UOB keeps Tenaga Nasional stock at hold with MYR 14.60 target

Published on 10/25/2026 at 02:49 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A MYR 14.60 target was maintained on October 13, 2026. Tenaga Nasional stock is tied to a MYR 5.80 billion project and a 21-year agreement.

Targets and operating figures

UOB maintained a MYR 14.60 target and HOLD rating on October 13, 2026.
The Kenyir project is linked to a MYR 5.80 billion investment and a 21-year agreement.
Tenaga Nasional had a MYR 77.5 billion market capitalization as of October 23, 2026.

Tenaga Nasional, MYL5347OO009, Illustration mit AI erstellt.

Tenaga Nasional (ISIN MYL5347OO009) was last quoted at MYR 13.30 on Bursa Malaysia on October 23, 2026 at 4:59 p.m. MYT. UOB Kay Hian maintained a HOLD rating and a MYR 14.60 target on October 13, 2026.

Target stays above the latest quote

The target is 9.77 percent above the MYR 13.30 Bursa Malaysia quote. UOB Kay Hian said the government was discussing electricity subsidy measures with Tenaga and the regulator, including a possible tiered structure from 2027.

Three developments shaped the stock

On October 2, 2026, TradingView reported that the Tasik Kenyir hybrid hydro floating solar project was expected to generate a high single-digit equity return under a 21-year renewable energy supply agreement, while the Sungai Perak project was valued at MYR 5.80 billion. On October 5, 2026, Zacks Research upgraded Tenaga Nasional from hold to strong buy, according to Transcript Daily. On October 13, 2026, UOB Kay Hian kept its HOLD rating and MYR 14.60 target.

What does the project mean?

The renewable program adds a long-duration growth asset, but the near-term earnings effect remains limited. The Kenyir project is expected to produce a high single-digit equity return, while the Sungai Perak project is designed to extend the hydro plant's operating life by 40 years, according to TradingView.

The Star reported on October 1, 2026, that Tenaga Nasional had secured 8.35 gigawatts of data-center capacity across 61 projects, with 5.65 gigawatts already connected. The report also cited expected regulated capital expenditure of MYR 15.00 billion in 2027, including MYR 8.00 billion of contingent spending.

Malaysia utility profile

Tenaga Nasional generates, transmits, distributes and sells electricity, with operations spanning Malaysia and several international markets. Its Bursa Malaysia listing trades under ticker 5347, and the latest quote implies a MYR 77.5 billion market capitalization; the 52-week range was MYR 12.50 to MYR 14.90 as of October 23, 2026.