TNB_110908_Share-price-below-book-value by suchenfz

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									PP13693/04/2012(029019)



Company Update                                                                                                                               8 September 2011
Tenaga Nasional                                                                                                                                                                           Buy
POWER                                                                                     Bloomberg Ticker: TNB MK | Bursa Code: 5347
                                                                                                 12-month upside potential
Already trading below book value                                                                 Target price                                                                                      6.37
                                                                                                 Current price (as at 7 September)                                                                 5.12
                                                                                                 Capital upside (%)                                                                                24.4
TNB’s hopes to get back gas supply from the key Bekok field is delayed again by                  Net dividends (%)                                                                                  1.0
another 1 month, and this time, it might not get back the full 150-200mmscfd as it has           Total return (%)                                                                                  25.4
to share with the industrial sector. However, there is a chance that gas sales to
Singapore might be re-routed to Malaysia, which is positive. We cut our estimates and
target price to reflect on the delay in recovering Bekok’s gas but maintain our BUY call.        Key stock statistics
                                                                                                 Market cap (RM m)                                                                        27,938
                                                                                                 Issued shares (m)                                                                         5,457
Delay in Bekok gas and potentially sharing it with the industrial sector                         Free float (%)                                                                               40
     Gas production in Petronas Bekok C gas platform was originally supposed to be back
     online by mid-June 2011, but TNB guided in its 3QFY11 analyst briefing that it will         Share price performance
     only be ready by end-August 2011. Now, it has been pushed back by around 1                  52-week range (RM)        5.10 – 7.39
     month to “some time in September”.                                                          3-mth avg volume (‘000)        6,573
     A negative surprise is that the consensus view that the power sector will be getting        3-mth avg turnover (RM m)          41
     back the full 150-200 mmscfd from this Bekok C field is wrong, as we understand
     that this will be shared equally among the industrial sector as well as the power                          1M                                                 3M                           6M
     sector, i.e. 75 mmscfd each.                                                                Absolute (%) -10.2                                              -23.4                        -17.4
                                                                                                 Relative (%)  -9.7                                              -19.1                        -15.7
Gas to be re-routed from Singapore to Malaysia?
     We gather that TNB is suggesting to Petronas to re-route 150 mmscfd of gas sales
     to Singapore, and instead be used locally for the power sector.                             Share price chart
     This is a long shot as it will mean Petronas giving up the sale of gas at a higher price.       RM                                                                                                 %
                                                                                                   7.5                                                                                                   15
     However, if it materialises, any gas shortages from the Bekok field and any                                                                                                                         5
     unplanned plant maintenance will be offset by this new gas supply.                            6.5                                                                                                   -5
                                                                                                                                                                                                         -15
                                                                                                   5.5
                                                                                                                                                                                                         -25
4QFY11 might be in the red again                                                                   4.5                                                                                                   -35
                                                                                                                  Oct-10
                                                                                                                           Nov-10




                                                                                                                                                      Mar-11
                                                                                                                                                               Apr-11
                                                                                                                                                               May-11



                                                                                                                                                                                          Aug-11
                                                                                                         Sep-10



                                                                                                                           Dec-10
                                                                                                                                    Jan-11
                                                                                                                                             Feb-11




                                                                                                                                                                        Jun-11
                                                                                                                                                                                 Jul-11


                                                                                                                                                                                                   Sep-11
     4QFY11 will see a 1-month time lag, in terms of recognising higher gas cost (from
     RM10.70/mmbtu to RM13.70/mmbtu) effective from 1 June 2011, while TNB gets
                                                                                                                  Sha re pri ce (l hs )                           Rel a ti ve perf (rhs )
     to bill their customers only at the end of the month.
                                                                                                  Source: Bl oomberg
     Also, negatively, TNB comments that typically, the company might book in higher
     opex in the last quarter of the financial year, due to higher Repair & Maintenance
     (R&M) cost, and other year-end adjustment cost when they close their accounts.
                                                                                                 Major shareholders                                                                                         %
Re-rating catalysts                                                                              Khazanah Nasional Bhd                                                                             35.6
     Swift recovery in gas supply from Bekok C field.                                            Employees Provident Fund                                                                          14.6
     Successful pass-through of higher coal costs in the next tariff review in Dec 2011.         Skim Amanah Saham Bumiputera                                                                       9.9
     Favourable outcome from power purchase agreements re-negotiation with the
     independent power producers (IPP) leading to lower future capacity payments (CP).
                                                                                                 Analyst
Key risks                                                                                        Foong Wai Mun
     Longer-than-expected gas curtailment from Petronas.                                         wmfoong@ecmlibra.com
                                                                                                 +603 2089 2981
Valuation
     Maintain BUY on TNB with a target price of RM6.37, based on unchanged P/E
     multiple of 15x on FY12 EPS.
     We note that at current share price of RM5.12, TNB is already trading below its
     latest book value of RM5.32 at 0.96x P/B, which is already approaching trough
     valuations as it is 2 standard deviations below its 5-year average P/B of 1.3x.
     We are cutting our FY11 estimates by 28%, to factor in a 1-month delay in the
     recovery of gas supply from the crucial Bekok C field. Any further delay will mean
     downside risks to our estimates.
SNAPSHOT OF FINANCIAL AND VALUATION METRICS

