Update shared on04 Sep 2025
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.
- A new Automatic Fuel Adjustment mechanism will be implemented from 1 July 2025, replacing the Imbalance Cost Pass-Through while maintaining a neutral impact on TNB.
- The tariff revision and mechanism updates are seen as positive for TNB’s efforts in delivering the National Energy Transition Roadmap.
- TNB signed a landmark Corporate Renewable Energy Supply Scheme (CRESS) agreement with DayOne Data Centers, enabling them to secure up to 500MW of renewable energy over a 21-year term, supported by new solar generation from TNB Renewables.
- The agreement marks the first bilateral corporate renewable energy supply contract under Malaysia's CRESS framework, advancing large-scale green energy adoption in the country.
Valuation Changes
Summary of Valuation Changes for Tenaga Nasional Berhad
- The Consensus Analyst Price Target remained effectively unchanged, moving only marginally from MYR16.23 to MYR16.16.
- The Consensus Revenue Growth forecasts for Tenaga Nasional Berhad remained effectively unchanged, at 3.3% per annum.
- The Net Profit Margin for Tenaga Nasional Berhad remained effectively unchanged, moving only marginally from 7.43% to 7.38%.
Disclaimer
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