YTLPower - Broadly in line; still an OUTPERFORM.(CIMB)

Although YTL Power¡¯s 1HFY6/11 core net profit made up only 43% of our and consensus full-year projections, we deem the results to be broadly in line given the seasonally stronger quarters ahead. Also not a surprise was the second interim single-tier DPS of 1.875 sen, which was in line with previous years. We retain our FY11-13 core EPS and end-CY11 SOP-based target price of RM2.97. The stock remains an OUTPERFORM, with potential share price triggers being i) more details on its WiMax venture, Yes, ii) positive earnings surprises from PowerSeraya and iii) potential M&As and/or higher yields from its RM7.8bn cash.