TENAGA (5347): Stocks Analysis and Forecast 2025

Key Takeaways

• TENAGA (5347.BMS) represents Tenaga Nasional Berhad, Malaysia’s leading electricity utility company, engaged in power generation, transmission, and distribution with a broad utility and infrastructure footprint.
• The stock is supported by strong institutional investor confidence, robust financials, consistent dividends, and strategic participation in Malaysia’s data center and energy transition initiatives.
• TENAGA’s stock price demonstrated modest upward momentum in 2025, supported by a stable technical setup and investor inflows, signaling potential near-term growth toward RM13.80–14.00.
• In Q2 2025, TENAGA posted increased revenue but experienced lower net margins and EPS due to rising operating costs, although operational profits improved significantly.
• Dividend payouts are semi-annual, backed by steady cash flows, and offer an attractive yield, making TENAGA a reliable choice for income-focused investors in the utilities sector.

What is TENAGA (5347.BMS) Stock?

TENAGA (5347.BMS) stock represents Tenaga Nasional Berhad, Malaysia’s largest electricity utility company. This Bursa Malaysia-listed stock plays a critical role in the country's energy infrastructure. With operations spanning power generation, transmission, and distribution, TENAGA stock is closely associated with national energy stability and industrial output. The company also extends its services to energy-related ventures such as transformer manufacturing and engineering consultancy, further diversifying its utility portfolio. As a core pillar in the Utilities sector, TENAGA holds strategic importance, supplying electricity primarily within Peninsular Malaysia. Given its market prominence and state-linked ownership, investors often consider TENAGA stock when evaluating low-volatility, dividend-yielding Malaysian equities. Understanding TENAGA’s business model, sector exposure, and operating fundamentals is crucial for any well-informed stock analysis or forecast involving this key Malaysian utility player.

Why Consider Investing in Tenaga Nasional Berhad (5347) Stock?

Robust Financial Performance and Profitability

Tenaga Nasional Berhad (TNB), Malaysia's largest electricity utility company, presents an attractive financial profile. For the trailing twelve months, TNB posts an earnings per share (EPS) of MYR 0.817 and a trailing P/E ratio of 16.3, indicating moderately priced profitability relative to peers. Furthermore, its price-to-book (PB) ratio stands at 1.28, suggesting the stock is not excessively valued from a fundamentals perspective. This is complemented by stable revenue generation through its vertically integrated business model comprising power generation, grid transmission, and retail distribution, primarily serving West Malaysia’s residential, commercial, and industrial sectors.

In terms of dividends, TNB offers consistent returns to shareholders. Most recently, the company declared a MYR 0.25 per share cash dividend in September 2025, aligning with a dividend yield of approximately 3.83%. For investors new to dividend investing, this translates to earning MYR 3.83 annually for every MYR 100 invested, which is a relatively reliable income stream in Malaysia’s capital market.

Strategic Growth Outlook and Industry Tailwinds

TNB is positioned to ride the power infrastructure modernization wave under the latest Regulatory Period 4 (RP4), during which the company has been allocated a substantial RM43 billion capital expenditure allowance. This is anticipated to generate a compound annual growth rate (CAGR) of 11% in its regulated asset base from 2025 to 2027, fueling future earnings rises.

Moreover, recent developments strengthen TNB’s pivot into new-age growth sectors. A notable October 2025 win includes a contract to supply electricity infrastructure for a large-scale data center in Johor. With Malaysia projecting to become a regional cloud services hub, this venture positions TNB at the heart of rising energy demand from hyperscale data centers.

Institutional Confidence and Capital Movement Insights

Strong institutional backing enhances investor confidence in TNB. Over 75.83% of total shares are held by major institutional investors such as Khazanah Nasional Berhad (20.37%), Employees Provident Fund (19.08%), and Permodalan Nasional Berhad (14.92%). Though there was a minor overall decline in institutional holdings of 0.541% as of July 2025, the Retirement Fund of Malaysia notably increased its stake by 0.462% in October 2025, signaling long-term belief in TNB's value proposition.

