0158 GMT (Dow Jones) National utility company Tenaga Nasional (5347.KU) is set to benefit from the recent heat wave in Malaysia. Electricity consumption is likely to come in higher in second half of 2016 given stronger electricity demand, the key earnings driver for Tenaga. Alliance DBS projects Tenaga will record 4.6% electricity sales growth in fiscal 2016. The brokerage keeps its buy rating on the stock and increases the target price to 16.30 ringgit from 16.10 ringgit. New power plants have come on stream and more are expected in 2017 and 2019, leading to a higher market share for the power producer. Shares of Tenaga are flat at 14.04 ringgit. (celine.fernandez[a]wsj.com)
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