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【出版时间及名称】：2010年4月马来西亚电力行业研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：36
【目录或简介】：
Malaysia in mid-April, we saw strong ongoing
government support for Tenaga as the government
reaffirmed that it would continue to implement the fuel
cost pass-through mechanism on a regular basis. The
government also outlined its intention to restructure the
power industry, targeting to formulate an official plan for
the regular fuel cost pass-through and base tariff hikes,
instead of the current verbal commitment. This
revamped structure should reassure market participants,
we believe. We maintain our In-Line view on the industry
pending the outcome of the restructuring.
Upgrading Tenaga to Overweight: Tenaga is the only
stock we rate OW in our Malaysia Utilities coverage. We
base our upgrade on fundamental improvement in
Tenaga’s prospects, i.e., strong power demand growth
(7.2% for FY10E), ringgit appreciation, and government
support for the company on fuel cost pass-through and
potential base tariff hikes. We find Tenaga’s stock
attractively valued at 10.6x our 2011E P/E (even without
any base tariff hike assumption), a significant discount to
the 12.1–56.3x range for its regional peers.
Initiating coverage of YTL Power at Equal-weight:
We initiate coverage of YTLP with an Equal-weight
rating and RM2.47 price target. Given limited growth
potential for its existing assets, YTL continues to depend
on acquisitions for earnings growth. Even without any
new investments, its existing portfolio offers a steady
income stream, and a high dividend yield for investors.
Assuming coverage of Petronas Gas at EW: Despite
high-quality earnings and cash flow under its contract
with PETRONAS, PGAS offers limited organic earnings
growth potential, we believe, and limited overseas
expansion opportunities. We assume coverage of PGAS
with an EW rating, as its valuation is in line with peers’,
though it offers a high dividend yield.
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