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					Company Note

C o m p a n y U p d a tte Company Upda e
Tuesday, June 23, 2009
For Internal Circulation Only KLCI : 1,045.97 Sector : POWER Bloomberg : TNB MK

Menara TA One, 22 Jalan P Ramlee, 50250 Kuala Lumpur. Malaysia Tel : 603 - 2072 1277 Fax : 603 - 2032 5048

Analyst : James Ratnam Tel : 20721277 ext : 1324 e‐mail : james@ta.com.my

Target RM9.15 (+24%) Price

Tenaga Nasional Berhad
Improved Earnings & Operational Outlook We continue to rate Tenaga as Buy with revised target price of RM9.15, based on DCF valuation method. We believe demand had seen the worst. Coupled with lower coal price and strengthening RM, we expect sharp increase in 2H09 earnings. Fuel cost risk, a major contributor to volatile earnings has reduced, thanks to a more responsive government as well as, on the long term, Tenaga’s own initiatives to diversify fuel mix away from conventional source. Share price has outperformed KLCI since we upgrade the stock to Buy but we believe there is more upside in regional perspective, where Tenaga is still one of the cheapest stocks in terms of P/BV and EV/EBITDA. Low foreign shareholding is a further impetus to share price performance. Key risk factors to our view are, 1) sharp increase in crude oil price, 2) deterioration in economic outlook and 3) RM depreciating against US$ and Yen.

RM7.35

Buy

Share Info Stock Code Tenaga Listing Main Board Share Cap (m) 4,335 Market Cap (RMm) 31,861 Par Value 1.00 52‐wk Hi/Lo (RM) 8.55/5.60 12‐mth Avg Daily Vol ('000 sh 4,967 Estimated Free Float (%) 34 Beta 0.84 Major Shareholders (%) Khazanah Nasional Berhad ‐ 37.80 EPF ‐ 16.54 Skim Amanah Saham Bumiputera ‐ 9.48
Forecast Revision Forecast Revision Net profit Consensus TA/Consensus Previous Rating
Financial Indicators Net debt/equity CFPS P/CFPS ROA NTA/Share Price/ NTA 5‐year EPS CAGR (%) (sen) (x) (%) (RM) (x) (%) FY09 56.7 12.4 59.2 3.5 6.22 1.2 9.5 FY10 45.0 28.6 25.7 3.8 6.67 1.1 17.8

Improved Earnings Outlook
FY09 FY10 (%) nil nil (RMm) 2,491 2,745 2,044 2,792 (%) 122 98
Buy (maintained)

Demand Had Seen The Worst We reiterate that the worst is over for Tenaga and things should start to look up ahead. Management, during the 2Q09 Analysts’ Briefing had said demand contraction would not exceed -3% vs. -3.2% in 1H09, implying a rebound in remaining quarters. We assumed 2H09 demand would fall by 2% on average, yielding an annual -2.7% contraction, slightly lower than -3% estimated by Tenaga. Two Consecutive Months of MoM Growth Preliminary data made available up to April shows power demand has rebounded, on MoM basis, in the last two months. Industrial and commercial sectors led the recovery, which is crucial in our view since both sectors historically account for 80% of total power demand in Peninsular Malaysia. We think both segments are bound to benefit improving economic outlook. Our conviction is also grounded on upgrade of cyclical sectors, a proxy to economy, recently. Our property and construction analyst had this month upgraded the sectors to Overweight (Underweight previously) and Neutral (Underweight previously) respectively. Figure 1: Electricity demand contraction bottomed out (% MoM)
15.0 10.0 5.0 0.0

Share Performance (%) Price chg Tenaga 1 mth (3.9) 3 mth 16.7 6 mth 24.6 12 mth (9.8)

KLCI 0.1 22.1 19.8 (13.3)