On the capital flow front, TNB registered net positive institutional inflows on October 30 and 31, bringing in MYR 6.77 million and MYR 6.51 million respectively. These inflows, mostly driven by large order sizes from institutional players (main net inflow: MYR 8.55 million on Oct 30), suggest renewed buying interest and reflect heightened investor optimism.

Technical Indicators Signaling Uptrend Momentum

From a technical perspective, TNB stock exhibits a strengthening trend. The Relative Strength Index (RSI) values across 6, 12, and 24-day intervals stand above 50 (59.14, 55.14, 51.97 respectively) as of October 31, 2025 — indicating momentum is skewed toward buyers. Moreover, the stock price at MYR 13.32 is currently floating around its 5-day and 10-day moving averages (MA5: MYR 13.30, MA10: MYR 13.22), revealing price consolidation and potential for a positive breakout.

Additionally, the MACD histogram has remained consistently positive over the past trading sessions, further reinforcing bullish sentiment. For novice investors, think of MACD as the stock’s heartbeat — as the lines spread apart and stay above zero, it's a sign the stock's energy is more "upward" than "downward."

Macroeconomic Policy Alignment and ESG Positioning

Investors are increasingly aligning capital with companies that match broader policy and sustainability goals. TNB is well-aligned with Malaysia’s energy transition roadmaps and decarbonization plans. It has made headway into green energy infrastructure through hydroelectric initiatives and energy efficiency services via subsidiaries. Furthermore, ESG-conscious investors are likely to be drawn to TNB’s commitment to long-term clean energy transformation and community investments, thereby potentially creating price support from sustainable funds and portfolios.

How to Buy Tenaga Nasional Berhad (TENAGA) (5347.BMS) Stock in Malaysia

Step 1: Open a Trading Account

To begin investing in Tenaga Nasional Berhad (TENAGA) stock, you need to open a Central Depository System (CDS) account and a trading account with a licensed broker in Malaysia. For convenience and a tech-savvy interface, platforms like moomoo are recommended. Malaysian citizens must provide a valid NRIC, proof of address (e.g., utility bill or bank statement), and a Malaysian bank account. For foreign investors, a valid passport, valid visa (if applicable), and local or international bank account details are required. Account approvals typically take 1–3 working days, depending on the broker.

Step 2: Fund Your Account

Once your trading account is active, the next step is to deposit funds. Malaysian brokers support multiple payment methods including direct bank transfers, FPX payments, and in some cases, e-wallet integrations for quicker funding. Most platforms accept funds in MYR, and it's advisable to check for any minimum deposit requirements or bank processing fees.

Step 3: Do Your Research – Understand Tenaga Nasional Berhad (TENAGA)

Before purchasing TENAGA stock, review its current price trends, performance, and related financial indicators. As of the latest update, TENAGA trades at RM13.32 with a PE ratio of 16.3 and a dividend yield of approximately 3.98%. Recent technical indicators such as RSI and MACD show moderate strength, suggesting a stable trend. Analyze TENAGA's historical cash flow, EPS trends, and net profit growth from quarterly earnings. TENAGA also earned recognition for high shareholder returns, making it attractive for long-term investors. Ensure you follow credible sources and compare analyst sentiment before placing your order.

Step 4: Place an Order

With research completed and funds in place, log in to your brokerage app (e.g., moomoo), search for TENAGA (5347.BMS), and choose your order type—typically a Limit Order or a Market Order. A Limit Order lets you specify the price you're willing to pay per share, while a Market Order buys at the current price. Enter the number of shares you'd like to purchase, review all order details, and submit. Once confirmed, your shares will appear in your portfolio under your CDS account.

TENAGA (5347.BMS) Stock Price Performance

What is TENAGA Stock Price?

As of October 31, 2025, TENAGA (5347.BMS) closed at RM13.32 per share, showing no change from the previous trading day’s RM13.32. On a month-to-date basis, the stock edged up from RM13.12 on October 23, delivering a modest 1.5% gain. Year-to-date performance remains moderate, with limited volatility. Tenaga Nasional Berhad, Malaysia's largest electricity utility, continues to attract institutional investors such as Khazanah Nasional Berhad and EPF, holding 20.37% and 19.08% stakes respectively, signifying a strong vote of confidence. The company’s current PE ratio of 16.3 (TTM) and a dividend yield of 3.98% offer stability in the broader utilities sector, which is seeing renewed interest amid infrastructure digitalization and energy transition policies.

