Tenaga Nasional (TNB) reported a headline net profit of RM1bn (-16% YoY, +55% QoQ) for 3QFY20. The electricity demand and sales has improved compared to previous quarter as most of the Industrial (+23%) and Commercial (+26%) sectors were allowed to run at full capacity under the Recovery Movement Control Order (RMCO). Excluding one-off impairment on GMR Energy of RM51.6m, provision of doubtful debt of RM84m, TNB sales discount and contribution for Covid-19 of RM125m and forex gain of RM150m, core net profit for 3QFY20 was at RM1.1bn (-2% YoY). YTD 9MFY20 core net profit was RM3.1bn (-26% YoY), within expectations, accounting for 76% and 70% of fullyear estimates respectively. We maintain our forecasts for now. Our Neutral call on TNB is retained with unchanged TP of RM12.42.
Source: PublicInvest Research - 27 Nov 2020
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2020-12-02 15:00