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Malaysian (KLSE) Utilities Sector Analysis

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies14
  • 7D1.7%
  • 3M-8.2%
  • 1Y-8.0%
  • YTD-12.0%

The Utilities industry is up 1.7% in the last week, with Tenaga Nasional Berhad up 2.6%. Meanwhile, Malakoff Corporation Berhad actually underperformed within the industry, shrinking 5.8% in the last week. In the past year, the industry is down 8.0%. Looking forward, earnings are forecast to grow by 7.2% annually.

Sector Valuation and Performance

Has the Malaysian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Dec 2025RM 184.3bRM 144.4bRM 11.9b13.2x15.4x1.3x
Wed, 19 Nov 2025RM 191.1bRM 145.8bRM 12.2b15x15.6x1.3x
Fri, 17 Oct 2025RM 198.0bRM 145.9bRM 12.0b16x16.5x1.4x
Sun, 14 Sep 2025RM 199.3bRM 145.9bRM 12.0b16.1x16.6x1.4x
Tue, 12 Aug 2025RM 200.2bRM 148.7bRM 12.8b14.6x15.6x1.3x
Thu, 10 Jul 2025RM 198.0bRM 148.7bRM 12.8b14.4x15.5x1.3x
Sat, 07 Jun 2025RM 187.3bRM 148.7bRM 12.8b12.7x14.6x1.3x
Mon, 05 May 2025RM 182.2bRM 149.2bRM 12.8b14.8x14.3x1.2x
Wed, 02 Apr 2025RM 178.0bRM 149.2bRM 12.8b14.5x13.9x1.2x
Fri, 28 Feb 2025RM 178.7bRM 148.9bRM 12.5b13.1x14.3x1.2x
Sun, 26 Jan 2025RM 185.9bRM 147.5bRM 12.1b12.6x15.3x1.3x
Tue, 24 Dec 2024RM 196.3bRM 147.5bRM 12.1b14.6x16.2x1.3x
Thu, 21 Nov 2024RM 183.0bRM 145.3bRM 11.7b12.4x15.6x1.3x
Sat, 19 Oct 2024RM 192.8bRM 145.3bRM 11.8b12.7x16.3x1.3x
Mon, 16 Sep 2024RM 198.1bRM 145.3bRM 11.8b13.1x16.8x1.4x
Wed, 14 Aug 2024RM 207.4bRM 146.0bRM 10.2b18.3x20.4x1.4x
Fri, 12 Jul 2024RM 222.7bRM 146.0bRM 10.2b19.4x21.9x1.5x
Sun, 09 Jun 2024RM 214.9bRM 146.0bRM 10.2b19.1x21.1x1.5x
Tue, 07 May 2024RM 200.7bRM 147.2bRM 10.0b18.7x20.1x1.4x
Thu, 04 Apr 2024RM 177.9bRM 147.2bRM 10.0b18.2x17.8x1.2x
Sat, 02 Mar 2024RM 176.1bRM 147.0bRM 10.0b15.6x17.5x1.2x
Mon, 29 Jan 2024RM 170.7bRM 150.1bRM 9.4b15.1x18.1x1.1x
Wed, 27 Dec 2023RM 147.7bRM 150.1bRM 9.4b11x15.7x1x
Fri, 24 Nov 2023RM 141.0bRM 153.1bRM 8.6b10.8x16.5x0.9x
Sun, 22 Oct 2023RM 134.6bRM 152.8bRM 8.5b9.5x15.9x0.9x
Tue, 19 Sep 2023RM 140.1bRM 152.8bRM 8.5b9.4x16.5x0.9x
Thu, 17 Aug 2023RM 133.2bRM 149.1bRM 8.5b9.9x15.7x0.9x
Sat, 15 Jul 2023RM 122.2bRM 149.0bRM 8.5b10x14.4x0.8x
Mon, 12 Jun 2023RM 119.3bRM 149.0bRM 8.5b10x14.1x0.8x
Wed, 10 May 2023RM 116.5bRM 145.7bRM 8.5b11x13.8x0.8x
Fri, 07 Apr 2023RM 114.7bRM 145.7bRM 8.5b10.6x13.6x0.8x
Sun, 05 Mar 2023RM 113.3bRM 145.7bRM 8.5b10.6x13.4x0.8x
Tue, 31 Jan 2023RM 115.6bRM 141.0bRM 8.4b12.2x13.8x0.8x
Thu, 29 Dec 2022RM 113.0bRM 141.0bRM 8.4b11.5x13.5x0.8x
Price to Earnings Ratio

13.5x


Total Market Cap: RM 113.0bTotal Earnings: RM 8.4bTotal Revenue: RM 141.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Utilities Sector Price to Earnings3Y Average 16x202320242025
Current Industry PE
  • Investors are relatively neutral on the Malaysian Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.0x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Malaysian Utilities sector?