Historical TENAGA Stock Price Movements Analysis

Analyzing the past 30 trading sessions reveals a reasonably stable yet gradually upward momentum in TENAGA’s price movement. The stock has consolidated above its short-term moving averages, with current values such as the 5-day MA at RM13.30 and 20-day MA at RM13.24 suggesting a mild bullish trend. The recent MACD crossover into positive territory along with a strengthening RSI above 59 signals recovering momentum. Notably, Bollinger Bands are tightening, a classic precursor to a possible breakout. Ks and Ds from the KDJ indicator show upward convergence, adding weight to bullish possibilities. These technical indicators suggest that barring external shocks, the stock may test resistance around RM13.50 in the near term.

TENAGA (5347.BMS) Forecast

Looking ahead, TENAGA seems poised for steady yet moderate growth. With consistent net buying in recent sessions, including RM6.54M in positive capital inflow on October 31, it suggests renewed market appetite. The company’s integration into key national development themes like Budget 2026 and Malaysia’s push for data center infrastructure offers long-term tailwinds. However, challenges such as regulatory reforms on tariffs and rising fuel costs may cap aggressive rallying. Provided the broader market remains favourable, analysts project a conservative upside target of RM13.80–14.00 over the next quarter, especially if Tenaga maintains its attractive dividend payout and operational resilience.

TENAGA (5347.BMS) Earnings

Does TENAGA Release Earnings Reports?

Yes, Tenaga Nasional Berhad (TENAGA 5347.BMS), Malaysia’s largest electricity utility, consistently releases quarterly earnings reports that detail its financial and operational performance. These reports are key to assessing the company’s profitability, margins, and return metrics.

When is the Next TENAGA Earnings Date?

The next TENAGA earnings report is expected to be released in November 2025 for the third quarter of its 2025 financial year. The company usually follows a consistent schedule of quarterly disclosures, and investors can anticipate the release within six weeks following each quarter-end.

What Were TENAGA’s Earnings Last Quarter?

In Q2 2025, Tenaga reported gains in revenue but saw some contraction in profit margins and EPS. Below is a summary of key financial metrics:

Source: Bursa Malaysia, accessed October 23, 2025

• The drop in EPS and net margin reflects higher operating and financing costs despite top-line growth.
• The substantial rise in operating profit suggests improved operational efficiency.
• The slight increase in debt-to-asset ratio indicates marginally higher leverage in the quarter.

What Did the TENAGA Earnings Call Reveal?

During the latest TENAGA Earnings Call, management highlighted strong revenue performance, driven by higher electricity demand amid economic recovery. However, they acknowledged pressure from rising financing costs and ongoing infrastructure investments. Strategic guidance focused on digital grid upgrades and renewable energy transitions to support long-term profitability.

Does Tenaga Nasional (5347.BMS) Pay Dividends?

Yes, Tenaga Nasional Berhad (TNB), one of Malaysia's largest utility companies, maintains a track record of consistent dividend distributions to its shareholders. As a mature player in the utilities sector, TNB's dividend policy reflects its commitment to delivering shareholder value while balancing reinvestment in infrastructure and operations. The company's stable revenues, derived fully from power generation and electricity-related services across Malaysia, provide the cash flow visibility that supports regular dividend payouts. Given its strategic significance as a national utility and its steady demand profile, Tenaga Nasional dividend distributions serve as an attractive feature for income-focused investors in the Malaysian stock market.

In recent years, TNB has paid dividends biannually, demonstrating both financial resilience and shareholder alignment. The company’s ability to maintain dividends even during periods of fluctuating earnings showcases solid operating fundamentals and robust cash flows, especially driven by its regulated market presence. Investors within the Bursa Malaysia exchange often look to stocks like Tenaga Nasional for long-term, stable dividend income supported by strong backing, including significant holdings by state-linked funds.

