AmInvestment Bank raised its target price on state power firm Tenaga Nasional Bhd to 8.15 ringgit per share from 7.95 on expectations of stronger earnings for the next two years.
AmInvestment kept its 'buy' call on Tenaga due to expected lower capacity costs from winning a tender to build a 3 billion ringgit power plant in the northern Malaysian state of Penang.
Tenaga shares were flat at 7.00 ringgit, outperforming the broader market that fell 0.32 percent.
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(Reporting by Niluksi Koswanage in Kuala Lumpur; niki.koswanage@thomsonreuters.com; Editing by Prateek Chatterjee)
((niki.koswanage@thomsonreuters.com)(+603 2333 8035)(Reuters Messaging: niki.koswanage.thomsonreuters.com@thomsonreuters.net))
Keywords: MARKETS STOCKNEWS MALAYSIA/TENAGA