Friday 14 January 2011

A Brief Look at Tenaga National Berhad

Tenaga Nasional Berhad

Business Description:
Tenaga Nasional Berhad (TNB) is engaged in the business of the generation, transmission, distribution and sale of electricity. The Company operates through three divisions:

  1. Generation Division, 
  2. Transmission Division and 
  3. Distribution Division. 
The Company also manages and operates a transmission network-the National Grid. Spanning the peninsular, the grid links TNB power stations and IPPs to the distribution network. The grid is also interconnected to Thailand's transmission system in the North and Singapore's transmission system in the South. TNB is also involved in diversified activities linked to the power industry. Through its subsidiaries, the Company is in the manufacture of transformers, high voltage switchgears and cables; the provision of professional consultancy services; architectural, civil, electrical engineering works and services, repair and maintenance; as well as in research and development; property development, and management services.



YEAR  DPS    EPS
2000     5.8    52.6
2001     5.7    43.5
2002     5.9    27.4
2003     6.9    27.0
2004   10.5    35.2
2005     9.3    28.3
2006   10.6    43.6
2007   26.5    82.5
2008   14.8    59.1
2009   11.0    49.7
2010   26.0    73.74  NTA 6.612

(The DPS, EPS and NTA above were before the 2011 1 for 4 Bonus issue.  To adjust to post bonus issue numbers, multiply each by 4/5.)


Current Price (7/1/2011): 6.54
2010 Sales 30,320,100,000
Employees: 29,149
Market Cap: 35,647,530,650
Shares Outstanding: 5,450,692,760
Closely Held Shares: 2,699,667,906




Announcement
Date
Financial
Yr. End
QtrPeriod EndRevenue
RM '000
Profit/Lost
RM'000
EPSAmended
28-Oct-1031-Aug-10431-Aug-107,869,400389,0008.94-
14-Jul-1031-Aug-10331-May-107,723,3001,109,30025.51-
20-Apr-1031-Aug-10228-Feb-107,389,1001,001,50023.05-
20-Jan-1031-Aug-10130-Nov-097,338,300697,50016.28-


Estimated EPS for 2011 = 2*(8.94 + 25.51)*(4/5) = 68.9*(4/5) = 55.12 sen #
Projected PE for 2011 = 6.54 / 0.5512 = 11.9 x

# adjusted for the 2011  1/4 Bonus

Historical
5 Yr
PE range 12.6 - 18.7
DY range 2.1% - 1.4%

10 Yr
PE range 17.0 - 24.1
DY range 1.6% - 1.1%




Capital Changes
2006  1/4 Bonus
2011  1/4 Bonus

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