Figure 1 : Key financial data

FYE 31 Oct                                    FY09         FY10            FY11F      FY12F                FY13F

Revenue (RM m)                        28,785.6         30,320.1         31,012.1   34,998.9              38,570.3
EBITDA (RM m)                          7,266.7          8,132.9          5,453.5    7,736.6               8,435.5
EBIT (RM m)                            3,705.2          4,182.7          1,475.2    3,691.1               4,327.3
Pretax profit (RM)                     1,543.1          4,022.1            894.5    3,093.2               3,742.0
Reported net profit (RM m)               917.9          3,201.9            665.8    2,314.9               2,801.5
Adj net profit (RM m)                  2,163.4          2,545.9            665.8    2,314.9               2,801.5
EPS (sen)                                 47.6             16.8             12.2       42.5                  51.4
Adj EPS (sen)                             39.7             46.7             12.2       42.5                  51.4
ECM / Consensus (%)                                                         54.3       83.0                  90.6
EPS growth (%)                                -15.5             17.7       -73.8      247.7                  21.0
P/E (x)                                        12.9             11.0        41.9       12.1                  10.0
EV/EBITDA (x)                                   6.1              5.0         7.7        5.4                   4.9
ROE (%)                                         8.4              9.3         2.3        7.8                   9.0
Net DPS (sen)                                  13.3             19.5         5.1       17.7                  21.5
Dividend yield (%)                              2.6              3.8         1.0        3.5                   4.2
BVPS (RM)                                      4.77             5.28        5.35       5.58                  5.87
P/BV (x)                                        1.1              1.0         1.0        0.9                   0.9

Source: ECM Libra



Figure 2 : Forward P/E trend                                                         Figure 3 : Forward P/B trend

                                P/E   Average P/E                                                                          P/BV   Average P/BV

   P/E (x)                                                                                 P/BV (x)

  60                                                                                       1.80

  50

  40

  30                                                                                       1.30

  20

  10

   0                                                                                       0.80
       2007




                    2008




                                       2009




                                                         2010




                                                                                                  2007




                                                                                                                    2008




                                                                                                                                   2009




                                                                                                                                                        2010




Source: ECM Libra, Bloomberg                                                         Source: ECM Libra, Bloomberg



Figure 4 : Sector comparison

                                              Target    Share                                                            Net Dividend
                                               price     price         Mkt Cap EPS Growth (%) P/E (x)  P/BV (x)  ROE (%)   Yield (%)
Company                    Call                (RM)      (RM)          (RM m)     CY11 CY12 CY11 CY12 CY11 CY12 CY11 CY12 CY11 CY12

Tenaga Nasional            Buy                 6.37      5.12          27,938.1    -36.7          99.8     23.0     11.5    0.9           0.9     4.1    8.0   1.8   3.6
YTL Power                  Hold                1.97      1.93          14,054.3      0.5           1.4     13.5     13.3    1.6           1.5    16.0   15.4   4.9   4.9

Average                                                                            -18.1          50.6     18.3     12.4    1.3           1.2    10.1   11.7   3.4   4.3

Source: ECM Libra, Bloomberg                                                                                                          Share price date: 7 September 2011




Tenaga Nasional | Already trading below book value | 8 September 2011                                                                                                      2
GAS SHORTAGE CONTINUES TO HAUNT TNB
Negative surprise – Sharing of Bekok’s gas with the industrial sector

Recall that gas production in Petronas Bekok C gas platform was disrupted after a fire incident         Bekok gas delayed by another 1
back in December 2010. Originally, Bekok was supposed to be back online by mid-June 2011, but           month
TNB guided in its 3QFY11 analyst briefing that it will only be ready by end-August 2011. Now, it
has been pushed back by around 1 month to “some time in September”. We think that getting
back gas supply from this field is crucial as it has now been disrupted for 9 months, since
December last year.

