We continue to see TNB as a key beneficiary of the country’s National Energy Transition Roadmap (NETR), which aims to position Malaysia as a leader in the energy transition agenda in the region. Valuations are attractive for a liquid large-cap index stock, currently at a 2024F EV/EBITDA of 5.4x vs its pre-Covid mean of 6.5x, whilst offering decent yields of ~4%. Key re-rating catalysts: further details on Tenaga’s involvement in Malaysia’s RE ambitions creating a new growth angle for the stock. Downside risks: A resurgence in fuel prices and unfavourable changes to the Incentive Based Regulation (IBR) framework and Imbalance Cost Pass-Through (ICPT) mechanism.
Source: CGS-CIMB Research - 28 Feb 2024
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TENAGACreated by sectoranalyst | Sep 27, 2024