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Top Calls
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Results Note � Tenaga (BUY, maintain)
- Multiple one-offs impacting the bottom line Tenaga�s (TNB) 9MFY17 results were largely in line with our expectations, despite a 8% YoY drop in net profit to RM5.2bn. While revenue continue to track our forecast, the miss was mainly due to higher finance cost and effective tax rate, which management has indicated are one-offs for the quarter. As such, we are maintaining our BUY call on the stock with an unchanged TP of RM16.50.
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Other Calls
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