Another negative surprise is that the consensus view that the power sector will be getting back         TNB won’t be getting all the gas
the full 150-200 mmscfd from this Bekok C field is wrong, as we understand that this will be            from Bekok
shared equally among the industrial sector as well as the power sector, i.e. 75 mmscfd each. This
could likely mean that even if the field is up and running again, TNB will have to share the gas
supply with the industrial sector. It does not help that the industrial sector is competing with TNB
for the already limited gas supply.

More unplanned maintenance of Petronas’s gas plants

Disappointingly, we understand that there were again some unscheduled maintenance by                    Unscheduled maintenance is
Petronas to its gas fields in June and July, although we are unsure this happened for how many          difficult to forecast
days. We think this is kind of a black swan event that we are unable to forecast. This is on top of
the scheduled maintenance work by Petronas. Notice that some of the shutdown periods were
intentionally-timed with periods of low power demand.



Figure 5 : Scheduled/Planned maintenance work by Petronas

                                                        No. of    Daily gas   Usual gas
                          Shutdown                        days    available    available    Shortfall
Where                     period                     shutdown    (mmscfd)     (mmscfd)     (mmscfd)

Malaysia-Thailand Joint   21-30 June 2011                   10         900        1,150          250
Development Area (JDA)
Lawit Complex             29 Aug-6 Sept 2011                 9         900        1,150          250

PM3/Bunga Raya plant      1-14 Oct 2011                     14         900        1,150          250

Guntong E Complex         29 Dec 2011 – 4 Jan 2012           7         900        1,150          250

Total                                                       40

Source: ECM Libra



Average of 950 mmscfd gas supply in June and July

As a result, TNB only received about 950 mmscfd of gas supply on average, in June and July, well
below the 1,250 mmscfd committed to the power sector and the 1,150 mmscfd that is usually
available, under normal circumstances. June’s gas supply improved a bit m-o-m from May, while
July’s gas supply is slightly better m-o-m compared to June. Figures were not available for August
yet. Gas supply even dropped to as low as <600 mmscfd for a period of 1 or 2 days.




Tenaga Nasional | Already trading below book value | 8 September 2011                                                            3
Gas to be re-routed from Singapore to Malaysia?

We gather that TNB is suggesting to Petronas to re-route 150 mmscfd of gas sales to Singapore,
and instead be used locally for the power sector. We believe this is a long shot as it will mean
Petronas giving up the sale of gas at a higher price. However, if it materialises, this will mean that
any gas shortages from the Bekok C field and further unplanned plant maintenance will be offset
by this new gas supply to the power sector.

Sensitivity analysis

TNB estimates that for every 100 mmscfd of gas shortages that is met by burning oil/distillates          About -RM7m/day impact for
(which is 6x more expensive), negative impact to bottomline is about -RM7m/day to -                      every 100 mmscfd of gas
RM7.5m/day. TNB’s CEO Datuk Seri Che Khalib was also quoted in the press that it is incurring an         shortages
additional RM400m/month in fuel costs to replace the shortfall in gas.



4QFY11 EARNINGS PREVIEW
4QFY11 might be in the red again

4QFY11 will see a 1-month time lag, in terms of recognising higher gas cost (from                        Last quarter of the year typically
RM10.70/mmbtu to RM13.70/mmbtu) starting from 1 June 2011, while TNB gets to bill their                  sees TNB booking in higher R&M
customers only at the end of the month. Also, negatively, TNB comments that typically, the               expense as well as other year-
company might book in higher opex in the last quarter of the financial year, due to higher Repair        end adjustment cost
& Maintenance (R&M) cost, and other year-end adjustment cost. We understand that TNB was
possibly in the red in the months of June and July. Although August’s gas supply is slightly better
than June and July, the higher year-end costs typically booked during the month might impact
profitability.

