KUALA LUMPUR: OSK Research continues to hold the view that TENAGA NASIONAL BHD [] is unlikely to secure a tariff hike apart from an overall subsidy reduction on gas prices.
'We also believe that such a reduction would only happen after the next General Elections, which therefore makes TNB an excellent post election play, especially since our house view is for an early General Election in 2011,' it said on Thursday, Dec 30.
OSK Research said for now, its discounted cashflow fair value remained at RM9.76 even as we raise our coal price assumption, and Tenaga remains a BUY recommendation for investors with a longer term investment horizon.
'We also believe that such a reduction would only happen after the next General Elections, which therefore makes TNB an excellent post election play, especially since our house view is for an early General Election in 2011,' it said on Thursday, Dec 30.
OSK Research said for now, its discounted cashflow fair value remained at RM9.76 even as we raise our coal price assumption, and Tenaga remains a BUY recommendation for investors with a longer term investment horizon.
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