【行家论股】国家能源(TENAGA,5347,主板贸服股) 自由现金流有压力
分析:MIDF投资研究
目标价:8.45令吉
最新进展:
首相拿督斯里依斯迈沙比里宣布,政府议决不会调涨大马半岛的水电费。
尽管目前燃料及其他发电成本飚升,然而政府仍作出不调涨电费的决定,这促使政府将继续承担58亿令吉补贴。
目前,电费价格维持在每千瓦时39.45仙。政府是于去年7月起,为家庭用户提供2仙电费回扣,并由电力工业基金 (KWIE)承担。
国家能源 国能 TENAGA
行家建议:
尽管政府将继续承担补贴,对国家能源(TENAGA,5347,主板贸服股)而言,有助缓解成本回收不足的担忧。
然而,鉴于燃料价格在今年下半年期间仍处于高价位,因此,我们预计国能仍缺乏复苏动力,且营运资金需求将继续维持在高水平,而这无疑会为公司的自由现金流带来压力。
回看过去两个季度,国能的应收账款显着上升,原因是燃料价格高企,导致发电成本回收明显不足。
另外,尽管如今处在上行周期阶段,但国能的潜在营收增长有限,主要是任何超额电力需求增长,或基本电价出现任何变化,都会进入营收调整机制进行调整。
相比之下,有关机制将为国能在下行周期中提供防御,因为该机制为国能的净利提供了支撑。
综合以上,我们将国能的目标价,从原先的9.55令吉,下调至8.45令吉,不过维持“中和”评级不变。
国家能源股价走势
https://www.enanyang.my/%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1/%E3%80%90%E8%A1%8C%E5%AE%B6%E8%AE%BA%E8%82%A1%E8%A7%86%E9%A2%91%E3%80%91%E5%9B%BD%E5%AE%B6%E8%83%BD%E6%BA%90-%E8%87%AA%E7%94%B1%E7%8E%B0%E9%87%91%E6%B5%81%E6%9C%89%E5%8E%8B%E5%8A%9B
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Portfolio Update Q2 20252 days ago
-
-
-
Portfolio (June 30, 2025)2 days ago
-
Portfolio (June 30, 2025)2 days ago
-
-
Portfolio Update June 20252 days ago
-
-
-
-
-
Month of June 20252 days ago
-
June 2025 Updates2 days ago
-
-
-
-
-
-
-
Batisht crazy!4 days ago
-
-
Will SORA crash to 1 per cent?5 days ago
-
-
-
Hello world!1 week ago
-
-
Cut back some exposure1 week ago
-
-
-
-
-
-
8 tips for house moving1 week ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
May 2025 Portfolio4 weeks ago
-
-
-
Thakral - Gem life deal finally coming?5 weeks ago
-
-
-
-
-
Clarity1 month ago
-
The Trump Tariffs1 month ago
-
Selling HRnet and Fiverr1 month ago
-
-
-
-
Ignore the noise and be calm2 months ago
-
-
-
-
FAQ on Quantitative Investing Part 22 months ago
-
-
-
-
Crossing the 300k Mark [in a volatile period]2 months ago
-
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?5 months ago
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!6 months ago
-
Top 10 Highlights of 20246 months ago
-
-
-
Union Square Residences8 months ago
-
-
-
STI ETF9 months ago
-
-
-
Unibet Casino Bonus Codes 20249 months ago
-
-
-
-
The Stigma against Early Retirement (FIRE)11 months ago
-
Monthly IBKR Update – June 202411 months ago
-
-
-
-
-
-
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
Hello SP Group, I'm Back!2 years ago
-
-
-
A New Light2 years ago
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment3 years ago
-
Terra Hill Condo (former Flynn Park)3 years ago
-
Alibaba VS Tencent: The Battle Royale3 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-