Change in product mix

TNB is maintaining its guidance of 3.0% demand growth for FY11, although there could be                  Lower industrial demand and
downside risks to that, given the low demand expected in the Ramadan and Raya festive season             steady commercial demand lead
in August. It is also important to understand where this weaker demand is coming from. Most of           to higher margins for TNB
the weakness is coming from the industrial sector (43% of total demand), whose tariffs of 28.56
sen/kWh is lower than TNB’s average tariffs of 33.54 sen/kWh, while the other important pillar
driving power demand, i.e. commercial sector (34% of total demand) enjoys average tariffs of
37.85 sen/kWh, which is higher than TNB’s average of 33.54 sen/kWh. Although this means that
it can possibly earn higher margins from every kWh of electricity being generated, the overall
impact might be negative if demand from the commercial sector is not strong enough to pick up
the slack from the industrial sector.

Waiting for catalyst to come from any good news from MyPower

We understand that the government is trying to restructure the power sector through a newly
set-up special-purpose vehicle called MyPower Corporation. MyPower acts as a program
coordinator in engaging all stakeholders to find a win-win solution, with the aim of improving the
regulatory structure relating to the power sector. We understand that it will be presenting a
                              st
proposed new PPA term for 1 -gen IPP to cabinet soon. Any sort of conclusion reached to reduce
the IPP payments would be positive for TNB.

Ongoing discussions with the government

Regarding the sharing of the additional RM1.3bn fuel costs incurred in 3QFY11 with Petronas and
the IPPs as well as the potential tariff review in December 2011, TNB is still undergoing
discussions with the government.




Tenaga Nasional | Already trading below book value | 8 September 2011                                                              4
A LEVERAGED PLAY ON RECOVERY IN GAS SUPPLY
Do not underestimate the power of leverage on normalization of gas supply

On a longer-term, we think that TNB is a leveraged play on the potential recovery in gas supply,       TNB is a longer-term gas
provided that there is no further delay in getting back Bekok’s gas online and no more black swan      normalization leverage play
events such as unscheduled plant maintenance by Petronas’s gas plants. We view these events
impacting gas supply to TNB being just temporary events. A potential normalization in gas supply
come September will significantly boost its margins, given that it does not have to generate
electricity using fuel that is 6 times more expensive. A normalization in gas supply from Petronas
will help TNB save on RM1.3bn cost in FY12 from the higher oil and distillate cost, enabling TNB
to exhibit a V-shaped earnings recovery in FY12.

For FY12, TNB will also benefit from ~RM600m increase in revenues (from +2.0% base tariff hike         Do not forget the contribution
effective June 2011) which will flow down to bottomline directly. FY12 revenues will also get a lift   from the recent tariff hike in
of ~RM120m from the recent 14.7% tariff hike for SESB, which will too flow straight down to the        June
bottomline.


Cutting estimates but maintain BUY

We are cutting our FY11 estimates by 28%, to factor in a 1-month delay in the recovery of gas
supply from the crucial Bekok C field. Any further delay will mean downside risks to our               Stock is already trading below its
estimates. However, we maintain BUY on TNB, but with a lower target price of RM6.37, based on          book value, reaching trough
unchanged P/E multiple of 15x on FY12 EPS. We note that at current share price of RM5.12, TNB          valuations in P/B terms
is already trading below its latest book value of RM5.32. In P/B terms, it is already approaching
trough valuations as its current FY11 P/B of 0.96x is at 2 standard deviations below its 5-year
average P/B of 1.3x.



Figure 6 : Earnings revision

                               Previous EPS   Revised EPS     Change
                                   Sen            Sen           %

2011F                             17.0           12.2         -28.2
2012F                             50.7           42.5         -16.3
2013F                             51.6           51.4          -0.4

Source: ECM Libra




Tenaga Nasional | Already trading below book value | 8 September 2011                                                            5
DETAILED FINANCIAL DATA
TENAGA NASIONAL BHD                                                       FINANCIAL SUMMARY                                              Price Date: 07 September 2011
Balance Sheet                                                                                Income Statement
FY 31 Aug (RM m)                   2009A       2010A       2011F       2012F       2013F     FY 31 Aug (RM m)                  2009A        2010A       2011F       2012F       2013F

