Tenaga Nasional Berhad

Investments In Renewable Energy Will Improve Future Sustainability And Efficiency

AN

AnalystConsensusTarget

AnalystConsensusTarget

Not Invested

Based on Analyst Price Targets

Published

01 Dec 24

Updated

15 Dec 25

Views

172

n/a

n/a

AnalystConsensusTarget's Fair Value

n/a

1Y

-4.8%

7D

3.5%

Loading

1Y

-4.8%

7D

3.5%

You can edit this narrative until Dec 16 10:10 PM. Then, changes will post as Updates.

Author's Valuation

RM 15.6916.2% undervalued

AnalystConsensusTarget Fair Value

Shared on 15 Dec 25

Fair value Decreased 1.67%

TENAGA: Tax Resolution Will Support Stronger Margins And Future Share Price Upside

Narrative Update on Tenaga Nasional Berhad Analysts have modestly trimmed their price target on Tenaga Nasional Berhad by about RM0.27. This reflects slightly lower revenue growth assumptions that are only partly offset by improved profit margin expectations and a marginally reduced future P/E multiple.

Shared on 01 Dec 25

Fair value Decreased 1.29%

TENAGA: Resolution Of Tax Disputes Will Support Future Share Price Momentum

Analysts have revised their price target for Tenaga Nasional Berhad slightly downward from RM16.16 to RM15.95. This adjustment reflects updated estimates for profit margin and discount rates, even though there are expectations for stronger revenue growth.

Shared on 04 Sep 25

Fair value Decreased 0.44%

Tenaga Nasional Berhad's consensus revenue growth and net profit margin forecasts remained stable, resulting in only a negligible decrease in the consensus analyst price target from MYR16.23 to MYR16.16. What's in the News The Malaysian government has approved a revised Regulatory Period 4 tariff schedule under the Incentive-Based Regulation framework for Tenaga Nasional Berhad (TNB), effective 1 July 2025, replacing the existing tariff schedule from 2014.

Shared on 01 May 25

Fair value Increased 0.26%

Shared on 23 Apr 25

Fair value Increased 0.68%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 17 Apr 25

Fair value Decreased 1.35%

AnalystConsensusTarget has increased revenue growth from 0.2% to 0.5%.

Shared on 09 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 02 Apr 25

Fair value Decreased 0.18%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 26 Mar 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 19 Mar 25

AnalystConsensusTarget has decreased revenue growth from 0.2% to 0.2%.

Shared on 12 Mar 25

Fair value Decreased 0.24%

AnalystConsensusTarget has decreased revenue growth from -0.7% to 0.2% and increased future PE multiple from 21.6x to 24.2x.

AnalystConsensusTarget Fair Value

RM 15.69

16.2% undervalued

Future estimation in

Growth p.a.

Growth p.a.

%

Decrease

Increase

Current revenue growth rate

3.33%

Electric Utilities revenue growth rate

0.17%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

9.22%

Calculation

RM 5.82b

Earnings '28

x

20.57x

PE Ratio '28

=

RM 119.62b

Market Cap '28

RM 119.62b

Market Cap '28

/

5.85b

No. shares '28

=

RM 20.44

Share Price '28

RM 20.44 Share Price '28

Discounted to 2025 @ 9.23% p.a.

=

RM 15.68

Fair Value '25