KUALA LUMPUR (April 24): MIDF Research has maintained its “Buy” rating on Tenaga Nasional Bhd with an unchanged target price of RM17.20 and said it expects Tenaga to post another set of good result in 2QFY15 on the back of potentially improved margin.

In a note today, the research house said this could be credited to the lower generation cost incurred due to favourable generation mix and fuel cost.

“We reiterate our Buy call on Tenaga with an unchanged TP of RM17.20 which implies 15x FY15 P/E and 14x FY15 P/E,” it said.