KUALA LUMPUR (Aug 14): Tenaga Nasional Bhd (TNB) saw a recovery in its share price in early trade today as the counter rose 0.64% or 10 sen to RM15.66 with about 1.17 million shares traded.

A broker based in Kuala Lumpur shared with theedgemarkets.com that TNB's share price recovery came after investors looked at the overall impact from the utility company's exposure in Turkey, which is not significant.

"Yesterday, TNB has lost quite a bit of value due to the prompt response by traders to sell off after news emerged that the group has some presence in Turkey. Of course, as investors realised that the contribution from the Turkey operations is insignificant, the selldown created some of the buying opportunity, which is what we're seeing today," he said.

The Edge Financial Daily today reported that TNB's key investment in Turkey is limited to a 30% stake in Gama Enerji, which was acquired back in 2016 for a consideration of US$255 million.

Based on a report by Nomura Global Markets Research, as Gama Enerji is an associate of the group and only contributed about 0.2% of TNB's reported profit after tax for FY17, the exposure is limited.

At the current level, Malaysia's largest utility player has seen an increase of 15.07% from a year ago, and it has a trailing P/E of 12.09 times.