RHBInvest Research

Monday, April 11, 2011

Top Story: TNB

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Bracing for weaker 2Q
TNB lacks catalysts due to slowing electricity demand growth and no clear timeline for a formal fuel cost pass-through formula.
Maintain Market Perform.

Corporate Highlights

Company Update
Potential bidder for Khazanah’s hospital support concession
We maintain our fair value of RM2.79. Outperform call on the stock.

News Update
Going Into Indonesia Via Acquisition of Centro Department Stores
Assuming the deal does go through, we estimate that it would increase PHB’s FY06/12 earnings by ~1.7-2%,
Fair value is maintained at RM5.90. Keeping our Market Perform recommendation on the stock.


News Update
Finally announces South Beach buy
Our estimates suggest this acquisition would have an immediate negative earnings effect of 4-5% p.a. from the interest expense incurred, given that earnings from this property development would not come in until 2015.
Reduced our SOP-based target price to RM5.60 (from RM5.90).No change to our Underperform call on the stock.


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