In Hong Kong (23 Dec 2011) SapuraCrest ' New subsea construction contract Outperform News Update - Yesterday, the company announced that its JV, SapuraAcergy, has been awarded a contract for a subsea construction project, offshore Vietnam , understandably from Subsea 7. The project is worth US$100m (c. RM310m) and is expected to be performed in mid 2012. - We are positive on the win as it is in-line with Sapuracrest's goal of enhancing its international revenue contribution. We maintain our fair value of RM4.50/share and Outperform call on the stock. We forsee the company being a large formidable entity post its merger with Kencana expected to be completed by Feb-12. - Related story: Oil and Gas Sector Update - Resilient Despite Macroeconomic Uncertainties (12 Dec 2011) |
| |
| Macro |
| IPI ' Softened In November, Real GDP Growth Will Likely Weaken In The 4Q Economic Highlights (published 10 Jan 2012) - Industrial production softened to 1.8% yoy in Nov, the lowest in four months, after easing to a revised +2.9% in Oct, from +3.0% in Sep mainly due to a slowdown in manufacturing production on slowing external demand and disruption to the supply chain caused by Thailand's flood. - This suggests that real GDP growth will likely weaken to 4.8% yoy in the 4Q. Going forward, we expect real GDP growth to slow down to 3.6% in 2012, from +5.0% estimated for 2011. |
January 4, 2012
YTL Power climbs on UBS upgrade
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
YTL Power International Bhd, a Malaysian power producer, rose to a one-month high in Kuala Lumpur trading after the stock was upgraded to "neutral" at UBS AG.
Its shares climbed 1.1 percent to RM1.85 at 9:20 a.m local time, set for their highest close since Dec. 8.
Analyst Nicole Goh upgraded the stock with a RM1.90 price target following a 29 percent drop in its share price last year, UBS said in a report today. -- Bloomberg
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: UBS | Price Call: BUY | Target Price: 1.90 |
YTL Power International Bhd, a Malaysian power producer, rose to a one-month high in Kuala Lumpur trading after the stock was upgraded to "neutral" at UBS AG.
Its shares climbed 1.1 percent to RM1.85 at 9:20 a.m local time, set for their highest close since Dec. 8.
Analyst Nicole Goh upgraded the stock with a RM1.90 price target following a 29 percent drop in its share price last year, UBS said in a report today. -- Bloomberg
November 18, 2011
1Q12: Below expectations
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: ECMLIBRA | Price Call: HOLD | Target Price: 1.70 |
YTL Power International RM1.80: Buy
Stock Name: YTLPOWR
Company Name: YTL POWER INTERNATIONAL BHD
Look to M&As for the next catalyst
Conserving cash for M&As? YTL Power International's (YTLP)1QFY12 results were within expectations. While we had hoped that1QFY12 DPS would revert to 3.75 sen tax exempt, it remainedsubdued at 1.875 sen tax exempt. That said, 1.875 sen tax exempt stilloffers a decent 4.2% net dividend yield on an annualized basis that willhelp limit downside risk. Maintain Buy and DCF based TP of RM2.02.We understand that YTLP may embark on a major M&A soon.
Maybank research (18 November 2011)
Click here for full report ''
Company Name: YTL POWER INTERNATIONAL BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 1.80 |
Look to M&As for the next catalyst
Conserving cash for M&As? YTL Power International's (YTLP)1QFY12 results were within expectations. While we had hoped that1QFY12 DPS would revert to 3.75 sen tax exempt, it remainedsubdued at 1.875 sen tax exempt. That said, 1.875 sen tax exempt stilloffers a decent 4.2% net dividend yield on an annualized basis that willhelp limit downside risk. Maintain Buy and DCF based TP of RM2.02.We understand that YTLP may embark on a major M&A soon.
Maybank research (18 November 2011)
Click here for full report ''
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