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Malaysian (KLSE) Utilities Sector Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies14
  • 7D-2.4%
  • 3M0.7%
  • 1Y-1.1%
  • YTD-3.6%

Over the last 7 days, the Utilities industry has dropped 3.7%, driven by a pullback from YTL Corporation Berhad of 14%. Over the last year, the industry has been flat overall. As for the next few years, earnings are expected to grow by 7.8% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026RM 179.7bRM 142.8bRM 11.7b14.2x15.4x1.3x
Sun, 01 Feb 2026RM 187.0bRM 144.4bRM 11.9b13.7x15.7x1.3x
Tue, 30 Dec 2025RM 187.8bRM 144.4bRM 11.9b13.8x15.7x1.3x
Thu, 27 Nov 2025RM 188.7bRM 145.5bRM 12.3b13.8x15.4x1.3x
Sat, 25 Oct 2025RM 196.1bRM 145.9bRM 12.0b15.9x16.3x1.3x
Mon, 22 Sep 2025RM 199.8bRM 145.9bRM 12.0b16x16.6x1.4x
Wed, 20 Aug 2025RM 203.1bRM 148.7bRM 12.8b14.7x15.9x1.4x
Fri, 18 Jul 2025RM 195.9bRM 148.7bRM 12.8b13.9x15.3x1.3x
Sun, 15 Jun 2025RM 190.0bRM 148.7bRM 12.8b12.9x14.8x1.3x
Tue, 13 May 2025RM 187.8bRM 149.2bRM 12.8b14.9x14.7x1.3x
Thu, 10 Apr 2025RM 164.0bRM 149.2bRM 12.8b13.4x12.8x1.1x
Sat, 08 Mar 2025RM 175.9bRM 149.2bRM 12.8b14.5x13.8x1.2x
Mon, 03 Feb 2025RM 177.8bRM 147.5bRM 12.1b12.2x14.6x1.2x
Wed, 01 Jan 2025RM 206.3bRM 147.5bRM 12.1b15.1x17x1.4x
Fri, 29 Nov 2024RM 186.1bRM 146.4bRM 11.4b12.5x16.3x1.3x
Sun, 27 Oct 2024RM 182.6bRM 145.3bRM 11.8b12.5x15.5x1.3x
Tue, 24 Sep 2024RM 200.5bRM 145.3bRM 11.8b14x17x1.4x
Thu, 22 Aug 2024RM 199.8bRM 146.0bRM 10.1b18.4x19.7x1.4x
Sat, 20 Jul 2024RM 217.4bRM 146.0bRM 10.2b18.9x21.4x1.5x
Mon, 17 Jun 2024RM 217.2bRM 146.0bRM 10.2b18.7x21.4x1.5x
Wed, 15 May 2024RM 204.3bRM 147.2bRM 10.0b19.2x20.5x1.4x
Fri, 12 Apr 2024RM 180.4bRM 147.2bRM 10.0b18.1x18.1x1.2x
Sun, 10 Mar 2024RM 172.9bRM 147.2bRM 10.0b17.8x17.3x1.2x
Tue, 06 Feb 2024RM 167.0bRM 150.1bRM 9.4b14.1x17.7x1.1x
Thu, 04 Jan 2024RM 152.6bRM 150.1bRM 9.4b12.7x16.2x1x
Sat, 02 Dec 2023RM 140.1bRM 150.1bRM 9.4b10.4x14.9x0.9x
Mon, 30 Oct 2023RM 136.9bRM 152.8bRM 8.5b9.7x16.2x0.9x
Wed, 27 Sep 2023RM 139.1bRM 152.8bRM 8.5b9.4x16.4x0.9x
Fri, 25 Aug 2023RM 134.0bRM 149.4bRM 8.5b10.2x15.8x0.9x
Sun, 23 Jul 2023RM 122.6bRM 149.0bRM 8.5b9.8x14.5x0.8x
Tue, 20 Jun 2023RM 120.5bRM 149.0bRM 8.5b9.8x14.2x0.8x
Thu, 18 May 2023RM 120.3bRM 145.7bRM 8.5b10.6x14.2x0.8x
Sat, 15 Apr 2023RM 115.2bRM 145.7bRM 8.5b10.6x13.6x0.8x
Mon, 13 Mar 2023RM 113.6bRM 145.7bRM 8.5b10.3x13.4x0.8x
Price to Earnings Ratio

13.4x


Total Market Cap: RM 113.6bTotal Earnings: RM 8.5bTotal Revenue: RM 145.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Utilities Sector Price to Earnings3Y Average 16.2x202420252026
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 16.2x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 11% 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 Market-2.24%
Utilities-2.39%
Electric Utilities0.99%
Water Utilities0.83%
Gas Utilities-1.38%
Renewable Energy-3.86%
Other Utilities-9.21%
Industry PE
  • Investors are most optimistic about the Gas Utilities industry, which is trading close to its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 4.8%, which is higher than its past year's earnings decline of 9.7% per year.
  • Investors are most pessimistic about the Other Utilities industry, which is trading close to its 3-year average of 11.4x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 49% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 4.8% 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 14.321.0%
+RM 816.1m		3.3%PE17.5x
GASMSIA Gas Malaysia BerhadRM 5.015.3%
+RM 321.0m		21.3%PE16.9x
RANHILL Ranhill Utilities BerhadRM 1.766.0%
+RM 129.6m		38.6%PE45.2x

Latest News

MFCB
RM 3.03
Mega First Corporation Berhad
7D
-4.1%
1Y
-26.3%

MFCB: Future P/E Repricing Will Support A Stronger Bullish Outlook

Narrative Update on Mega First Corporation Berhad The analyst price target for Mega First Corporation Berhad has been adjusted from MYR5.80 to MYR5.39 as analysts update their assumptions for revenue growth, profit margins, and future P/E expectations. Valuation Changes Fair Value: trimmed from MYR5.80 to MYR5.39, indicating a modest reduction in the implied valuation per share.
PBA
RM 1.84
PBA Holdings Bhd
7D
-6.6%
1Y
-8.0%
TENAGA
RM 14.32
Tenaga Nasional Berhad
7D
1.0%
1Y
3.3%
RANHILL
RM 1.76
Ranhill Utilities Berhad
7D
6.0%
1Y
38.6%
YTLPOWR
RM 2.70
YTL Power International Berhad
7D
-7.2%
1Y
-12.9%
YTL
RM 1.70
YTL Corporation Berhad
7D
-11.5%
1Y
-9.6%
PETGAS
RM 17.98
PETRONAS Gas Berhad
7D
-2.5%
1Y
2.6%
GASMSIA
RM 5.01
Gas Malaysia Berhad
7D
5.3%
1Y
21.3%
TALIWRK
RM 0.43
Taliworks Corporation Berhad
7D
-5.5%
1Y
-39.9%
GENERGY
RM 0.65
Wasco Greenergy Berhad
7D
-4.4%
1Y
n/a
MALAKOF
RM 0.78
Malakoff Corporation Berhad
7D
-3.7%
1Y
-4.9%