PPE                              58,227.4    58,031.8    59,053.5    60,008.1    60,900.0    Revenue                         28,785.6     30,320.1    31,012.1    34,998.9    38,570.3
Other long-term assets            1,176.8     1,253.8     1,253.8     1,253.8     1,253.8    EBITDA                           7,266.7      8,132.9     5,453.5     7,736.6     8,435.5
Inventories                       1,955.7     2,450.4     2,537.8     2,707.0     2,992.2    Depreciation & amortisation     (3,561.5)    (3,950.2)   (3,978.3)   (4,045.4)   (4,108.2)
Receivables                       3,774.1     3,881.4     4,110.5     4,457.2     4,767.7    Exceptional items               (1,245.5)       656.0         -           -           -
Other current assets                 65.1       120.0       120.0       120.0       120.0    Net interest expense              (949.7)      (861.2)     (625.3)     (642.5)     (630.0)
Deposit, bank and cash            6,163.9     8,343.7     7,442.6     7,525.2     8,040.6    Share of associates                 33.1         44.6        44.6        44.6        44.6
Total Assets                     71,363.0    74,081.1    74,518.3    76,071.2    78,074.3    Pretax profit                    1,543.1      4,022.1       894.5     3,093.2     3,742.0
                                                                                             Taxation                          (690.1)      (824.8)     (223.6)     (773.3)     (935.5)
LT borrowings                    21,458.1    18,100.9    18,100.9    18,100.9    18,100.9    Minority interest                   64.9          4.6        (5.0)       (5.0)       (5.0)
ST borrowings                     1,157.9     3,162.7     3,162.7     3,162.7     3,162.7    Net profit                         917.9      3,201.9       665.8     2,314.9     2,801.5
Payables                          5,604.0     5,596.9     5,659.2     5,921.3     6,363.2    Adj net profit                   2,163.4      2,545.9       665.8     2,314.9     2,801.5
Other liabilities                17,096.7    18,406.1    18,406.1    18,406.1    18,406.1
Liabilities                      45,316.7    45,266.6    45,328.9    45,591.0    46,032.9    Key Statistics & Ratios
                                                                                             FY 31 Aug (RM m)                  2009A        2010A       2011F       2012F       2013F
Share capital                     4,337.0     4,352.7     4,352.7     4,352.7     4,352.7
Reserves                         21,669.1    24,426.2    24,796.1    26,081.9    27,638.1    Growth
Shareholders' equity             26,006.1    28,778.9    29,148.8    30,434.6    31,990.8    Revenue                            14.2%        5.3%         2.3%      12.9%        10.2%
Minority interest                    40.2        35.6        40.6        45.6        50.6    EBITDA                             -1.8%       11.9%       -32.9%      41.9%         9.0%
Total Equity                     26,046.3    28,814.5    29,189.4    30,480.2    32,041.4    Pretax profit                     -49.0%      160.7%       -77.8%     245.8%        21.0%
                                                                                             Net profit                        -15.5%       17.7%       -73.8%     247.7%        21.0%
Total Equity and Liabilities     71,363.0    74,081.1    74,518.3    76,071.2    78,074.3    Adj EPS                           -15.5%       17.7%       -73.8%     247.7%        21.0%

