Tenaga Nasional (TNB) reported a headline net profit of RM1.2bn in 4QFY20. Excluding forex gain of RM220m and allowance for doubtful debt of RM104m, its core net profit for the quarter was at RM1.1bn. This brings its FY20 core net profit to RM4bn, which came in within our but below consensus expectations at 97% and 92% of full year estimates respectively. Profit after tax in 4Q was higher QoQ mainly due to tax credit on the reinvestment allowance incentive claim. Nevertheless, core earnings for full year FY20 declined 14% YoY mainly due to lower revenue as the Commercial and Industrial segments were affected by the Covid-19 outbreak and higher finance cost due to newly commissioned plant, Jimah East Power. No changes to our forecast for now. TNB proposed a final dividend of 18 sen and a special dividend of 40 sen during the quarter, bringing the full year dividend to 80 sen per share. Maintain Outperform.
Source: PublicInvest Research - 1 Mar 2021
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2021-03-12 16:02