Excel – http://1drv.ms/1ptIQWd
– Fair value:
– Absolute EY%
– FY13 (EPS: 0.828): Buy below 9.57, sell above 12.02 (MOS: -2.15%)
– R4Q (EPS: 0.945): Buy below 10.93, sell above 13.72 (MOS: 10.53%)
– FY14 (EPS: 0.914): Buy below 10.57, sell above 13.28 (MOS: 7.51%)
– FY15 (EPS: 0.960): Buy below 11.11, sell above 13.94 (MOS: 12%)
– The optimistic outlook on electricity demand growth in Malaysia would be a booster to TNB’s revenue going forward but however, the following risks will discount the growth:
i) the rising generation costs
ii) expect a drag on its earnings should the hiccup in FCPT implementation continues.
– The FCPT mechanism as a long-term catalyst for TNB and its uninterrupted implementation would send a positive signal to the market as it would provide a greater clarity on TNB’s long-term
– I will continue to hold TENAGA, and may accumulate TENAGA in the future.
Latest Financial – Q3 2014 Financial Report (16 Jul 2014) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1685693
At the time of writing, I owned shares of TENAGA.