reports
Tenaga Nasional Berhad: 1 director
A director at Tenaga Nasional Berhad sold 20,000 shares at 14.340MYR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years ...
- Chong Lee Len
Utilities - Positive Regulatory Outlook And Defensive Earnings
Positive Regulatory Outlook And Defensive Earnings The electricity tariff is set to be decoupled from the government’s purview, with prices to be set on a monthly basis instead of twice a year. While this is neutral to Tenaga’s earnings, it is positive on a cash flow basis. In the longer run, this will pave the way for a higher dividend payout. We upgraded Tenaga to BUY with a higher DCF-based target price of RM16.30. Upgrade the sector to OVERWEIGHT as we seek defensive bets amid market volatil...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- Johnny Yum
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Kenny Yong Hui Lim
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, June 23, 2025
GREATER CHINA Sector Insurance Weighing the risks and returns. Update Sunny Optical (2382 HK/BUY/HK$65.15/Target: HK$100.00) Takeaways from 2025 Investor Day. Maintain BUY. INDONESIA Strategy Challenging Macro Environment Adds To Case For Rate Cut Our top picks are BBCA, BBRI, ANTM, AMRT, ICBP, CMRY and ERAA. MALAYSIA Sector Automobile ...
CK CH. KARNCHANG PCL
OU8 CENTURION
PRU PRUDENTIAL PLC
ANTM PT ANEKA TAMBANG TBK
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
4197 SIME DARBY BHD.
01299 AIA GROUP LIMITED
AMRT SUMBER ALFARIA TRIJAYA TBK PT
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
ERAA ERAJAYA SWASEMBADA
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
MLK MALAKOFF CORP BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
BRC BRC ASIA LTD
HLA HONG LEONG ASIA LTD
TWC TIONG WOON CORPORATION HOLDING
CMRY PT CISARUA MOUNTAIN DAIRY TBK
PEKAT PEKAT GROUP BHD
PAN SP PAN-UNITED CORPORATION (PAN SP)
STECON STECON GROUP PUBLIC COMPANY LIMITED
PECCA MK PECCA GROUP BHD
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1Q25: Results Within Expectation; Lower Gen...
1Q25: Results Within Expectation; Lower Generation Cost And Opex TNB reported a strong 1Q25 core net profit of RM1,043m. Earnings rose 10% yoy but fell 33% qoq on the back of revenue flow-through, lower general expenses and lower interest charges. Accounting for 22% of house and street estimates, the results are in line with expectations, in our view. 1Q25 electricity demand saw weakness from the industrial and domestic sectors, partly offset by higher commercial demand for data centre services....
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Opportunities In A Ringgit Resurgence Environment
Opportunities In A Ringgit Resurgence Environment The sharp ringgit appreciation driven by de-dollarisation and thus a broader reallocation of capital toward emerging market currencies support our view of a moderate upside for Malaysian equities. Key beneficiaries include importers and companies with high US dollar debt, while exporters may face margin pressure. While historical parallel suggests temporary trading opportunities, we recommend a tactical trading stance, focusing on value-driven op...
OMH OM HOLDINGS
4197 SIME DARBY BHD.
7160 PENTAMASTER CORP. BHD
5347 TENAGA NASIONAL BHD
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
0097 VITROX
AXIATA AXIATA GROUP BERHAD
YNS YINSON HOLDINGS BHD
INRI INARI AMERTRON BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
KPJ KPJ HEALTHCARE BERHAD
MYEG MY EG SERVICES BHD
FNH FRASER & NEAVE HOLDINGS BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
HLBK HONG LEONG BANK BERHAD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
TDC TIME DOTCOM BHD
GREATEC GREATECH TECHNOLOGY BHD
CORAZA CORAZA INTEGRATED TECHNOLOGY BERHAD
CAPITALA CAPITAL A BHD
GENTMK GENTING BERHAD
PEKAT PEKAT GROUP BHD
SDG SD GUTHRIE BHD
NE NORTHEAST GROUP BHD (NE MK)
- Chong Lee Len
Tenaga Nasional (TNB MK) - 4Q24: Results Within Expectation; Lower Gen...
4Q24: Results Within Expectation; Lower Generation Cost And Opex TNB reported a strong 4Q24 core net profit of RM1,370m. Earnings doubled yoy on the back of revenue flow-through, lower staff costs and lower depreciation charges. This brought 2024 core net profit to RM4,330m (+16% yoy) in the absence of a negative fuel margin. Earnings are in line with our expectation but ahead of street estimates. We take this opportunity to raise 2025/26 net profit estimates by 3%/6% respectively, factoring in ...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Lester Siew
- Llelleythan Tan Tan
- Philip Wong
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, March 03, 2025
GREATER CHINA Economics PMI: Uptick in February. Sector Macau Gaming: Feb 25 GGR beat thanks to tail-end effect post CNY; switch top pick to Galaxy. Results New World Development (17 HK/HOLD/HK$4.82/Target: HK$4.45): 1HFY25: Net loss in line with profit warning and primarily caused by inventory impairment; refinancing progress to be the key. Xinyi Solar Holdings (968 HK/HOLD/HK$3.29/Target: HK$3.60): 2024: Below expectations; industry coordination and production discipline crucial to restore mar...
