RHBInvest Research

Friday, April 22, 2011

TNB Holdings: Squeezed by rising coal price and consumption Underperform (down from MP)
  • 2QFY11 Results/Briefing Note
  • Although 2Q core net profit was down 12% qoq, TNB’s 1HFY11 results were within our and consensus expectations. However, persistently high coal prices (US$120/tonne in Mar and Apr) and higher coal usage going forward due to scheduled maintenance for three Petronas gas facilities will result in a weaker 2H.


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