【行家论股/视频】国家能源(TENAGA,5347,主板公用事业股) 料获政府直接补偿
分析:马银行投资研究
目标价:9.30令吉
最新进展:
鉴于煤炭价格上涨,国家能源(TENAGA,5347,主板公用事业股)发电成本回收不足的金额,目前每季超过30亿令吉。
保守估计,国能必须在2022下半年把超过60亿令吉的成本,转嫁给消费者。
TENAGA
行家建议:
假设国能转嫁60亿令吉的煤炭发电成本,并由所有消费者承担,这相等于约每千瓦时(kwh)10仙的电费附加费。
若不包括家庭用户,则是约每千瓦时14仙,这比目前的每千瓦时3.7仙的附加费,大幅上涨。
政府将于6月底,公布下半年的电费附加费。
基于电力工业基金减少,加上生活成本大增,我们相信政府将会直接补偿给国能。
我国是能源净受益国,因为国油公司正从高油气价格中获益。
假设成本转嫁机制(ICPT)不执行,国能须自行垫款成本回收不足的差额,并陷入亏损,这将损害整体市场情绪,我们认为政府会避免这情况。
目前,我们维持盈利预测、“守住”评级,及9.30令吉目标价。煤炭价格持续攀升,意味着转不转嫁的担忧在6个月后会再发生。
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-%E6%96%99%E8%8E%B7%E6%94%BF%E5%BA%9C%E7%9B%B4%E6%8E%A5%E8%A1%A5%E5%81%BF
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