YTL Power

[winston]

not vested

Wessex Water: back in the driver’s seat

We see an imminent turnaround at Wessex Water, which should partially mitigate the impact of a potential drop in contribution from Power Seraya.

YTLP is currently exploring growth projects that could add incrementally to earnings over the next 3-5 years, largely within the renewables space.

We reiterate our Add rating with a higher SOP-based TP of RM3.00.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 51B815AE27

[winston]

YTL Power data centre ‘underappreciated’

YTL Power International Bhd’s “underappreciated” data centre business fetches a valuation of RM6.3bil or one-fifth of the group’s total market value of over RM32bil.

On Wessex Water, HLIB Research said the company is expected to turn around in the financial year ending June 30, 2025 (FY25).

YTL Power’s electricity producer in Singapore, PowerSeraya Pte Ltd, would see its strong earnings and cash flow sustain into the foreseeable future.

Source: The Star

https://www.thestar.com.my/business/bus ... e=smartech

[winston]

not vested

YTL Power’s Singapore unit commissioned to build hydrogen-ready power plant worth S$800m

By Emir Zainul

The power plant is estimated to cost S$800 million (approximately RM2.82 billion) and is targeted to be completed by Dec 31, 2027.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/698982

[winston]

not vested

YTL Power rebounds after strong 2Q results, analysts still have 'buy' calls

By Jason Ng

Strong growth prospects of its data center business that will complement its steady earnings from power generation and water-and-wastewater services.

Net profit for the three months ended Dec 31 jumped four times to RM845.12 million from RM198.82 million over the same period last year.

Quarterly revenue rose 14.26% year-on-year to RM5.37 billion from RM4.7 billion lifted by all key segments.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/702050

[winston]

not vested

YTL Power International
Sizeable uplift from new assets

Our initial calculations suggest that YTLP’s ~RM22bn investments in DCs over the next 3-5 years can contribute as much as RM1.2bn-1.4bn in net profit.

The DCs, coupled with the recently secured new gas plant in Singapore, can enhance YTLP’s net attributable equity value by ~RM11bn, on our estimates.

We raise our FY25-26F EPS by 38-63% and TP to RM4.50 to factor in these new assets. Add maintained given brighter prospects for the DC business.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... F6EF78AD28

[winston]

Encouraging operational developments

Earnings outlook for Wessex looks set to improve on the back of upcoming tariff adjustments; we expect it to return to the black as early as 3QFY6/24F.

YTL Power International’s (YTLP) DCs are progressing well, and we are hopeful of positive newsflow on potential off-takers by mid-2024F.

We see the recent pullback in share price as good accumulating opportunity.

TP: 4.50

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 2AA4B30573

[winston]

not vested

At the forefront of AI computing in SEA

YTLP announced that it will be among the first companies in SEA to adopt NVIDIA’s just launched superchip, GB200, at its DC campus in Johor.

The GB200 infrastructure promises a 30x performance increase and reduces cost and energy consumption by up to 25x over its predecessor H100.

We reiterate our Add rating with an SOP-based TP of RM4.50.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 89AA5629DC