Tenaga Nasional (TNB) announced that the Government of Malaysia has approved and decided via a letter from Suruhanjaya Tenaga (ST) to implement the Regulatory Period 3 (RP3) under the Incentive Base Regulation framework (IBR) for the period of February 2022 to December 2024. The decision was a surprise as ST has just decided to extend Regulatory Period 2 (RP2) for the second time with all parameters of IBR unchanged effective Jan 1, 2022 until "further notice" just few weeks ago. To recap, RP2 which expired in 2020, had been already extended for one year until end-2021 and was supposed to be replaced by RP3 by end-2021. That said, some of the RP3 parameters are still not disclosed yet by ST. For now, we understand that the government is keeping the current base electricity tariff for all electricity users in Peninsular Malaysia throughout the RP3 but with an electricity tariff surcharge of 3.7 sen per kilowatt hour (kWh) for non-domestic users. Details are still lacking for now especially on the rate of return of its regulated asset base (RAB) and capital expenditures (capex) during the period. All told, we maintain our Outperform call on TNB for now pending more details, with DCF-derived TP of RM12.42 unchanged.
Source: PublicInvest Research - 31 Jan 2022
Chart | Stock Name | Last | Change | Volume |
---|
2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-24
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-23
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-20
TENAGA2024-09-19
TENAGA2024-09-19
TENAGA2024-09-19
TENAGA2024-09-19
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-18
TENAGA2024-09-17
TENAGA2024-09-16
TENAGACreated by PublicInvest | Sep 20, 2024