1023 CIMB GROUP HOLDINGS BHD
0968 XINYI SOLAR HOLDINGS LTD.
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
KLK KUALA LUMPUR KEPONG BHD
0763 ZTE CORPORATION CLASS H
FRKN FRENCKEN GROUP LTD
00017 NEW WORLD DEVELOPMENT CO. LTD.
9CI CAPITALAND INVESTMENT LTD
FFB FARM FRESH BHD
- Benyamin Mikael
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kasemsun Koonnara
Regional Morning Notes - Tuesday, January 07, 2025
GREATER CHINA Strategy China And Hong Kong Property: Review of the mainland and Hong Kong property markets in 2024. INDONESIA Update Alamtri Resources Indonesia (ADRO IJ/HOLD/Rp2,380/Target: Rp2,600): Transition into sustainability. MALAYSIA Results Tenaga Nasional (TNB MK/HOLD/RM14.58/Target: RM13.20): TNB is set to benefit from a healthy Regulatory Period 4 regime. SINGAPORE Update CSE Global (CSE SP/BUY/S$0.425/Target: S$0.59): Good buying opportunity as company scales up in the US. THAIL...
- Chong Lee Len
Tenaga Nasional (TNB MK) - Set To Benefit From A Healthy Regulatory Pe...
Set To Benefit From A Healthy Regulatory Period 4 Regime TNB announced a healthy RP4 base capex growth of 30% and maintained a rate of return of 7.3%. We understand that the base capex will form the base tariff from which TNB derives pre-tax profit for 2025-27. Thus, the 30% increase in base capex will lift 2025-27 net profit by 3% annually. At this stage, we have no further details on demand growth, coal and LNG price assumptions. Current valuation has largely priced in TNB as a key beneficiary...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 3Q24: Results Below Expectations; Stock Is ...
3Q24: Results Below Expectations; Stock Is Fairly Valued The group booked a sequentially weak 3Q24 core net profit of RM750m (-44% qoq, -7% yoy). This brings 9M24 core net profit to RM3b (flat yoy). The results accounted for 69% of our earnings which we deem below expectations. Pending an analyst briefing today, we look to trim our earnings by at least 5%. We believe expectations of a favourable RP4 outcome is largely priced in. Maintain HOLD with an unchanged DCF-based target price of RM13.20. ...
- Bella Lu Yifei
- Chong Lee Len
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Johnny Yum
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Stevanus Juanda
Regional Morning Notes - Friday, November 29, 2024
GREATER CHINA Sector Automobile: Weekly: Suppliers pushing back against BYD’s request for 10% price cut. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao and Desay. Small/Mid Cap Highlights Giordano International (709 HK/BUY/HK$1.65/Target: HK$2.55): On track for five-year plan. INDONESIA Strategy Focus On Beneficiaries Of Domestic Policies: Our top picks are BBCA, BBNI, BMRI, BBTN, ASII, SMRA, CTRA, GOTO, CMRY, ACES, SIDO and KLBF. We have an end-25 target of 8,200 for the JCI. MALAYSIA Results...
- Chong Lee Len
Tenaga Nasional (TNB MK) - A Visit To Company’s Hydro Asset To Underst...
A Visit To Company’s Hydro Asset To Understand Plant Rejuvenation Plans We recently visited Chenderoh hydro plant, which has been earmarked for plant rejuvenation and solar PV under NeTR. Broadly, TNB aims to modernise 650MW of its existing hydro plants in Malaysia in 2026-33. In addition, there are plans to plant up to 400MW of floating solar PVs on those dams. This will help drive Malaysia towards net zero carbon emission by 2050 with a 70% green energy mix. Maintain HOLD. Target price: RM13.2...
- Arsit Pamaranont
- Chong Lee Len
- Colin Lee
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, October 24, 2024
GREATER CHINA Results Hong Kong Exchanges and Clearing (388 HK/BUY/HK$314.80/Target: HK$364.00) 3Q24: Risk-and-reward is more balanced. Upgrade to BUY. Han’s Laser (002008 CH/HOLD/Rmb24.42/Target: Rmb22.70) 3Q24: Net profit misses, but visibility of recovery improving. Downgrade to HOLD. New Oriental Education & Technology Group (EDU US/BUY/US$62.15/Target: US$85.00) 1QFY25: In line; moderated growth outlook in 2QFY25 on low seasonality. Update Xtep International Holdings (...
KKP KIATNAKIN BANK
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
IVL INDORAMA VENTURES PUBLIC CO. LTD.
