Tenaga RM8.85: Sell - Maybank Invest

Friday, October 22, 2010


Consensus set to be disappointed Shariah-compliant

Tenaga's 4Q result to be released Thurs, Oct 28. We think the full-year net profit ex-forex items will be 10-20% below consensus, which is not fully factoring in the usual 4Q spike in other costs and rising coal prices. The proposed subsidy rationalisation and feed-in tariffs bode poorly for reinstatement of the tariff formula. We see Tenaga being pushed back in the queue again, leaving it exposed to coal price fluctuations. Sell.


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