TNB share price up on Kenyir project's outlook
KUALA LUMPUR: Tenaga Nasional Bhd’s share price rose in early trading on Friday with its Kenyir Hydrogen Hybrid Fuel System (HHFS) project expected to generate a high single-digit equity internal rate of return.
Tenaga Nasional Bhd's share price increased on the first day of trading on Friday, as the company's Kenyir Hydrogen Hybrid Fuel System (HHFS) project is projected to yield a high single-digit equity internal rate of return. At 9:57 am, TNB's share price had climbed eight sen to RM12.98, with 889,300 shares traded. MBSB Investment Bank (MBSB IB) noted that electricity demand is anticipated to remain robust, with growth forecasted at 5.4 percent for the entire year of 2026.
MBSB IB continues to regard TNB as a crucial supporter and facilitator of Malaysia's energy transition, driven by escalating regulated grid capex, increasing demand for battery energy storage systems, and considerable renewable energy prospects via ventures such as HHFS. Consequently, MBSB IB has retained its Buy recommendation on TNB, accompanied by an unchanged discounted cash flow (DCF)-based target price of RM16.31.
Similarly, CIMB Securities Sdn Bhd has also upheld its Buy recommendation for TNB, maintaining the same DCF-based target price of RM15.90.
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