24/05/2024 11:32 AM

KUALA LUMPUR, April 24 (Bernama) -- Shares of YTL Power International on Bursa Malaysia dropped 9.66 per cent despite stronger net profit recorded for the third quarter (3Q 2024) ended March 31, 2024.

At 10.44 am, the group's shares shed 54 sen to RM4.84, with 45.96 million shares traded. 

YTL Power International Bhd's 3Q net profit jumped to RM698.69 million from RM519.64 million last year, mainly due to better performance in the power generation segment.

However, revenue for the quarter dropped to RM5.16 billion from RM5.36 billion last year.

Given the recent heatwave phenomenon, HongLeong Investment Bank Bhd expects stronger demand for power and pool prices in Singapore, benefiting PowerSeraya in 4Q FY2024.

The research house has, therefore, raised forecasts for FY2025 and FY2026 by 5.2 per cent and 16.4 per cent, respectively, while reiterating its “Buy” recommendation with a higher target price of RM7.45 from RM5.55.

Meanwhile, MIDF Research believed YTL Power is a potential beneficiary of the strong renewable energy (RE) growth trajectory under the National Energy Transition Roadmap, particularly for RE exports given its presence in the Singapore power sector.

"We continue to like YTL Power for its strategic expansion into data centre and RE," it said in a note today.

It also opined that any potential listing of the group’s key assets could accelerate value recognition in the stock. 


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