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Malaysian (KLSE) Utilities Sector Analysis

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies14
  • 7D1.5%
  • 3M-2.6%
  • 1Y1.1%
  • YTD0.7%

The Utilities industry is up 1.5% in the last week, with Tenaga Nasional Berhad up 3.0%. The industry has been flat over the past 12 months despite the gain this week. As for the next few years, earnings are expected to grow by 7.5% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026RM 188.4bRM 144.5bRM 11.9b14x15.8x1.3x
Sun, 18 Jan 2026RM 192.0bRM 144.4bRM 11.9b13.9x16.1x1.3x
Tue, 16 Dec 2025RM 182.0bRM 144.4bRM 11.9b13.3x15.2x1.3x
Thu, 13 Nov 2025RM 196.4bRM 145.8bRM 12.2b15.7x16.1x1.3x
Sat, 11 Oct 2025RM 200.1bRM 145.9bRM 12.0b16.1x16.7x1.4x
Mon, 08 Sep 2025RM 193.9bRM 145.9bRM 12.0b15.6x16.1x1.3x
Wed, 06 Aug 2025RM 196.2bRM 148.7bRM 12.8b14.3x15.3x1.3x
Fri, 04 Jul 2025RM 197.7bRM 148.7bRM 12.8b14.1x15.4x1.3x
Sun, 01 Jun 2025RM 180.4bRM 148.7bRM 12.8b12.7x14.1x1.2x
Tue, 29 Apr 2025RM 179.1bRM 149.2bRM 12.8b14.5x14x1.2x
Thu, 27 Mar 2025RM 181.4bRM 149.2bRM 12.8b14.4x14.2x1.2x
Sat, 22 Feb 2025RM 181.6bRM 148.5bRM 12.1b11.9x15.1x1.2x
Mon, 20 Jan 2025RM 187.6bRM 147.5bRM 12.1b12.4x15.5x1.3x
Wed, 18 Dec 2024RM 186.1bRM 147.5bRM 12.1b12.4x15.3x1.3x
Fri, 15 Nov 2024RM 185.5bRM 145.3bRM 11.7b12.1x15.8x1.3x
Sun, 13 Oct 2024RM 194.2bRM 145.3bRM 11.8b12.6x16.5x1.3x
Tue, 10 Sep 2024RM 192.9bRM 145.3bRM 11.8b12.3x16.4x1.3x
Thu, 08 Aug 2024RM 204.9bRM 146.0bRM 10.2b17.8x20.2x1.4x
Sat, 06 Jul 2024RM 220.7bRM 146.0bRM 10.2b19.3x21.7x1.5x
Mon, 03 Jun 2024RM 208.0bRM 146.3bRM 10.5b17.9x19.9x1.4x
Wed, 01 May 2024RM 192.7bRM 147.2bRM 10.0b18.1x19.3x1.3x
Fri, 29 Mar 2024RM 174.7bRM 147.2bRM 10.0b18.1x17.5x1.2x
Sun, 25 Feb 2024RM 176.4bRM 150.6bRM 10.2b14.4x17.2x1.2x
Tue, 23 Jan 2024RM 166.7bRM 150.1bRM 9.4b15.7x17.7x1.1x
Thu, 21 Dec 2023RM 148.4bRM 150.1bRM 9.4b11x15.7x1x
Sat, 18 Nov 2023RM 143.0bRM 153.1bRM 8.5b11.1x16.7x0.9x
Mon, 16 Oct 2023RM 137.8bRM 152.8bRM 8.5b9.4x16.3x0.9x
Wed, 13 Sep 2023RM 136.5bRM 152.8bRM 8.5b9.3x16.1x0.9x
Fri, 11 Aug 2023RM 129.9bRM 149.0bRM 8.5b10.1x15.3x0.9x
Sun, 09 Jul 2023RM 120.3bRM 149.0bRM 8.5b9.8x14.2x0.8x
Tue, 06 Jun 2023RM 120.9bRM 149.0bRM 8.5b10x14.3x0.8x
Thu, 04 May 2023RM 115.4bRM 145.7bRM 8.5b11x13.7x0.8x
Sat, 01 Apr 2023RM 113.7bRM 145.7bRM 8.5b10.4x13.4x0.8x
Mon, 27 Feb 2023RM 115.3bRM 141.9bRM 8.7b10.7x13.2x0.8x
Price to Earnings Ratio

13.2x


Total Market Cap: RM 115.3bTotal Earnings: RM 8.7bTotal Revenue: RM 141.9bTotal 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 3-year average PS ratio of 1.2x 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 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-0.45%
Utilities1.53%
Electric Utilities3.00%
Gas Utilities1.75%
Renewable Energy0.47%
Water Utilities0.31%
Other Utilities-0.81%
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 20.0%, which is higher than its past year's earnings growth of 14.2% 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 25% 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 14.261.6%
+RM 1.3b		3.3%PE18.7x
YTL YTL Corporation BerhadRM 2.053.5%
+RM 813.2m		1.0%PE12.1x
YTLPOWR YTL Power International BerhadRM 3.122.0%
+RM 519.1m		-6.3%PE10.5x
MALAKOF Malakoff Corporation BerhadRM 0.835.1%
+RM 195.5m		1.2%PE42.3x
GASMSIA Gas Malaysia BerhadRM 4.783.2%
+RM 192.6m		15.5%PE15.1x

Latest News

MFCB
RM 3.17
Mega First Corporation Berhad
7D
2.9%
1Y
-24.5%

MFCB: Steady Fair Value Will Reflect Slightly Weaker Revenue And Margin Outlook

Analysts have lifted their price target on Mega First Corporation Berhad by MYR0.00 to reflect updated model inputs, including small shifts in the discount rate, revenue growth assumptions and profit margin expectations, while keeping fair value at MYR3.42 and the forward P/E estimate essentially unchanged. Valuation Changes Fair Value: Unchanged at MYR3.42, indicating no revision to the core valuation output.
TENAGA
RM 14.26
Tenaga Nasional Berhad
7D
1.6%
1Y
3.3%
YTLPOWR
RM 3.12
YTL Power International Berhad
7D
2.0%
1Y
-6.3%

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 18.56
PETRONAS Gas Berhad
7D
0.1%
1Y
6.1%

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 2.05
YTL Corporation Berhad
7D
3.5%
1Y
1.0%

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
-1.5%
1Y
1.5%
GASMSIA
RM 4.78
Gas Malaysia Berhad
7D
3.2%
1Y
15.5%
RANHILL
RM 1.72
Ranhill Utilities Berhad
7D
2.4%
1Y
31.3%
MALAKOF
RM 0.83
Malakoff Corporation Berhad
7D
5.1%
1Y
1.2%