Dec 08

Jan‐09

Feb‐09

‐5.0 ‐10.0 ‐15.0

Sept 08

Industrial

Commercial

Total

Source: Tenaga, TA Securities
Tenaga Nasional Berhad [1] Company Update

Mar‐09

Nov 08

Apr‐09

Oct 08

23/06/09

Coal Cost Could Reduce Significantly in 2H09 The benchmark API4 (Richards Bay) fob coal price has fallen 25% YTD and stronger RM means lower cash needed to purchase equivalent amount of coal – a boost to cash flow. Assuming cost, insurance and freight rate of US$15 per tonne, the average landed cost is about US$73 per tonne (March 1 – present: US$75). The tariff/fuel subsidy adjustment in March imputes a coal cost recovery of up to US$85 per tonne. Of the 6.3mn tonnes secured at an average price of US$100.9 per tonne, 5mn tonnes has been utilised up to end of 2Q09. This means only 1.3mn tonnes of this high priced coal are still sitting in inventory. The price for balance 5.1mn tonnes (11.4mn tonnes annual requirement) is Index-Linked based (spot price). Therefore, 2H09 average coal price could reduce significantly from US$100.9 per tonne in 1H09. We assume FY09 average price of US$85 per tonne. Figure 2: Coal price trend
210 190 170

US$ per tonne

150 130 110 90 70 50

Aug‐08

Dec‐08

Oct‐08

May‐08

Sep‐08

Nov‐08

Feb‐09

Apr‐09

Jan‐09

Source: Bloomberg, TA Securities

Forex Write Back In 3Q The group could recoup some of the substantial forex losses recorded in 1H09, thanks to stronger RM against both, US$ and Yen. We estimate 3Q09 forex translation gain amounting to RM572mn with slightly higher gain from the US$ denominated borrowings. In 1H09, Tenaga recorded a total of RM1.5bn in forex translation losses. We expect RM to strengthen further to 3.30 per US$ by year end, implying more write backs in the next two quarters. Figure 3: Estimated forex translation gain in 3Q09
Foreign debts @ Feb, 2009 RM Equivalent Currency US Dollar Japanese Yen 5,442 6,111 Exchange rate (RM per unit) Nov 30, 2008 3.7040 0.0380 Feb 27, 2009 3.4885 0.0364 Total 317 256 572 Potential translation gain/(loss) (RMmn)

Source: Tenaga, TA Securities

Tenaga Nasional Berhad

[2]

Company Update

May‐09

Jun‐08

Jul‐08

Mar‐09

23/06/09

LT Catalyst – Reduced Fuel Cost Risk
High Dependence On Gas & Coal Currently, gas and coal cumulatively accounts for 86% of total industry installed capacity and the market price risk is fully borne by Tenaga. IPPs are effectively shielded from fuel cost risk by terms in PPAs that guarantee full fuel cost pass through to Tenaga. In FY08, gas and coal accounted for 93% of the electricity generated. This means Tenaga’s earnings are highly sensitive to changes in the market price of these commodities. Figure 4: EPS sensitivity to various coal price (cif)
Coal price (US$ per tonne) FY10 EPS (sen) % change from base case (US$85)
Source: TA Securities

70 76.5

75 72.0

80 67.6

85 63.1

90 58.6

95 54.2

100 49.7

21

14

7

0

(7)

(14)

(21)

Figure 5: EPS sensitivity to various gas price
Subsidised gas price (RM per mmbtu) FY10 EPS (sen) % change from base case (RM10.70)
Source: TA Securities

9.00 78.1

9.50 73.7

10.00 69.3

10.50 64.9

11.00 60.5

11.50 56.0

12.00 51.6

24

17

10

3

(4)

(11)

(18)

Tenaga Getting A Helping Hand While a periodic tariff adjustment based on a fuel cost pass through formula would the perfect solution to this quandary, political reality remains a key stumbling block to implementation, in our view. However, we note that the government has responded to fuel cost fluctuations by delivering three tariff adjustments in the past three years. We think this clearly indicate government is prepared to allow Tenaga pass through fuel cost burden to consumers. Note that the last two was only eight months apart. Another indication that the government intend to find long term solution to fuel cost issue is the pledge to remove altogether gas subsidy in the next fifteen years. Figure 6: Value accretive tariff adjustments
Date June 2006 Tariff/fuel subsidy adjustment 11.4% effective tariff hike Earnings revisions * FY06: +5%, FY07: +12% FY08: +1%, FY09: +22% FY08: +1.9%, FY09: +18%

July 2008

24% average tariff hike. Gas price revised to RM14.31 per mmbtu from RM6.40 previously Tariff cut by 3.7% on average. Gas price reduced to RM10.70 per mmbtu from RM14.31 previously

March 2009

* immediately after announcement of tariff adjustments Source: Tenaga, TA Securities

Semi Annual Fuel Cost Review? We think the base tariff review in June is likely to be a non-event. However, we understand that Tenaga has submitted tariff proposal in April, which includes, 1) base tariff review every three years, and 2) fuel cost review, likely on a quarterly basis although management declined to comment. This proposal imitates fuel cost pass through formula. However, we understand that the government is more open to the idea of reviewing energy component every six months.

