Tenaga jumps most since June, biggest boost for Malaysia shares

KUALA LUMPUR (May 29): Tenaga jumps 72 sen or 6.2% to RM12.38 at 11:57am in Kuala Lumpur after a slew of analyst upgrades from banks including Morgan Stanley, citing an earnings turnaround at the Malaysian power utility.

* Stock is biggest contributor to gains in FTSE Bursa Malaysia KLCI index, which is set for the steepest 3-day advance since February

* Tenaga shares down 9% this year to reach oversold territory this week

* Value is emerging from Tenaga’s share price retracement amid lower regulatory risk, according to CIMB in Wednesday report; it upgraded the stock to add

* Morgan Stanley, Credit Suisse, Hong Leong, Kenanga, RHB, Affin Hwang and TA Securities also upgraded the stock

* NOTE: Tenaga Nasional 1Q Net Income Falls 26.6% Y/y to 1.56B Rgt

Source: TheEdgeMarkets