MIDF Research has increased its target price on Tenaga Nasional Bhd (TNB) (5347) to RM10.35 from RM9.60 based on the group's 13 times financial year 2011 earnings per share.
"We have upgraded our fiscal year 2010 numbers by 21.9 per cent and fiscal year 2011 by 15 per cent to reflect the strong interim results that may provide a stronger platform for the subsequent quarters," it said in a report.
TNB announced its second-quarter results, which was better than MIDF's and the market's expectation.
"The first half of its 2010 profit accounts for 65 per cent of our full year forecast of RM2.6 billion," it said.
Factors contributing to the outperformance were stronger demand growth of 8 per cent, appreciating ringgit and lower operating expenses.
Meanwhile, TNB chief executive officer Datuk Seri Che Khalib Mohamed Noh has said that Tenaga Nasional Bhd is mulling the idea of expanding the generation capacity of its Janamanjung coal plant in Manjung, Perak, to cater to future demand.
This is because it is unlikely that power supply from the Bakun hydro power plant will reach Peninsular Malaysia by 2015.
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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