Equity Analysis /
Malaysia

MY : YTL Power International - Strong earnings recovery at multi-utilities

    Siew Teng Ngo
    Siew Teng Ngo

    Research Analyst

    CGS-CIMB
    26 November 2021
    Published by

    1QFY6/22 core earnings were in line at 20%/19% of our and consensus full-year estimates as we project stronger numbers in the coming quarters. 1QFY22 core net profit declined 23% yoy on weaker performance at power generation and investment holding (due to CSR contribution) divisions. We observed strong earnings recovery at multi-utilities and narrowing losses at telecommunication, which could underpin FY22-24F earnings.