Tenaga Nasional

[winston]

vested

Khazanah trims stake in TNB

Divested 135.65 million shares on Dec 4, cutting its direct stake to 15.82% or 921.97 million shares.

Khazanah also retains an indirect 2.23% interest, bringing its total stake in the utility group to 18.05%.

A separate filing showed that the Employees Provident Fund (EPF) acquired 40.18 million TNB shares, raising its stake to 21.25%, or 1.24 billion shares,

Source: The Star

https://www.thestar.com.my/business/bus ... ake-in-tnb

[winston]

not vested

5347 TENAGA (BUY)
A brighter 2026-2027 ahead

Tenaga reported 4QFY25 core PATMI of RM1.1bn (+15.2% QoQ; +6.8% YoY), bringing FY25 core PATMI to RM4.0bn (+6.3% YoY).

The results were broadly in line with our expectations (104.5%) and consensus estimates (92.5%).

Looking ahead, Tenaga is well positioned to benefit from Malaysia’s resilient economic growth, particularly with the acceleration of DC developments.

Earnings should also be supported by the implementation of the new return mechanism for contingent capex, additional PPAs secured and a lower effective tax rate (recognition of investment allowance).

We maintain our BUY recommendation with an unchanged DCFE-derived TP of RM17.25.

Source: HLIB