UNVR PT UNILEVER INDONESIA TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
MLT MAPLETREE LOGISTICS TRUST
KPG KERJAYA PROSPEK GROUP BHD
TXG 10X GENOMICS INC CLASS A
1368 XTEP INTERNATIONAL HOLDINGS
WHA TB WHA CORP PCL
SCB SCB X PUBLIC COMPANY LIMITED
AL2SI 2CRSI SA
Z29 029 GROUP SE
- Chong Lee Len
Utilities - A Strong 2Q24; Malaysia To Play Catch Up In Terms Of Plant...
A Strong 2Q24; Malaysia To Play Catch Up In Terms Of Plant-ups Sector earnings came in within our expectations as generation profits boosted the net profit of Tenaga Nasional (TNB) and Malakoff. Gas Malaysia benefits from volume growth. 2Q24 key takeaways are: a) daily reserve margin of 15-30%, b) 2GW of shortterm PPAs extended, c) 6GW of new power plants awarded and operational in 2030/31, and d) data centre demand estimated at 4GW. Maintain MARKET WEIGHT. Top picks: Malakoff and Pekat Group. B...
- Anas Fitri Bin Ahmad
- Chong Lee Len
- Damon Shen
- Heidi Mo Jinghui
- Jieqi Liu
- Llelleythan Tan Tan
- Paula Ruth
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, September 12, 2024
GREATER CHINA Sector Hong Kong Property Results wrap-up for Hong Kong developers: Navigating the cycle. INDONESIA Update XL Axiata (EXCL IJ/BUY/Rp2,270/Target: Rp2,900) Fixed broadband ARPU might increase by 10% post-acquisition of ServeCo. MALAYSIA Sector Utilities A strong 2Q24 with companies coming in broadly within expe...
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
2883 CHINA OILFIELD SERVICES LIMITED CLASS H
00016 SUN HUNG KAI PROPERTIES LIMITED
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
SCB SIAM COMMERCIAL BANK PUBLIC COMPANY LIMITED
5347 TENAGA NASIONAL BHD
01113 CK ASSET HOLDINGS LIMITED
MLK MALAKOFF CORP BHD
BAUTO BERMAZ AUTO BHD
GMB GAS MALAYSIA BHD
00017 NEW WORLD DEVELOPMENT CO. LTD.
EXCL XL AXIATA TBK PT
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1H24: Results Within Expectation; A Strong ...
1H24: Results Within Expectation; A Strong Quarter TNB booked a strong 2Q24 core net profit of RM1,314m (+44% qoq, +68% yoy). This brought 1H24 core net profit to RM2,226m (+27% yoy), in line with expectations. All in all, 2Q24 net profit was driven by a flow-through from revenue, positive TNB genco contribution, higher associate earnings, lower interest expenses and lower effective tax rates. Maintain HOLD with a DCF-based target price of RM13.20. Foreign shareholding stood at 15.3% as of Jul 2...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Jack Goh Tooan Orng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Llelleythan Tan Tan
- Paula Ruth
- Ringo Tang Chi Yu
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Friday, August 30, 2024
GREATER CHINA Results BYD Electronic (285 HK/BUY/HK$27.65/Target: HK$42.50) 1H24: Results missed on margins. Expect peak season to bolster profitability in 2H24. China Feihe (6186 HK/BUY/HK$4.04/Target: HK$5.22) 1H24: Steady profit growth; accelerated revenue expansion in 2H24. China Longyuan Power (916 HK/HOLD/HK$6.16/Target: HK$6.10) 1H24: Below expectations; power generation dragged by low wind speed. ...
ORI ORIGIN PROPERTY
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
QH QUALITY HOUSES
EZQ CHINA MENGNIU DAIRY CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
6WX CHINA LONGYUAN POWER GROUP CORP. LTD. CLASS H
SPALI SUPALAI PCL
5347 TENAGA NASIONAL BHD
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
AP AP THAILAND
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
2333 GREAT WALL MOTOR CO. LTD. CLASS H
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
HLBK HONG LEONG BANK BERHAD
2877 CHINA SHINEWAY PHARMACEUTICA
GENM GENTING MALAYSIA BHD
PSH PRUKSA HOLDING PCL
6186 CHINA FEIHE LTD
BCOW 1895 BANCORP OF WISCONSIN INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- Chong Lee Len
Utilities - Government To Award Short-term Power Plant Extensions
Government To Award Short-term Power Plant Extensions The government is likely to offer short-term PPAs (two-year validity) to expired gas-fired power plants. We expect at least 2GW of capacity to be awarded under this short-term PPA extension, as the build-up of data centres requires higher power capacity. Key beneficiaries are Malakoff and TNB Genco. As a pure play, Malakoff will stand to benefit from at least RM100m in cashflow from the extension of its Prai power plant. Maintain MARKET WEIGH...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.