reports
Tenaga Nasional Berhad: 1 director
A director at Tenaga Nasional Berhad sold 10,000 shares at 11.600MYR and the significance rating of the trade was 52/100. 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
Tenaga Nasional (TNB MK) - 2023: Results Below Expectation; Higher Ope...
2023: Results Below Expectation; Higher Opex Offsets Positive Fuel Margin TNB booked a weak 4Q23 core net profit of RM763m (-11% qoq, +33% yoy) vs our expectation of RM1b profit per quarter. This brings 2023 core net profit to RM3,735m (- 19% yoy), below our expectations. 2023 earnings were below normalised earnings of RM4-4.5b due to a negative fuel margin of RM620m vs a positive fuel margin of RM1.1b in 2022. Maintain HOLD with a DCF-based target price of RM10.70. The stock offers dividend yie...
- Chong Lee Len
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- Jacquelyn Yow Hui Li
- John Cheong Ming Chern
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Leow Huey Chuen
- Stevanus Juanda
Regional Morning Notes - Wednesday, February 28, 2024
GREATER CHINA Sector Banking: It is the best of times, it is the worst of times. INDONESIA Results Matahari Department Store (LPPF IJ/SELL/Rp1,840/Target: Rp1,400): 4Q23: Below expectations with a cautious view on 2024. Downgrade to SELL. MALAYSIA Results Heineken Malaysia (HEIM MK/BUY/RM22.34/Target: RM28.50): 4Q23: Within expectations. Earnings fell yoy as weaker sentiment impacted sales volume. MISC (MISC MK/BUY/RM7.50/Target: RM9.05): 2023: Profit beat forecasts despite rising vessel cos...
LPPF PT MATAHARI DEPARTMENT STORE TBK CLASS A
5347 TENAGA NASIONAL BHD
HANA HANA MICROELECTRONICS PCL
MISC MISC BHD
RHBBANK RHB BANK BHD
BAL BUMITAMA AGRI LTD
HEIM HEINEKEN MALAYSIA BHD
MZH NANOFILM TECHNOLOGIES INTERNATIONAL
QHPF QUALITY HOUSES LEASEHOLD PROPERTY
BTG BETAGRO PUBLIC COMPANY LIMITED
- Chong Lee Len
Tenaga Nasional (TNB MK) - A Defensive Bet; Stock Yields 4.5-5%
A Defensive Bet; Stock Yields 4.5-5% 4Q23 will likely see the reversal of negative fuel margin seen in the past nine months. This is a result of coal prices stabilising mom. This is positive as it will help to buffer against higher year-end expenses. The government remains committed to targeted subsidies, which bodes well for TNB’s cashflow management. Consequently, we expect TNB to pay out dividends at the higher end of its expected range, yielding 4.5- 5% in 2023-24. The stock trades at mean v...
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Paula Ruth
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Notes - Wednesday, January 24, 2024
GREATER CHINA Sector Healthcare: Becoming more innovative; valuation increasingly attractive. Property Management: Preview of 2023 performance; downgrade sector to MARKET WEIGHT on pressure from property downcycle. INDONESIA Small/Mid Cap Highlights Communication Cable System Indonesia (CCSI IJ/NOT RATED/Rp456): To build 4,100km of inter-island submarine cables. MALAYSIA Sector Automobile: Record-breaking TIV in 2023; cautious on 2024’s outlook. Update Tenaga Nasional (TNB MK/HOLD/RM10.50/Ta...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 3Q23: Results Below Expectation, Negative F...
3Q23: Results Below Expectation, Negative Fuel Margin To Narrow In 4Q23 The group booked weak 3Q23 core net profit of RM861m (-47% yoy; -10% qoq). This brings 9M23 core net profit to RM2,971m (-27% yoy) – below our expectation but in line with the street’s estimate. 9M23 EBITDA margin fell 6ppt to 28% - reflecting Genco negative fuel margin and higher repair & maintenance costs. Consequently, we cut 2023-24 net profit estimates by 11% and 3% respectively. Maintain HOLD with a marginally higher D...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- John Cheong Ming Chern
- Leow Huey Chuen
- Llelleythan Tan Tan
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Monday, November 27, 2023
GREATER CHINA Update Link REIT (823 HK/BUY/HK$39.80/Target: HK$50.70): Takeaways from Shenzhen and Guangzhou property tour. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,180/Target: Rp1,400): Sales return to decline to 12-13% in 2024. MALAYSIA Results Sime Darby Plantation (SDPL MK/BUY/RM4.32/Target: RM5.00): 3Q23: Results within expectations, strong contribution from its Malaysia upstream operation. Tenaga Nasional (TNB MK/HOLD/RM10.00/Target: RM10.70): 9M23: Below expectations. ...
