Tenaga Nasional

[winston]

Electricity demand rebounds to new record

1H25 normalised net profit was broadly in line with our forecast.

TNB maintained interim DPS at 25 sen, with no provision made for tax liability.

Quarterly electricity demand rebounded in 2Q25 to a new high, driven mainly by the commercial sector.

Regulated capex spend in 1H25 was up 44% yoy.

Reiterate Add, with an unchanged SOP-based TP of RM18.00.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 95850304F3

[winston]

vested

Tenaga To Spearhead Malaysia’s Cross-border Energy Transmission Expansion

Tenaga is poised to benefit from the numerous projects under the ASEAN Power Grid initiative, including:
a) the Malaysia-Singapore second power interconnection, and
b) the Sarawak-Peninsular Malaysia interconnection project.

Malaysia’s nuclear energy adoption is expected to be a boon to Tenaga should they be the frontrunners to pioneer Malaysia’s first nuclear power plant.

Maintain BUY with a DCF-based target price of RM16.30.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

vested

TNB now undervalued with tax concerns fully priced in, says its most bullish analyst

By Ameera Fathina

Undervalued with its shares having fully priced in the worst outcome of its RM10 billion tax disputes, said its most bullish analyst.

The past four months’ decline wiped out RM10.4 billion from its market value,

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/775280