KUALA LUMPUR: CIMB Equities Research has raised its target price for Tenaga Nasional from RM10.96 to RM13.24 and continued to rate the power giant an Outperform.
It said on Tuesday its target price was based on 14.2 times FY15 price-to-earnings (P/E), as it rolled forward its valuation target to FY15. The target of 14.2 times earnings remained unchanged, which represented a 10% discount to its target market P/E in line with the historical range.
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