Tenaga Nasional Berhad

[3]

Company Update

23/06/09

Hydro Power To Reduce Fuel Risk Short term fuel cost risk had reduced as government is more likely to have regular tariff review. On a long term, Tenaga has put in motion plan to diversify fuel mix that we believe should translate into less volatile earnings. New plant up announced by Tenaga so far indicates the group is expanding its hydro power capacity, which now only accounts for 10% of installed capacity. Recently announced hydro plant up includes a 250 MW plant in Terengganu, a 372 MW plant in Pahang and two in Kelantan with combined generation capacity of 700 MW. The Bakun dam is expected to supply another 1,600 MW power to Peninsular Malaysia when the undersea transmission cable completed in 2015. Why Hydro Power Plant? Hydro power plants are more expensive to build compared with gas and coal. However, the generation cost is much lower as electricity is converted from potential energy drawn from water, an abundant renewable source with zero cost attached to it. The only limitation is availability of suitable river to build dam. We understand that there are limited sites for hydro power plants in Peninsular Malaysia but Sarawak was said to be able to generate up to 20k MW hydro power, which can be partially diverted to Peninsular Malaysia (similar to Bakun) in the future. Figure 7: New hydro power capacity in P. Malaysia
Location Capacity (MW) Est. Cost (RMmn) Remarks To commence operation in 2011. 1,600 MW supply to P. Malaysia by 2015 Tender out next month Tender out next month Field study stage now. Tender target by year end

Bakun, Sarawak Hulu Terengganu, Terengganu Ulu Jerai, Pahang Lebir & Nenggiri, Kelantan Total

1,600 250 372 700 2,922

6,000 NA NA 2,800

Source: Tenaga, newspaper reports, TA Securities

Figure 8: Power plant cost comparison by fuel types Fuel type Cost (US$ per MW) Gas (open cycle) 1.0mn Gas (combined cycle) 1.0mn ‐ 1.2mn Coal 2.0mn Hydro > 2.0mn (depending on sites)
Source: Companies, newspaper reports, TA Securities

Twofold Increase in Hydro Capacity Assuming the planned capacity will be achieved, hydro power capacity will jump 2.5x to 4,833 MW from 1,911 MW currently. We estimate hydro power share as percentage of total installed capacity would increase to 21% when completed. Gas and coal cumulatively on the other hand would account for 75%, in line with percentage share in developed countries such as the US and UK.

Tenaga Nasional Berhad

[4]

Company Update

23/06/09

Figure 9: Tenaga expanding hydro power capacity (P. Malaysia only) (a). Current installed capacity by fuel (including IPPs)
Others , 4% Hydro , 10% Coal , 29%

Gas , 57%

(b). Installed capacity by fuel, including planned hydro plant up Others , 4% Hydro , 21%

Coal , 25%

Gas , 49%

Source: Tenaga, TA Securities

Figure 10: Fuel mix in selected developed countries & China
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 4% 20% 21% 7% 15% 28% 43% 23% 49% 34% 27% 23% 13% 20% 29% 4% 5% 78% 80% 13% 40% 2% 2% 2% 0% 4% 0%

57%

Germany

France

Japan

China

UK

US

Coal

Natural Gas

Nuclear

Hydroelectric

Others

Source: IEA, OECD, TA Securities

Nuclear Power Plant by 2025 Tenaga is also looking to tap nuclear source to further diversify away from conventional type commodities based fuel. The group targets to own a nuclear plant by 2025 and has roped in KEPCO to do a preliminary feasibility study. As highlighted above, cost to build nuclear power plant is high compared with gas and coal but generation cost is much lower and therefore, could lower Tenaga’s fuel cost burden significantly. However, we think political and social acceptance is the key factor Tenaga would have to consider before pouring capital into building a nuclear power plant.
Tenaga Nasional Berhad [5] Company Update

