Credit Suisse buy at tenaga
0701 GMT [Dow Jones] STOCK CALL: Credit Suisse maintains Tenaga Nasional (5347.KU) at Outperform with MYR9.40 target price; Notes electricity demand growth fallen by 3.2% on-year in first 11 months of FY09, says sales have bottomed out, currently on upward trend. Tips Tenaga to report net profit of MYR800 million-MYR900 million after taking into account estimated FX loss of MYR1.2 billion in FY09. "The USD has since weakened, and if this trend continues, we should expect to see a forex gain in 1Q FY10." Adds, Tenaga locked in coal price of US$94/ton in 9M FY09; "coal prices have remained subdued over the past few months, which bode well for Tenaga." Shares last down 0.1% at MYR8.22. (PVA)