Dividend Summary of Tenaga Nasional (5347.BMS)

Tenaga Nasional dividend performance showcases consistent cash returns, reinforcing investor confidence. Below is a summary of its current dividend profile:

• Dividend Yield (TTM): Approximately 2.74% *
• Dividend Frequency: Semi-Annually
• Latest Announced Dividend: MYR 0.25 per share (Ex-Date: 2025-09-29)
• Currency of Payment: MYR

*Estimated based on latest known dividend amounts and current stock price levels

Dividend History of Tenaga Nasional (5347.BMS)

Source: moomoo stock data

How Tenaga Nasional Dividend Compares Within the Utilities Sector

Among publicly listed Malaysian utilities, Tenaga Nasional dividend yield ranks competitively, albeit slightly below aggressive income-paying counterparts. While TNB's trailing yield of ~2.74% is below the 4-5% offered by smaller energy peers, its yield remains higher than that of larger capital-intensive infrastructure firms that reserve more cash for reinvestment. This makes TNB’s dividend profile appealing to investors seeking a balance between growth and income stability. Furthermore, its continued dividend payments amid volatile financial cycles reinforce its position as a relatively secure dividend generator within the Bursa Malaysia utilities sector.

Risk Assessment for TENAGA (5347.BMS) Stock

Over the past quarter, Tenaga Nasional Berhad (TENAGA, 5347.BMS) has shown a mixed financial performance, reflecting a blend of macroeconomic pressures and sector-specific challenges. Though the company posted solid revenue of MYR 168.35 billion in 2025 Q2 (+17.18% YoY), net profit declined by 22.41% YoY, indicating margin compression despite top-line growth. Key profitability metrics such as EPS (MYR 0.20) and net profit rate (6.97%) were down, while Free Cash Flow shrank 41.59% YoY, suggesting stress on liquidity amid capital investments.

From an industry perspective, TENAGA operates entirely within Malaysia’s regulated utility sector, which traditionally enjoys stability but can be exposed to government policy shifts. The sector contributes 14.09% to the iShares MSCI Malaysia ETF (as of 2025), reinforcing its systemic relevance but also its vulnerability to regulatory overhaul. For instance, anticipated fiscal tightening in the 2026 Malaysian budget, including potential subsidy cuts and new taxes, could impact consumer demand or enterprise cost structures—particularly for capital-intensive players like TENAGA.

Company-specific risks include its high debt structure—2025 Q2 data reveals a debt-to-asset ratio of 69.61%, up slightly from 69.49% last year—which poses refinancing risks amid potential interest rate volatility. Technologically, TENAGA has not yet articulated a clear roadmap for transitioning to renewable energy, putting it at ESG-related risk as global sustainability preferences evolve. While institutional ownership remains high (75.83% as of July 2025), recent net outflows of institutional shares (-31.56 million) signal potential caution among long-term investors. In terms of market dynamics, low trading volatility and moderate turnover rates indicate limited liquidity risk under normal conditions, though the stock is less attractive for short-term speculative strategies.

Conclusion

In summary, Tenaga Nasional Berhad (TENAGA) continues to stand out as a stable and strategically important player in Malaysia’s electricity utility sector. Backed by consistent revenue, strong institutional support, and a favorable dividend history, TENAGA offers a blend of income stability and moderate growth, making it especially attractive to long-term and risk-averse investors. Its involvement in national infrastructure upgrades, digitalization, and power projects—like supplying data centers—positions it well for future relevance and earnings expansion.

From a technical and financial standpoint, TENAGA shows promising signs with improving market momentum, supported by positive MACD trends and compelling RSI levels. While recent earnings reflect some margin pressure from rising costs, the company’s solid revenue growth and robust operational performance offer a cushion. Moving forward, investors should consider accumulating shares of TENAGA on price dips, especially in the RM13.00–13.30 range, with an eye on a potential short-term target of RM13.80–14.00. Maintaining awareness of regulatory updates and monitoring its renewable energy roadmap are key for investors seeking sustainable and long-term value. Overall, TENAGA remains a strong candidate for portfolios focused on utility sector resilience and dependable dividend returns in the Malaysian market.