Tenaga: Nobody's Child
yes, tenaga is a weird animal... most brokers and foreign ones esp have tnb as a buy for the longest time, its not even matching the index gains ... so there is a disconnect here:
a) funds don't like tnb's story
b) glc revamp impact not so great at tnb, maybe they have fewer kinks to start with
The biggest disconnect has to be the way IPPs have given a viable alternative for investing vis-a-vis TNB. Hence TNB's policy, or rather the govt. policies are to be blamed for being "too nice" to IPPs to the detriment of TNB. That doesn't seem to be changing much, hence the under-performance can be expected to continue.