KUALA LUMPUR: AmResearch is maintaining its Buy call on Tenaga Nasional with an unchanged discounted-cashflow derived fair value of RM15 a share, which implies an FY15F price-to-earnings (PE) of 14 times and a price-to-book value (P/BV) of 2.2 times.
It said on Wednesday Tenaga signed an MoU with IMDB’s unit Powertek Bhd and Bangladesh Power Development Bhd (BPDB) to build a 1,320MW coal-fired power plant at Maheshkali, Cox’s Bazzar, Bangladesh on a build-own-operate basis.
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