- Chong Lee Len
Tenaga Nasional (TNB MK) - Staying Nimble In Order To Achieve RP4 Gree...
Staying Nimble In Order To Achieve RP4 Green Targets TNB is in the final submission phase for Regulatory Period 4. We expect TNB to incur higher capex in order to incorporate green infrastructure, and a base-case ROA of 7- 7.3%. While TNB has earmarked a whopping RM35b for green capex, we expect these to be backloaded over the next few regulatory periods. Balance sheet has improved thanks to easing coal prices and the government’s commitment towards subsidy rationalisation. TNB offers a 5% divid...
- Adrian Loh Tzum Yung
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jonathan Koh
- Kwanchai Atiphophai
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, November 07, 2023
GREATER CHINA Sector Commodities: Weekly: Easing fears of further rate hikes supporting metals prices. INDONESIA Results Mayora Indah (MYOR IJ/BUY/Rp2,620/Target: Rp3,200): 3Q23: Boom! NPAT grows 87.1% yoy, exceeding the street’s expectation. MALAYSIA Update Press Metal Aluminium Holdings (PMAH MK/BUY/RM4.88/Target: RM5.50): Anticipate growth to resume in 2024 driven by a favourable supply-demand dynamics and a more robust contribution from VAPs. Tenaga Nasional (TNB MK/HOLD/RM9.97/Target: RM1...
- Chong Lee Len
Tenaga Nasional (TNB MK) - Single Buyer To Be Carved Out Of Tenaga To ...
Single Buyer To Be Carved Out Of Tenaga To Manage Energy Exchange According to media reports, Malaysia will soon have an energy exchange but one that has an independent Single Buyer (SB) instead of a free market structure. The proposal was approved by the Cabinet recently and entails a medium-term plan for the SB to be carved out of Tenaga Nasional (TNB) to become independent. The SB will buy electricity from all generators in Peninsular Malaysia and is currently preparing the energy exchange an...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1H23: Results In Line; Improved Balance She...
1H23: Results In Line; Improved Balance Sheet As Government Pays For ICPT 2Q23 normalised net profit came in at RM955m (-28% yoy, -17% qoq) on the back of higher staff and O&M costs as well as higher effective tax rates. Electricity demand rose 4.5% yoy but Genco losses widened qoq on the back of negative fuel margins. Results are in line. Receivables eased to RM14.5b (Mar 23: RM20b) as government honors ICPT. Downgrade to HOLD as share price rises to our fair value of RM10.40.
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, August 28, 2023
GREATER CHINA Results Anhui Conch (914 HK/BUY/HK$22.00/Target: HK$28.30): 1H23: In line; industry-leading performance. China Resources Gas (1193 HK/BUY/HK$22.35/Target: HK$26.90): 1H23: In line; gas sales growth offset by weak new connections. China Tourism Group Duty Free (601888 CH/BUY/Rmb107.50/Target: Rmb138.00): 2Q23: Margin a key concern. EVE Energy (300014 HK/BUY/Rmb48.60/Target: Rmb92.00): 2Q23: Miss on margins but beat on revenue. Maintain BUY. Cut target price to Rmb92.00. Frontage Hol...
LGX1 CHINA RESOURCES GAS GROUP LIMITED
000858 WULIANGYE YIBIN CO. LTD. CLASS A
600585 ANHUI CONCH CEMENT COMPANY LIMITED CLASS A
5347 TENAGA NASIONAL BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
T TELEKOM MALAYSIA BHD
BAB BUMI ARMADA BERHAD
REXI REX INTERNATIONAL HOLDING LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
GREATEC GREATECH TECHNOLOGY BHD
ADRO ADARO ENERGY INDONESIA TBK PT
- Malaysia Research Team
Tenaga Nasional (TNB MK/) - Focus On Renewable Energy To Support Gover...
Focus On Renewable Energy To Support Government’s Energy Transition Roadmap WHATS NEW In the launch of Phase 1: National Energy Transition Roadmap (NETR) yesterday, Tenaga Nasional (TNB) gave a presentation to support NETR key objectives in three prongs: a) accelerate generation decarbonisation, b) develop flexible cross-border grid, and c) empower cross-border electrification and prosumers. Some of the decarbonsation efforts are already in planning stage. These include: a) decarbonising coal pl...
- Chong Lee Len
Tenaga Nasional (TNB MK) - Focus On Operational Efficiency As TNB Ente...
