Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Company Name: TENAGA NASIONAL BHD
| Research House: CIMB | Price Call: BUY | Target Price: 7.98 |
Target RM7.98
As Tenaga's 2H earnings will get a boost from a 20% rise in gas supply and higher demand, we consider its interims to be in line at 47% of our full-year estimate and 43% of consensus numbers. In 2Q, the company booked an RM1.5bn gain from the clawback of oil and distillate costs. This raises CY13 book value and our target price by 4.4%, still based on 1.3x P/BV or a 35% discount to the historical average. Retain Trading Buy as Tenaga's turnaround and sector reforms should accelerate. Election uncertainty is the reason why it is not an outright outperform.
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