股市 | 红色星期一 TENAGA (5347)

据说被在KLCI排行老二的Tenaga，因为被内陆税收局追讨逾20亿令吉额外税款拉了下来，成拖累股市的最大"黑手"。

不过仔细一看，很多2-3线股都在经历调整。目前KLCI还是体现了大马股市确实疲弱的一面。

Ps：以下投资行的分析，还是给Tenaga很高的价格，很有Uhm!!

Our TP is maintained at RM14.97 with an Outperform call.

Market Capital (RM): 75.399b
EPS (cent): 108.41 *
P/E Ratio: 12.32
Par Value (RM): 1.000
Number of Share: 5.644b
NTA (RM): 8.365
Dividend (cent): 29.000
Dividend Yield (%): 2.17
Dividend Policy (%): 40 Details

Tenaga Nasional Berhad - Additional Tax Assessment of RM2.1bn

Tenaga Nasional (TNB) has been slapped with notices of additional tax assessment from the Inland Revenue Board amounting to RM985.6m and RM1.1bn for the years of assessment 2013 and 2014 respectively. We understand the Group will be appealing against the said notices and the appeal process has been initiated. The additional assessment could be due to disputes on utilisation of reinvestment allowances and non-taxable income. Management is unable to provide further clarification and information at this juncture as the appeal procedure is ongoing. We continue to like TNB due to its defensive nature, resilient earnings and undemanding valuation which is trading at forward PE of around 11x. Our Outperform call is reaffirmed with an unchanged TP of RM14.97.

FY13 and FY14 taxes. Effective tax rate for FY13 and FY14 were lower than the statutory corporate tax rate at 9.2% and 9.7% respectively, mainly due to utilisation of reinvestment allowances and non-taxable income (Table 1). The additional tax assessment imposed for FY13 and FY14 would bring the effective tax rate for the respective year to 25.8% and 24.9%. (Table 2).
Potential cash depletion. As at 31 August 2015, TNB’s cash holding was at RM8.9bn and sufficient to cover for the additional tax payment should it fail in the appeal. However, the huge amount of RM2.1bn would reduce its cash by approximately 24%.
Potential impact to our valuation. We have assumed lower effective tax rates of 12.1% to 12.6% for FY16 to FY18 given the expected completion of Hulu Terengganu, Ulu Jelai, TNB Prai, Tembat and Manjung 5 power plants. If there were adjustments to be made for whatever reason and by assuming effective tax rate of 25% for FY16 to FY18, our estimated net profit would decline by about 14%. The potential drop in earnings would therefore affect our DCF valuation by about 4%.
Maintaining our estimates. At this juncture, there is no clarity on whether future taxes will be affected. Pending the outcome of the appeal and further management guidance, we are keeping our rate assumptions unchanged for now. Hence, our TP is maintained at RM14.97 with an Outperform call.