PETALING JAYA: Affin Hwang Capital Research has maintained its bullish outlook on Tenaga Nasional Bhd (TNB) as it believes concerns over the higher fuel cost and lower weighted average cost of capital (WACC) have been exaggerated.
The research house said TNB’s Imbalance Cost Pass-Through (ICPT) rebate remained intact and thus, the cash flow for the company was still predictable, allowing management to pay almost 50% of its profit as dividend as per its new dividend policy.
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