KUALA LUMPUR (AFX-ASIA) – Local brokerage Hwang-DBS Securities Bhd said it is maintaining its “fully valued” rating on Tenaga Nasional Bhd (TNB) despite raising the national utility’s year to August 2003-2005 earnings projections. “We have raised our FY2003-FY2005 projections by 2-17% to reflect higher forward margins and lower effective tax rate. “Despite our earnings upgrade,…

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