KUALA LUMPUR: TENAGA NASIONAL BHD [] shares slipped in early trade on Thursday, April 21 ahead of the release of its financial results for the second quarter ended Feb 28, 2011 after market close.
At 9.15am, Tenaga was down two sen to RM6.09 with 36,600 shares traded.
In the first quarter, Tenaga posted net profit of RM712.90 million.
AmResearch reiterated its Hold call on Tenaga but with a lower discounted-cashflow derived fair value of RM6.90 a share on lower earnings expectations for FY11 ending Aug 30, 2011.
AmResearch had downgraded FY11F earnings by 17% to RM2.4 billion as it raised its coal assumption by US$10 a tonne to US$110 a tonne in the absence of any off-setting tariff rate increase.
At 9.15am, Tenaga was down two sen to RM6.09 with 36,600 shares traded.
In the first quarter, Tenaga posted net profit of RM712.90 million.
AmResearch reiterated its Hold call on Tenaga but with a lower discounted-cashflow derived fair value of RM6.90 a share on lower earnings expectations for FY11 ending Aug 30, 2011.
AmResearch had downgraded FY11F earnings by 17% to RM2.4 billion as it raised its coal assumption by US$10 a tonne to US$110 a tonne in the absence of any off-setting tariff rate increase.
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