Company Update � YTL Power (BUY, maintain)
- 10 sen DPS looks sustainable into FY15-17E
We have a non-consensus view that YTLP�s raised FY14E DPS is sustainable due to rising FCF (8�11 sen/share, incl. associate dividends), and management�s signal to resume a higher payout. Potential PPA
extensions should increase FCF while possible acquisition of NSL Orissa Power
is unlikely to dent the dividend payout. We raise our FY16-17E EPS by 7-9%
and TP by 8% to RM1.84, assuming a 5-year extension to its PPAs.
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