KUALA LUMPUR (Aug 10): Shares in Malakoff Corp Bhd tracked the broader market sentiment today and dived to its all-time low of RM1.44 since its listing.

The counter, which made a lukewarm debut on Bursa Malaysia on May 15, shed as much as 13 sen or 8.28% to hit its lowest point of RM1.44.

At 3.36pm, the stock regained some losses and was trading at RM1.46, still down 11 sen or 7.01%, after some 13.59 million shares were traded, making it one of the most actively traded counters across the bourse.

To date, the stock has tumbled 34 sen or 18.89% from its initial public offering (IPO) price of RM1.80 per share.

The decline in share prices has wiped off some RM1.7 billion or 18.9% of its market value to RM7.3 billion from RM9 billion previously.

Despite the fall in share price, all research houses are of the view that the power utility's fundamentals remained intact.

In a note to clients on July 6, RHB Research said Malakoff owns power/water assets in Malaysia, the Middle East and North Africa region (MENA) region and Australia.

"We like Malakoff for its solid earnings visibility and strong growth prospects, driven by a new power plant and potentially export opportunities. Dividend yields are attractive at 4-6%," the firm said.

The firm has a "buy" call with a target price of RM2.39 on Malakoff.

Meanwhile, Kenanga Investment Bank Research has an "outperform" call with a target price of RM2.22 on the stock, according to its report dated June 8 this year.

In the report, Kenanga said Malakoff has the longest remaining power purchase agreements (PPA) as three-quarter of its total effectively installed capacity will expire after 2024.

"The percentage-mix should increase further once the 1,000mw Tanjung Bin Energy (T4) comes into the system," it noted.