                                                                                             Profitability
                                                                                             EBITDA margin                      25.2%        26.8%       17.6%       22.1%       21.9%
Cash Flow Statement                                                                          Net profit margin                   7.5%         8.4%        2.1%        6.6%        7.3%
FY 31 Aug (RM m)                   2009A       2010A       2011F       2012F       2013F     Effective tax rate                 44.7%        20.5%       25.0%       25.0%       25.0%
                                                                                             Return on assets                    3.1%         3.5%        0.9%        3.1%        3.6%
Pretax profit                     1,543.1     4,022.1       894.5     3,093.2     3,742.0    Return on equity                    8.4%         9.3%        2.3%        7.8%        9.0%
Depreciation & amortisation       3,561.5     3,950.2     3,978.3     4,045.4     4,108.2
Change in working capital           369.3      (609.1)     (254.2)     (253.7)     (153.9)   Leverage
Share of results of associates      (33.1)      (44.6)      (44.6)      (44.6)      (44.6)   Total debt / total assets (x)        0.3          0.3         0.3         0.3         0.3
Tax paid                           (250.4)     (578.7)     (223.6)     (773.3)     (935.5)   Total debt / equity (x)              0.9          0.7         0.7         0.7         0.7
Others                            2,218.9     1,234.9       744.7       946.9       989.0    Net debt / equity (x)                0.6          0.4         0.5         0.5         0.4
Operating Cash Flow               7,409.3     7,974.8     5,095.0     7,013.9     7,705.2
                                                                                             Key Drivers
Capex                            (4,128.4)   (3,708.1)   (5,000.0)   (5,000.0)   (5,000.0)   FY 31 Aug (RM m)                  2009A        2010A       2011F       2012F       2013F
Others                              296.1       164.4       331.5       314.3       326.9
Investing Cash Flow              (3,832.3)   (3,543.7)   (4,668.5)   (4,685.7)   (4,673.1)   Sales of electricity (GWh)       82,276       89,534      91,474      93,726      96,035
                                                                                             Tariff (sen/KWh)                   31.3         31.3        31.4        34.7        37.6
Issuance of shares                   15.2        98.4           -           -           -    Average coal price (USD/MT)         90.2         88.2       110.0       110.0       110.0
Changes in borrowings            (1,204.5)     (703.4)          -           -           -    Average gas price (RM/mmbtu)       12.5         10.7        11.5        16.7        22.7
Dividend paid                      (476.8)     (620.8)     (370.7)   (1,288.8)   (1,559.7)   Average USDMYR exchange rate       3.56         3.32        3.10        3.10        3.10
Others                           (1,128.0)   (1,023.3)     (956.9)     (956.9)     (956.9)
Financing Cash Flow              (2,794.1)   (2,249.1)   (1,327.6)   (2,245.7)   (2,516.6)   Valuation
                                                                                             FY 31 Aug (RM m)                  2009A        2010A       2011F       2012F       2013F
Net cash flow                       782.9     2,182.0      (901.1)       82.6       515.5
Forex                                (2.9)       (2.2)          -           -           -    Adj EPS (Sen)                       39.7         46.7        12.2        42.5        51.4
Beginning cash                    5,383.9     6,163.9     8,343.7     7,442.6     7,525.2    P/E (x)                             12.9         11.0        41.9        12.1        10.0
Ending cash                       6,163.9     8,343.7     7,442.6     7,525.2     8,040.6    EV/EBITDA (x)                        6.1          5.0         7.7         5.4         4.9

                                                                                             Net DPS (sen)                       13.3         19.5         5.1        17.7        21.5
                                                                                             Net dividend yield                  2.6%         3.8%        1.0%        3.5%        4.2%

                                                                                             BV per share (RM)                   4.77         5.28        5.35        5.58        5.87
                                                                                             P/BV(x)                              1.1          1.0         1.0         0.9         0.9




Tenaga Nasional | Already trading below book value | 8 September 2011                                                                                                                6
DISCLOSURE & DISCLAIMER
Stock rating definitions

Strong buy     -   High conviction buy with expected 12-month total return (including dividends) of 30% or more
Buy            -   Expected 12-month total return of 15% or more
Hold           -   Expected 12-month total return between -15% and 15%
Sell           -   Expected 12-month total return of -15% or less
Trading buy    -   Expected 6-month total return of 15% or more arising from positive newsflow. However, upside may not be
                   sustainable.

Sector rating definitions

Overweight     - Industry expected to outperform the market over the next 12 months
Neutral        - Industry expected to perform in-line with the market over the next 12 months
Underweight    - Industry expected to underperform the market over the next 12 months

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appropriateness of investing in any securities or the investment strategies discussed or recommended in this report.

Under no circumstances should this report be considered as an offer to sell or a solicitation of an offer to buy any securities
referred to herein. This company and its related companies, their associates, directors, connected parties and/or employees
may, from time to time, own, have positions or be materially interested in any securities mentioned herein or any securities
related thereto, and may further deal with such securities and provide advisory, investment or other services for any company
or entity mentioned in this report. In reviewing this report, investors should be aware that any or all of the foregoing, among
other things, may give rise to real or potential conflict of interests.



Published & printed by:

ECM Libra Capital Sdn Bhd (579116-A)
2nd Floor, West Wing, Bangunan ECM Libra
No. 8 Jalan Damansara Endah
Damansara Heights
50490 Kuala Lumpur
Tel: (603) 2089 1888
Fax: (603) 2096 1868




Tenaga Nasional | Already trading below book value | 8 September 2011                                                          7

								
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