KUALA LUMPUR (Oct 28): CIMB Investment Bank Bhd said Tenaga Nasional Bhd's latest annual core net profit surpassed CIMB's and Bloomberg consensus forecast by 3% and 7% respectively. In a note today, CIMB analyst Saw Xiao Jun said state-controlled utility Tenaga's core net profit had excluded foreign exchange translation losses. Today, Saw said: "FY8/16 core net profit beats our expectation by 3% and Bloomberg consensus by 7%, due mainly to lower-than-expected tax expenses." "Tenaga's FY16 core net profit was 13% higher yoy, at RM7.7 billion. Saw said CIMB had maintained its target price (TP) of RM17 for Tenaga shares with an unchanged "add" call.

Source: The Edge Markets October 28, 2016 03:33 UTC