Tenaga

23/06/09

Valuations & Recommendation
Switching Valuation Method To DCF We think fuel cost risk that previously was a key earnings risk has reduced, driven by increasingly likely periodic review in tariff and on a long term, fuel diversifications that translate into less reliance on gas and coal, which are subject to market vagaries. Hence, we are more comfortable in using DCF to value from PER previously. Target Price Upgraded to RM9.15 The change in valuation method results in our target price being upgraded to RM9.13 (rounded up) from RM7.44 previously. A summary of the computation is shown in Appendix 1.At our revised target price, the implied PER is 14.5x. We use 9.6% WACC, 5% equity risk premium of 5% and 2% terminal growth rate to estimate free cash flows. We continue to rate Tenaga as Buy. Sensitivity To Key DCF Assumptions Figures 10 - 13 below summarizes target price sensitivity to various key DCF assumptions. Figure 11: TP sensitivity to WACC
WACC (%) Revised target price (RM) 8.0 12.39 8.5 11.19 9.0 10.16 9.5 9.27 10.0 8.49 10.5 7.8 11.0 7.19

Source: TA Securities Figure 12: TP sensitivity to equity risk premium
Risk premium Revised target price (RM)
Source: TA Securities

4.00 10.18

4.50 9.63

5.00 9.12

5.50 8.65

6.00 8.22

6.50 7.81

7.00 7.44

Figure 13: TP sensitivity to terminal growth
Terminal 0.0 growth rate (%) Revised target 7.56 price (RM) Source: TA Securities 0.5 7.89 1.0 8.25 1.5 8.66 2.0 9.12 2.5 9.65 3.0 10.26 3.5 10.97 4.0 11.8

Figure 14: TP sensitivity to long term coal price assumptions
Coal Price (US$ per tonne) Target price (RM)
Source: TA Securities

70.00 11.40

75.00 10.65

80.00 9.89

85.00 9.13

90.00 8.38

95.00 7.62

100.00 6.87

Valuations Still Attractive vis-à-vis Regional Utilities Tenaga’s share price gained 13% since we upgrade the stock to Buy (KLCI: +9%), largely in response to tariff restructuring in March 2009. The stock is, nonetheless, still attractive vis-à-vis its regional peers. PER wise, its trading at a 24% to the regional market cap weighted average PER of 15.4x (15% discount excluding KEPCO). Tenaga is also one of the cheapest utility stocks in terms of P/BV and EV/EBITDA.

Tenaga Nasional Berhad

[6]

Company Update

23/06/09

Figure 15: PER comparison with regional utilities
25.0 20.0

PER (x)

15.0 10.0 5.0 0.0

CLP

Huaneng

Tenaga

KEPCO

Tanjong

Huadian

Shanghai Electric

HK Electric

Datang

Source: Bloomberg, TA Securities

Figure 16: P/BV comparison with regional utilities
2.0 1.5

P/BV (x)

1.0 0.5 0.0

CLP

Datang

Huaneng

HK Electric

Shanghai Electric

Tenaga

Ratchaburi

YTL Power

Tanjong

Huadian

Source: Bloomberg, TA Securities

Figure 17: EV/EBITDA comparison with regional utilities
14.0 12.0

EV/EBITDA (x)

10.0 8.0 6.0 4.0 2.0 0.0

CLP

Datang

Huaneng

Ratchaburi

YTL Power

HK Electric

Tanjong

Huadian

Note: Excluded Shanghai Electric due to exceptionally high EV/EBITDA Source: Bloomberg, TA Securities

Tenaga Nasional Berhad

[7]

Ratchaburi

YTL Power

Company Update

Tenaga

KEPCO

EGCO

KEPCO

EGCO

EGCO

23/06/09

Foreign Shareholdings At Multi Year Low Low foreign shareholdings translates into upside risk to share price as stock market continue to be re-rated upward, in our view. As at the end of May 2009, foreign shareholdings were 10.9%, the lowest since February 2006. In comparison, foreign shareholdings peaked at 28% in Sept. 2007. Figure 18: Foreign shareholdings trend
30.0 25.0 20.0 15.0 10.0 5.0 0.0

%

Aug 04

Aug 05

Aug 06

June 07

Apr 07

Nov 07

Nov 08

May 08

Sept 07

Sept 08

Source: Tenaga, TA Securities

Risk Factors Key risk factors to our view are: 1. A sharp increase in crude oil price. In the past one year, data suggest 89% correlation between coal and crude oil price. In the event government refuse tariff hike to impute higher cost, Tenaga’s earnings would be adversely affected. 2. A sharp turnaround in economic outlook to the worst, which would adversely affect electricity demand. We believe economy outlook has improved considerably in the past three months, as reflected in sectors (property and construction) and KLCI (1,200 from 1,040 previously) target upgrades. Significant depreciation in RM value against US$ and Yen, which could result in higher interest expense and coal cost.

