Tenaga Nasional stock dips as expanded subsidies trim FY2026 profit forecasts

Published on 09/21/2026 at 09:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tenaga Nasional stock traded around MYR 12.90 on September 21, 2026 as investors digested the plan to absorb up to MYR 150 million in extra household subsidy costs. Analysts still project FY2026 core net profit growth, but have trimmed forecasts modestly.

Tenaga Nasional, MYL5347OO009, Illustration mit AI erstellt.

Tenaga Nasional Bhd stock (ISIN MYL5347OO009) traded around MYR 12.90 on September 21, 2026 on Bursa Malaysia, with the shares down about 1 percent intraday as investors reacted to the utility’s agreement to absorb additional electricity subsidy costs for households estimated at MYR 120 million to MYR 150 million for the September to December 2026 period.

Subsidy decision weighs on earnings expectations

According to The Edge Malaysia on September 21, 2026, Tenaga Nasional shares fell as much as 16 sen or 1 percent to MYR 12.88, extending a previous session loss of 2 percent after the company agreed to absorb the expanded electricity subsidy for households, with the extra cost estimated at MYR 120 million to MYR 150 million for the remaining four months of 2026.

The additional subsidy burden is modest relative to earnings: a detailed overview from Nanyang Siang Pau on September 21, 2026 reports that the MYR 120 million to MYR 150 million cost corresponds to around 2 percent to 3 percent of one research house’s forecast FY2026 earnings, leading CIMB Securities to cut its FY2026 core net profit estimate by 2 percent while maintaining a positive stance on the stock.

Analysts trim forecasts but keep Buy calls

In its latest note, CIMB Securities maintained a Buy call on Tenaga Nasional stock with an unchanged discounted cash flow based target price of MYR 15.90 and reduced its FY2026 core net profit estimate by 2 percent to reflect the subsidy absorption, as reported by Malay Mail on September 21, 2026.

The broader analyst consensus remains constructive despite the short term earnings drag. According to the synthesis cited by Nanyang Siang Pau, one brokerage expects Tenaga’s FY2026 recurring net profit to reach MYR 5.162 billion, an increase of 8.3 percent year on year, with revenue forecast to grow 7.5 percent to MYR 72.794 billion, while another house takes a more cautious stance and lowers its FY2026 net profit forecast by 2.5 percent to MYR 4.536 billion.

Earnings outlook remains supported into 2H2026

For the second half of FY2026, RHB Research sees Tenaga’s earnings prospects improving, and advises investors to accumulate Tenaga Nasional stock on price weakness, noting that the share price has retreated about 12 percent from its recent high while maintaining a Buy rating and a target price of MYR 16.50, as highlighted in the same Nanyang Siang Pau report dated September 21, 2026.

The MYR 16.50 target from RHB Research implies roughly 27 percent upside from a reference level of around MYR 13.00 and is paired with an estimated FY2026 dividend yield of about 4 percent, according to New Straits Times on September 21, 2026.

Stock trades below recent high

Intraday data cited by Dow Jones Newswires on TradingView show Tenaga Nasional shares about 0.9 percent lower at MYR 12.92 on September 21, 2026, underscoring that the stock is trading below its recent high while the market digests the subsidy decision and updated earnings forecasts, as noted by TradingView.