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Malaysian (KLSE) Utilities Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies14
  • 7D-1.5%
  • 3M-5.8%
  • 1Y-1.2%
  • YTD-1.2%

Over the last 7 days, the Utilities industry has dropped 1.5%, driven by a pullback from YTL Power International Berhad of 4.0%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 7.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Feb 2026RM 184.2bRM 144.4bRM 11.9b13.4x15.4x1.3x
Thu, 08 Jan 2026RM 186.3bRM 144.4bRM 11.9b13.7x15.6x1.3x
Sat, 06 Dec 2025RM 178.0bRM 144.2bRM 11.9b12.9x14.9x1.2x
Mon, 03 Nov 2025RM 197.7bRM 145.8bRM 12.2b15.8x16.2x1.4x
Wed, 01 Oct 2025RM 200.7bRM 145.9bRM 12.0b16x16.7x1.4x
Fri, 29 Aug 2025RM 197.6bRM 147.2bRM 12.4b15.1x15.9x1.3x
Sun, 27 Jul 2025RM 196.2bRM 148.7bRM 12.8b14.3x15.3x1.3x
Tue, 24 Jun 2025RM 188.1bRM 148.7bRM 12.8b12.6x14.7x1.3x
Thu, 22 May 2025RM 186.0bRM 149.2bRM 12.8b14.9x14.6x1.2x
Sat, 19 Apr 2025RM 175.2bRM 149.2bRM 12.8b14.3x13.7x1.2x
Mon, 17 Mar 2025RM 174.9bRM 149.2bRM 12.8b14.4x13.7x1.2x
Wed, 12 Feb 2025RM 183.3bRM 147.5bRM 12.1b12.4x15.1x1.2x
Fri, 10 Jan 2025RM 197.8bRM 147.5bRM 12.1b13.9x16.3x1.3x
Sun, 08 Dec 2024RM 188.0bRM 147.5bRM 12.1b13.3x15.5x1.3x
Tue, 05 Nov 2024RM 183.4bRM 145.3bRM 11.7b12x15.6x1.3x
Thu, 03 Oct 2024RM 195.8bRM 145.3bRM 11.8b12.9x16.6x1.3x
Sat, 31 Aug 2024RM 203.3bRM 145.3bRM 11.7b17.3x17.4x1.4x
Mon, 29 Jul 2024RM 212.8bRM 146.0bRM 10.2b18.7x20.9x1.5x
Wed, 26 Jun 2024RM 208.0bRM 146.0bRM 10.2b18x20.5x1.4x
Fri, 24 May 2024RM 215.7bRM 147.1bRM 10.0b20.1x21.5x1.5x
Sun, 21 Apr 2024RM 180.3bRM 147.2bRM 10.0b17.4x18.1x1.2x
Tue, 19 Mar 2024RM 179.8bRM 147.2bRM 10.0b17.6x18x1.2x
Thu, 15 Feb 2024RM 172.3bRM 150.1bRM 9.4b14.6x18.3x1.1x
Sat, 13 Jan 2024RM 165.5bRM 150.1bRM 9.4b13.8x17.5x1.1x
Mon, 11 Dec 2023RM 142.6bRM 150.1bRM 9.4b10.8x15.1x1x
Wed, 08 Nov 2023RM 141.2bRM 152.9bRM 8.5b11.1x16.5x0.9x
Fri, 06 Oct 2023RM 135.9bRM 152.8bRM 8.5b9.4x16x0.9x
Sun, 03 Sep 2023RM 139.3bRM 152.8bRM 8.5b9.3x16.4x0.9x
Tue, 01 Aug 2023RM 126.4bRM 149.0bRM 8.5b9.8x14.9x0.8x
Thu, 29 Jun 2023RM 119.5bRM 149.0bRM 8.5b9.8x14.1x0.8x
Sat, 27 May 2023RM 121.6bRM 147.8bRM 8.5b10.2x14.3x0.8x
Mon, 24 Apr 2023RM 114.9bRM 145.7bRM 8.5b10.7x13.6x0.8x
Wed, 22 Mar 2023RM 113.4bRM 145.7bRM 8.5b10.2x13.4x0.8x
Fri, 17 Feb 2023RM 117.7bRM 141.0bRM 8.4b12.2x14x0.8x
Price to Earnings Ratio