3.

Tenaga Nasional Berhad

[8]

Company Update

May 09

Jan 08

Jan 09

Mar 08

Mar 09

July 08

23/06/09

Appendix 1: DCF Valuation
YE Aug 31 EBIT Retirement benefits adjustment Deferred income adjustment Adjusted EBIT After tax EBIT Depreciation Capex Working capital FCF Firm Discounted cash flow Total PV FY10/16 Terminal growth rate Terminal value NPV of terminal value Total NPV Net debt Equity value Enlarged share capital Equity value/share WACC: Cost of equity Cost of debt
Source: TA Securities

2010E 4,744 695 100 5,539 4,431 3,571 (4,000) (8) 3,995 3,646 20,204 2.0% 61,923 32,618 52,822 (13,071) 39,751 4,352 9.13 9.6% 8.0% 1.6%

2011F 4,943 706 100 5,749 4,599 3,612 (4,500) (20) 3,691 3,073

2012F 5,100 736 100 5,936 4,749 3,666 (4,500) (20) 3,894 2,959

2013F 5,195 766 100 6,061 4,849 3,716 (4,500) (21) 4,043 2,803

2014F 5,332 797 100 6,230 4,984 3,763 (4,500) (22) 4,225 2,673

2015F 5,540 830 100 6,470 5,176 3,807 (4,500) (23) 4,461 2,575

2016F 5,755 864 100 6,719 5,375 3,849 (4,500) (24) 4,700 2,476

Share Price chart

Earnings Summary (RMmn)
YE Aug 31 Revenue EBITDA EBITDA margin (%) Pretax profit Net profit Core net profit EPS (sen) Core EPS (sen) Core EPS growth (%) PER (x) GDPS (sen) Div yield (%) Core ROE (%) 2007 23,320.4 8,148.7 34.9 4,765.9 4,061.1 3,575.3 94.9 82.3 95.3 8.9 36.3 4.9 6.2 2008 25,750.6 6,775.9 26.3 3,025.2 2,594.0 2,559.9 59.9 59.1 (28.3) 12.4 20.0 2.7 7.3 2009E 29,328.3 7,547.5 25.7 3,105.5 2,491.1 2,491.1 57.4 57.3 (3.0) 12.8 28.0 3.8 6.3 2010F 29,783.0 7,809.1 26.2 3,440.8 2,745.5 2,745.5 63.1 63.1 10.1 11.6 25.0 3.4 5.8 2011F 31,000.7 8,028.0 25.9 3,714.8 2,964.2 2,964.2 68.0 68.0 7.7 10.8 22.0 3.0 5.4

Source : Bloomberg

Tenaga Nasional Berhad

[9]

Company Update

23/06/09

EARNINGS MODEL SUMMARY Profit & Loss (RMm) YE Aug 31 Revenue EBITDA Depreciation Net finance cost Associates PBT Taxation Minority interest Net profit Core net profit Reported EPS (basic) (sen) Core EPS (diluted) (sen) PER (x) PER (diluted) (x) GDPS (sen) Div Yield (%) EV/EBITDA (x) Balance Sheet (RMm) YE Aug 31 Fixed assets Other assets Current assets Cash Other current assets Current liabilities ST debt Other liabilities Net assets Financed by: Shareholders' funds Other liabilities Borrowings Net assets Cash Flow (RMm) YE Aug 31 PBT Adjustments Depreciation Changes in working capital Operational cash flow Capex Interest received Others Investment cash flow Share issuance Others Dividend Net Change in debt Financial cash flow Net cash flow Opening cash Closing cash
Tenaga Nasional Berhad

2006 20,384 6,620 (3,320) (1,405) 42 2,752 (590) (35) 2,127 1,802 52.5 42.2 14.0 17.4 12.0 1.6 8.1

2007 23,320 8,149 (3,200) (1,103) 43 4,766 (698) (7) 4,061 3,575 94.9 82.3 7.7 8.9 36.3 4.9 6.2

2008 25,751 6,776 (3,529) (905) 45 3,025 (425) (6) 2,594 2,560 59.9 59.1 12.3 12.4 20.0 2.7 7.3