Focus On Operational Efficiency As TNB Enters Mid-regulatory Cycle TNB has received RM9b (out of RM10b) in imbalance cost pass-through to date. With this, together with declining coal prices and the government’s commitment towards targeted subsidies, TNB is set to benefit from improving cashflow and balance sheet position. As TNB enters its second year of the regulatory period, the key focus is on operational efficiency. We understand that there is lower forced outage in 2Q23 for TNB Genco. Main...
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Kampon Akaravarinchai
- Ken Lee
- Kwanchai Atiphophai
- Llelleythan Tan Tan
- Malaysia Research Team
- Paula Ruth
- Sunny Chen
- Tanaporn Visaruthaphong
- Tham Mun Hon
Regional Morning Notes - Friday, July 14, 2023
GREATER CHINA Economics Trade: Impacted by global manufacturing weakness. Sector Automobile: Weekly: China PV sales dropped 7% yoy/2% mom during 1-9 July, missing estimates. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Healthcare: Underpenetrated ICL market in China; leading leading players to deliver steady growth in non-COVID-19-related revenue. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/HOLD/Rp1,080/Target: Rp1,100): Lacklustre NPAT growth potential in 2023 and 2024; trading...
- Chong Lee Len
Tenaga Nasional (TNB MK) - 1Q23: Results In Line, Improved Cashflow As...
1Q23: Results In Line, Improved Cashflow As Government Pays For ICPT 1Q23 core net profit improved 5% yoy to RM1,155m (+71% qoq) on the back of lower effective tax rates (in the absence of a prosperity tax). EBITDA margin fell 2.8ppt due to higher repair and maintenance costs yoy. Results are in line. Trade receivables fell to RM13.8b (Mar 23) from RM16.9b (Dec 22). Maintain BUY on share price weakness. Target price: RM10.40. The stock offers a 5% dividend yield.
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kate Luang
- Keith Wee Teck Keong
- Kelvin Chau Siu Pong
- Philip Wong
- Posmarito Pakpahan
- Stella Guo Yuting
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 30, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: The only Hong Kong-listed luxury brand name, recent share price pullback offers a good entry point. Sector Commodities: Weekly: US dollar strengthens on hawkish Fed expectations; rebar price plunges to lowest level since Apr 17. Update China Mengniu Dairy (2319 HK/BUY/HK$30.20/Target: HK$39.30): Takeaways from Mengniu factory visit; full-year guidance unchanged. INDONESIA Update Bank Tabungan Pensiunan Nasional Syariah (BTPS IJ/BUY/Rp1,970/Target: ...
- Chong Lee Len
Tenaga Nasional (TNB MK) - On Stronger Footing; Cashflow Management A ...
On Stronger Footing; Cashflow Management A Key Focus For 2023 Against a backdrop of easing energy prices and the government’s commitment towards targeted subsidy, we turn positive on TNB. We see improving balance sheet, undemanding valuation and a sustainable dividend yield of 5%. We expect a lower 2H23 electricity surcharge vs 1H23. 1Q23 is a sequentially stronger quarter and results will be released by end-May 23. Upgrade to BUY on share price weakness with a higher fair value of RM10.40, as w...
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Kate Luang
- Kelvin Chau Siu Pong
- Kochakorn Sutaruksanon
- Llelleythan Tan Tan
- Roy Chen Chengzhi
- Stevanus Juanda
- Sunny Chen
- Tanaporn Visaruthaphong
- Waritthorn Kaewmuang
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, May 16, 2023
GREATER CHINA Strategy Small-Mid Cap Biweekly: Positive on SOE reform; Qingdao Port International as an attractive play with low valuation. Sector Commodities: Weekly: Gold continues to shine amid market chaos. Small/Mid Cap Highlights Ocumension Therapeutics (1477 HK/NOT RATED/HK$8.06): A leading ophthalmic pharmaceutical platform company. INDONESIA Update Bukalapak.com (BUKA IJ/BUY/Rp212/Target: Rp420): Continuous improvement. MALAYSIA Update Tenaga Nasional (TNB MK/BUY/RM9.52/Target: RM10.4...
544 CSE GLOBAL LTD.
STEC SINO-THAI ENGINEERING & CONSTRUCTION PCL
AMATA AMATA CORP
ERW ERAWAN GROUP
C52 COMFORTDELGRO CORPORATION LIMITED
5347 TENAGA NASIONAL BHD
CPN CENTRAL PATTANA PUBLIC CO. LTD.
UHU UNITED HAMPSHIRE US REIT
1477 OCUMENSION THERAPEUTICS
BUKA BUKALAPAK.COM PT TBK
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