MARKET • 02/10/2026 11:32 AM

TNB Share Price Up On Kenyir HHFS Project’s Outlook

KUALA LUMPUR, Oct 2 (Bernama) -- 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.

As at 9.57 am, TNB’s share price rose eight sen to RM12.98 with 889,300 shares traded.

According to MBSB Investment Bank (MBSB IB), electricity demand is also expected to remain strong, with growth projected at 5.4 per cent in calendar year 2026.

“We continue to view TNB as a key beneficiary and enabler of Malaysia’s energy transition, supported by rising regulated grid capex, growing battery energy storage system requirements and sizeable renewable energy opportunities through initiatives such as HHFS.

As such, MBSB IB has maintained its “Buy” recommendation on TNB, with an unchanged discounted cash flow (DCF)-derived target price of RM16.31.

CIMB Securities Sdn Bhd has also maintained its “Buy” recommendation, with an unchanged DCF-based target price of RM15.90.