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Investing.com - Nomura/Instinet downgraded YTL Power International (KLSE:YTLP) from Buy to Neutral with a price target of MYR4.47, citing limited upside potential after recent outperformance.
The research firm noted that YTL Power has outperformed the benchmark by 31.9% over the past three months, driven by improved visibility on the turnaround from Wessex Water and the company’s data centre operations.
Nomura maintained its earnings forecasts for YTL Power, pending more clarity on new restrictive ruling on GPU exports, which might create an overhang on the stock price.
The stock currently trades at 10.6x FY26F EPS of MYR0.389, compared with its historical average of 12.6x, according to the research note.
With the current price target implying just 8.5% upside potential, Nomura recommended investors lock in some gains following the recent strong performance.
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