14x


Total Market Cap: RM 117.7bTotal Earnings: RM 8.4bTotal Revenue: RM 141.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Utilities Sector Price to Earnings3Y Average 16.1x202420252026
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 16.1x.
  • 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 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 Market-1.04%
Utilities-1.52%
Electric Utilities0%0
Gas Utilities-0.81%
Renewable Energy-1.03%
Water Utilities-2.90%
Other Utilities-4.44%
Industry PE
  • Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 25.7x.
    • Analysts are expecting annual earnings growth of 20.1%, 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 11.3x.
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 4.2% 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 14.141.4%
+RM 1.2b		2.2%PE18.5x
PETGAS PETRONAS Gas BerhadRM 18.500.7%
+RM 237.4m		6.8%PE20.6x
GASMSIA Gas Malaysia BerhadRM 4.681.5%
+RM 89.9m		12.2%PE14.8x
SALCON Salcon BerhadRM 0.232.2%
+RM 5.7m		-11.3%PE14x
PBA PBA Holdings BhdRM 1.970.5%
+RM 3.3m		-3.0%PE4.5x

Latest News

TENAGA
RM 14.14
Tenaga Nasional Berhad
7D
1.4%
1Y
2.2%

TENAGA: Cross-Border Wheeling Agreement Will Support Future Upside

Analysts have nudged their fair value estimate for Tenaga Nasional Berhad higher from RM15.72 to about RM15.89, reflecting slightly adjusted assumptions around the discount rate, long term revenue growth, profit margins and future P/E multiples. What's in the News Tenaga Nasional Berhad signed an Energy Wheeling Agreement Phase 2 under the Lao PDR Thailand Malaysia Singapore Power Integration Project Phase 2 framework, enabling energy transfers of 30MW to 100MW from Lao PDR to Singapore through Thailand and Malaysia using existing interconnections (company announcement).
MFCB
RM 3.21
Mega First Corporation Berhad
7D
-1.2%
1Y
-25.3%

MFCB: Steady Fair Value Will Balance Softer Revenue And Margin Expectations

Analysts have kept their fair value estimate for Mega First Corporation Berhad steady at RM3.42, citing only minor tweaks to the discount rate, revenue growth and profit margin assumptions as well as a slightly higher future P/E multiple in their updated model. Valuation Changes Fair Value Estimate remains unchanged at RM3.42 per share.
YTLPOWR
RM 3.10
YTL Power International Berhad
7D
-4.0%
1Y
-9.4%

YTL Power International Berhad (KLSE:YTLPOWR) Has No Shortage Of Debt

Jan 30
YTL Power International Berhad (KLSE:YTLPOWR) Has No Shortage Of Debt
PETGAS
RM 18.50
PETRONAS Gas Berhad
7D
0.7%
1Y
6.8%

The Returns On Capital At PETRONAS Gas Berhad (KLSE:PETGAS) Don't Inspire Confidence

Jan 26
The Returns On Capital At PETRONAS Gas Berhad (KLSE:PETGAS) Don't Inspire Confidence
YTL
RM 2.03
YTL Corporation Berhad
7D
-2.4%
1Y
0.5%

YTL Corporation Berhad (KLSE:YTL) Might Have The Makings Of A Multi-Bagger

Jan 25
YTL Corporation Berhad (KLSE:YTL) Might Have The Makings Of A Multi-Bagger
PBA
RM 1.97
PBA Holdings Bhd
7D
0.5%
1Y
-3.0%
GASMSIA
RM 4.68
Gas Malaysia Berhad
7D
1.5%
1Y
12.2%
RANHILL
RM 1.69
Ranhill Utilities Berhad
7D
-1.7%
1Y
24.3%
GENERGY
RM 0.61
Wasco Greenergy Berhad
7D
-6.1%
1Y
n/a
MALAKOF
RM 0.78
Malakoff Corporation Berhad
7D
-0.6%
1Y
-12.9%
SALCON
RM 0.23
Salcon Berhad
7D
2.2%
1Y
-11.3%
PUNCAK
RM 0.21
Puncak Niaga Holdings Berhad
7D
-2.3%
1Y
-2.3%
TALIWRK
RM 0.46
Taliworks Corporation Berhad
7D
-3.2%
1Y
-40.9%

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