KUALA LUMPUR: Affin Research is maintaining its “Buy” call on Tenaga Nasional Bhd (TNB) with an unchanged target price of RM8.90 due to the utility's improving earnings visibility and the company being the key beneficiary of the Government’s push towards a gradual removal of subsidies.
It said TNB, with its partner Kharafi National, had signed a RM986mil contract with Kuwait’s ministry of electricity and water for the operation and maintenance of the Shuaiba North co-generation plant.
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