2009E 29,328 7,548 (3,560) (928) 46 3,105 (621) 7 2,491 2,491 57.4 57.3 12.8 12.8 28.0 3.8 6.3

2010F 29,783 7,809 (3,571) (844) 47 3,441 (688) (7) 2,745 2,745 63.1 63.1 11.6 11.6 25.0 3.4 5.8

2011F 31,001 8,028 (3,612) (749) 48 3,715 (743) (8) 2,964 2,964 68.0 68.0 10.8 10.8 22.0 3.0 5.4

2006 55,201 519 9,372 3,950 5,423 6,665 2,535 4,131 58,427

2007 56,405 1,124 10,196 5,299 4,896 6,769 2,016 4,754 60,955

2008 57,475 1,205 11,162 5,384 5,778 6,662 1,058 5,604 63,180

2009E 57,415 1,250 12,415 5,924 6,491 8,491 2,167 6,324 62,590

2010F 57,844 1,297 13,759 7,169 6,590 8,420 2,004 6,416 64,480

2011F 58,732 1,345 15,181 8,325 6,856 8,508 1,847 6,661 66,749

19,425 14,421 24,581 58,427

23,999 14,993 21,964 60,955

25,657 15,841 21,682 63,180

27,017 16,498 19,074 62,590

29,062 17,182 18,237 64,480

31,459 17,897 17,393 66,749

2006 2,752 1,176 3,320 385 7,633 (3,982) 135 138 (3,709) 838 (1,631) (279) (1,747) (2,819) 1,100 2,849 3,950

2007 4,766 656 3,200 1,243 9,865 (5,064) 202 0 (4,778) 1,526 (1,484) (1,092) (2,680) (3,730) 1,350 3,950 5,299
[ 10 ]

2008 3,025 839 3,529 (51) 7,341 (4,607) 297 274 (4,037) 20 (1,225) (843) (1,152) (3,200) 84 5,299 5,384

2009E 3,105 926 3,560 8 7,599 (3,500) 198 0 (3,302) 85 (1,126) (1,216) (1,500) (3,757) 540 5,384 5,924

2010F 3,441 785 3,571 (8) 7,790 (4,000) 229 0 (3,771) 85 (1,073) (786) (1,000) (2,773) 1,245 5,924 7,169

2011F 3,715 665 3,612 (20) 7,972 (4,500) 271 (0) (4,229) 95 (1,020) (663) (1,000) (2,587) 1,156 7,169 8,325
Company Update

23/06/09

RATIOS YE Aug 31 ROE ROA EBITDA Margins PBT Margins ‐ core Liquidity ratios Current ratio Quick ratio Net current assets Leverage ratios Total liabilities / equity Net debt / Equity Int. Coverage Ratio Growth ratios (%) Sales Pretax Net earnings Total assets

2006 10.1 2.8 32.5 11.9 (x) (x) (RM) (x) (x) (x) 1.4 1.1 2,707 2.4 1.2 4.3 7.4 44.7 58.3 2.5

2007 16.5 5.4 34.9 18.4 1.5 1.2 3,426 1.8 0.8 6.2 14.4 76.4 98.4 4.0

2008 10.3 3.7 26.3 11.6 1.7 1.3 4,500 1.7 0.7 6.2 10.4 (30.1) (28.4) 3.1

2009E 9.5 3.5 25.7 10.6 1.5 1.2 3,924 1.6 0.6 6.7 13.9 3.8 (2.7) 1.8

2010F 9.8 3.8 26.2 11.6 1.6 1.3 5,339 1.5 0.4 7.3 1.6 10.8 10.2 2.6

2011F 9.8 4.0 25.9 12.0 1.8 1.5 6,672 1.4 0.3 7.9 4.1 8.0 8.0 3.2

Disclaimer
The information in this report has been obtained from sources believed to be reliable. Its accuracy or completeness is not guaranteed and opinions are subject to change without notice. This report is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect loss arising from the use of this document. We, our associates, directors, employees may have an interest in the securities and/or companies mentioned herein. for TA SECURITIES HOLDINGS BERHAD(14948-M) (A Participating Organisation of Bursa Malaysia Securities Berhad) Yaw Chun Soon, Executive Director – Operations
Tenaga Nasional Berhad [ 11 ] Company Update


				
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