TNB Delivers Above Expectation: Analysts
TNB Delivers Above Expectation: Analysts
Tenaga Nasional Berhad (TNB) has delivered robust results for the second quarter of FY24, exceeding both expectations and consensus forecasts. The company's core net profit for 2Q24 reached RM1.493 billion, marking a significant 58% year-on-year increase and a 39% quarter-on-quarter rise. This brings the first half of FY24 core net profit to RM2.564 billion, representing 70% and 65% of the full-year estimates by the company's projections and consensus, respectively. The results were bolstered by better-than-expected performance from its generation segment and reduced system losses.
Tenaga Nasional Berhad（TNB）在24財年第二季度取得了強勁的業績，超出了預期和共識預期。該公司第二季度的核心淨利潤達到14.93令吉，同比大幅增長58％，同比增長39％。這使24財年上半年的核心淨利潤達到25.64令吉，分別佔該公司預測和共識中全年估計值的70％和65％。其發電板塊的表現好於預期，以及系統損耗的減少，爲業績提供了支持。
Analysts have maintained a NEUTRAL and HOLD rating on Tenaga Nasional, with a revised target price of RM14.20, up from RM11.52 and RM13.50 to RM14 respectively. This adjustment follows the positive earnings performance and updates to earnings forecasts, which have been increased by 4% for FY24, FY25, and FY26. The revision of the target price reflects a more favourable outlook but remains cautious due to high expectations already factored into the stock's current price.
分析師對Tenaga Nasional維持中立和持有評級，修訂後的目標價爲14.20令吉，分別從11.52令吉和13.50令吉上調至14令吉。此次調整是在盈利表現良好、盈利預測更新之後進行的，24財年、25財年和26財年的收益預測均增長了4％。目標價格的修訂反映了更爲樂觀的前景，但由於股票當前價格已經考慮了較高的預期，因此仍保持謹慎態度。
The improved financial performance was largely attributed to a 3.5% quarter-on-quarter increase in generation units and a corresponding 3.8% growth in demand. The proportion of coal-generated electricity increased to 57.2% during the quarter, driven by a slight decline in coal prices. However, under-recoveries of generation costs rose to RM2.82 billion from RM2.35 billion in the previous quarter. Regulated revenue showed a surplus of RM739 million due to higher realised tariffs and stronger demand.
財務表現的改善主要歸因於發電機組同比增長3.5％，需求相應增長3.8％。受煤炭價格小幅下跌的推動，本季度煤炭發電的比例增加到57.2％。但是，發電成本回收不足的情況從上一季度的23.5令吉上升至28.2令吉。由於更高的已實現關稅和更強勁的需求，受監管的收入顯示盈餘爲73900萬令吉。
Despite the strong quarterly results, expectations for elevated grid capital expenditure and new generation projects are considered largely priced in. The company's management is scheduled to provide further insights in a briefing on 2 September 2024. Meanwhile, earnings forecasts have been adjusted upwards to account for lower system losses, which are expected to improve from 9% to 8%.
儘管季度業績強勁，但人們認爲對電網資本支出增加和新一代項目的預期在很大程度上是有代價的。該公司的管理層計劃在2024年9月2日的簡報會上提供進一步的見解。同時，對收益預測進行了上調，以考慮到較低的系統損失，預計將從9％提高到8％。
For the first half of FY24, Tenaga's revenue grew by 7.9% year-on-year to RM28.01 billion, driven by higher sales volumes and significant growth in its UK operations. The company also declared an interim dividend of 25 sen, up from 18 sen in the previous year, reflecting a stronger payout ratio.
在24財年上半年，Tenaga的收入同比增長7.9％，達到280.1令吉，這得益於銷售量的增加和英國業務的顯著增長。該公司還宣佈派發25仙的中期股息，高於去年的18仙，這反映了更高的派息率。
譯文內容由第三人軟體翻譯。