KUALA LUMPUR, Nov 3 – Tenaga Nasional Bhd (TNB) was in a spotlight on Monday morning after reporting financial year (FY) 2014 results that were above expectations. In four separate statements, analysts from Maybank Research, Alliance-DBS Research, AffinHwang Investment Bank and Hong Leong Investment Bank revised the target price for TNB at RM16, RM14.85, RM15 and RM16.50, respectively.
Contributing 1.77 points to the benchmark FTSE Bursa Malaysia KLCI in early trade, TNB’s share chalked up 20 sen to RM13.56 with 1.05 million lots traded. “TNB’s FY14 core profit of RM5.4 billion is a record-high. It has positive earnings outlook as coal generation trends up, coal prices remain suppressed and its tax rate stays low,” said Maybank. The research house said it raised TNB’s FY15/16 earnings by 11 per cent and 13 per cent, respectively.