MY Market1.12%
Utilities1.73%
Electric Utilities2.61%
Gas Utilities1.83%
Other Utilities1.20%
Water Utilities-0.50%
Renewable Energy-2.53%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 25.6x.
    • Analysts are expecting annual earnings growth of 19.3%, which is lower than the prior year's growth of 36.7% per year.
  • Investors are most pessimistic about the Other Utilities industry, which is trading close to its 3-year average of 11.1x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings decline of 34% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 3.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TENAGA Tenaga Nasional BerhadRM 13.362.6%
+RM 2.0b		-4.2%PE17.5x
PETGAS PETRONAS Gas BerhadRM 18.082.1%
+RM 751.9m		2.8%PE20.1x
YTLPOWR YTL Power International BerhadRM 3.351.8%
+RM 518.7m		-19.1%PE11.2x
YTL YTL Corporation BerhadRM 2.120.5%
+RM 116.3m		-17.8%PE12.5x
MFCB Mega First Corporation BerhadRM 3.312.5%
+RM 75.4m		-24.3%PE7.6x

Latest News

PETGAS
RM 18.08
PETRONAS Gas Berhad
7D
2.1%
1Y
2.8%

Estimating The Fair Value Of PETRONAS Gas Berhad (KLSE:PETGAS)

Dec 19
Estimating The Fair Value Of PETRONAS Gas Berhad (KLSE:PETGAS)
TENAGA
RM 13.36
Tenaga Nasional Berhad
7D
2.6%
1Y
-4.2%

Here's Why Tenaga Nasional Berhad (KLSE:TENAGA) Has A Meaningful Debt Burden

Dec 17
Here's Why Tenaga Nasional Berhad (KLSE:TENAGA) Has A Meaningful Debt Burden
MFCB
RM 3.31
Mega First Corporation Berhad
7D
2.5%
1Y
-24.3%

MFCB: Dividend Payout Will Offset Softer Earnings Outlook Ahead

Analysts have trimmed their price target on Mega First Corporation Berhad from RM3.68 to RM3.42, citing slightly higher perceived risk, softer revenue growth expectations, and modestly lower profit margin forecasts, partially offset by a higher anticipated future P/E multiple. What's in the News Board declares an interim single tier dividend of 4.75 sen per ordinary share for the financial year ending 31 December 2025, which signals confidence in cash flow and earnings sustainability (Key Developments).
GENERGY
RM 0.84
Wasco Greenergy Berhad
7D
-6.7%
1Y
n/a
YTLPOWR
RM 3.35
YTL Power International Berhad
7D
1.8%
1Y
-19.1%

YTL Power International Berhad's (KLSE:YTLPOWR) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Dec 04
YTL Power International Berhad's (KLSE:YTLPOWR) Sluggish Earnings Might Be Just The Beginning Of Its Problems
MALAKOF
RM 0.81
Malakoff Corporation Berhad
7D
-5.8%
1Y
3.9%
EDEN
RM 0.17
Eden Berhad
7D
2.9%
1Y
16.7%
SALCON
RM 0.23
Salcon Berhad
7D
2.2%
1Y
-13.0%
YTL
RM 2.12
YTL Corporation Berhad
7D
0.5%
1Y
-17.8%

This Is The Reason Why We Think YTL Corporation Berhad's (KLSE:YTL) CEO Might Be Underpaid

Nov 27
This Is The Reason Why We Think YTL Corporation Berhad's (KLSE:YTL) CEO Might Be Underpaid
PBA
RM 1.86
PBA Holdings Bhd
7D
-1.1%
1Y
-16.6%

Investors Shouldn't Be Too Comfortable With PBA Holdings Bhd's (KLSE:PBA) Earnings

Nov 26
Investors Shouldn't Be Too Comfortable With PBA Holdings Bhd's (KLSE:PBA) Earnings
TALIWRK
RM 0.51
Taliworks Corporation Berhad
7D
-1.9%
1Y
-34.8%

We Like The Quality Of Taliworks Corporation Berhad's (KLSE:TALIWRK) Earnings

Nov 26
We Like The Quality Of Taliworks Corporation Berhad's (KLSE:TALIWRK) Earnings
GASMSIA
RM 4.20
Gas Malaysia Berhad
7D
-0.2%
1Y
-2.1%

We Like Gas Malaysia Berhad's (KLSE:GASMSIA) Returns And Here's How They're Trending

Nov 24
We Like Gas Malaysia Berhad's (KLSE:GASMSIA) Returns And Here's How They're Trending