TENAGA 5347 TENAGA NASIONAL BHD performs as expected in Q1
RHB Research said Peninsular Malaysia electricity demand continued to recover in Q1 2022 and was expected to grow 1.7 per cent year-on-year (Y-o-Y) in 2022.
KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) first quarter (Q1) core net profit of RM891 million has come in within RHB Research's expectations by 20 per cent and 19 per cent of street financial year 2022 (FY22) estimates.
RHB Research said Peninsular Malaysia electricity demand continued to recover in Q1 2022 and was expected to grow 1.7 per cent year-on-year (Y-o-Y) in 2022.
The firm said besides that, generation cost had doubled Y-o-Y in Q1 2022 due to higher gas and coal prices.
It said, however, the impact to TNB was neutral as volatility in fuel costs was covered under the Imbalance Cost Pass-Through (ICPT) framework.
"We also saw a spike in gas generation mix that has increased to 54 per cent in Q1 2022 from 36 per cent in Q4 2021 with lower coal generation mix at 39 per cent," it said in a note today.
RHB Research said TNB's current renewable energy (RE) capacity stood at 3.6 gigawatt (GW), with five per cent of total capacity, including the recent acquisition of 97.3 megawatt onshore wind portfolio in the UK.
This is still lagging behind its 8.3GW target by 2025, which suggests a more aggressive merger and acquisition (M&A) within this segment going forward.
Apart from that, TNB is also repowering its coal plant into a combined cycle gas turbine (CCGT) plant with co-firing capabilities, while progressively applying new emerging technologies to reduce carbon emissions.
"In tandem with Malaysia's transition into low-carbon mobility, TNB has either entered into a Memorandum of Understanding or collaborated with prominent partners in e-mobility, which includes the co-planning and co-deploying with charge point operators to ensure optimisation of chargers.
"TNB will open an electric vehicle charging station in Bangsar by the end of 2023," it added.
RHB Research has maintained its "Buy" call on TNB, with an unchanged target price of RM11.50.
"The stock is trading close to its seven-year low, and foreign shareholdings stood at 12.1 per cent as of March 2022," it said.
https://www.nst.com.my/business/2022/05/800946/tnb-performs-expected-q1
Singapore Investment
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Portfolio (June 30, 2025)1 day ago
-
Portfolio (June 30, 2025)1 day ago
-
-
-
-
-
-
-
-
-
Month of June 20252 days ago
-
June 2025 Updates2 days ago
-
-
-
-
-
-
-
Batisht crazy!4 days ago
-
-
Will SORA crash to 1 per cent?5 days ago
-
-
-
Hello world!1 week ago
-
-
Cut back some exposure1 week ago
-
-
-
-
-
-
8 tips for house moving1 week ago
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
May 2025 Portfolio4 weeks ago
-
-
-
Thakral - Gem life deal finally coming?5 weeks ago
-
-
-
-
-
Clarity1 month ago
-
The Trump Tariffs1 month ago
-
Selling HRnet and Fiverr1 month ago
-
-
-
-
Ignore the noise and be calm2 months ago
-
-
-
-
FAQ on Quantitative Investing Part 22 months ago
-
-
-
-
Crossing the 300k Mark [in a volatile period]2 months ago
-
-
-
-
-
-
-
-
-
ETF vs Mutual Fund: Which is Better?5 months ago
-
-
-
-
-
-
Arigato Everyone! A Decade of Blogging!6 months ago
-
Top 10 Highlights of 20246 months ago
-
-
-
Union Square Residences8 months ago
-
-
-
STI ETF9 months ago
-
-
-
Unibet Casino Bonus Codes 20249 months ago
-
-
-
-
The Stigma against Early Retirement (FIRE)11 months ago
-
Monthly IBKR Update – June 202411 months ago
-
-
-
-
-
-
-
-
-
Feb 2024 Expenditure1 year ago
-
-
-
-
-
-
-
Monthly Summary of November 20231 year ago
-
Migration of website1 year ago
-
-
-
-
-
-
Hello SP Group, I'm Back!2 years ago
-
-
-
A New Light2 years ago
-
-
-
-
-
2022 Thoughts, Hello 2023!2 years ago
-
Series of Defaults for Maple Finance2 years ago
-
Takeaways from “Sea Change”2 years ago
-
Greed is Coming Back2 years ago
-
-
-
-
-
-
-
-
What is Overemployment3 years ago
-
Terra Hill Condo (former Flynn Park)3 years ago
-
Alibaba VS Tencent: The Battle Royale3 years ago
-
-
-
-
-
-
-
-
-
-
-
-
-