KUALA LUMPUR: Affin Research has maintained its Buy call on Tenaga with a target price of 14.70 as valuations remain attractive at 13 times CY15 EPS.
In a note on Friday, the research house said while the fuel-cost-pass-through (FCPT) review may be delayed and negatively impacting Tenaga’s short-term earnings, Affin share Tenaga’s optimism on the eventual implementation and expect the FCPT review, once announced, to re-rate Tenaga’s share price.
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