The chart above from TradingView shows the Year To Date (YTD) performance of FBMKLCI, Bursa Utilities sector, TENAGA, YTLPOWER, YTL,PBA. RANHILL, MALAKOF, ENGTEX and PETGAS.

These are my observation:

1. Utilities Index still outperformed FBMKLCI while the spread has narrowed. Utilities Index is up 11.75% YTD vs FBMKLCI +6.86%. However, the outperformance has reduced as compared to Utilities 13.89% vs FBMKLCI +5.35% a month ago on 16-February.

2. YTLPOWER remains the champion. YTLPOWER gained 43.19% YTD. The gap between YTLP and YTL has declined likely because YTLPOWER earnings growth of +325% Y/Y in Quarter 4 2023 is lower than YTL +508% Y/Y.

3.  TENAGA has risen, PETGAS and MALAKOF are the biggest laggard now. TENAGA up 16.23% YTD (from 11.42% YTD a month ago) and PETGAS 2.53% (from last month 3.23%). Tenaga continues to appreciate in share price despite weak Quarter 4 2023 (-28% Y/Y). PETGAS is lagging as it benefit much less than TENAGA in National Energy Transition Roadmap (NETR). MALAKOF suffered RM357 million net loss in Quarter 4 2023 and this could explain the share price weak performance.

​4.  Water play: All three water stocks dropped in the past 1 month. PBA is now +6.62% from +24.31% YTD a month ago. RANHILL  is now +23% against +25% a month ago. ENGTEX is now +39% against +44% a month ago. PBA drop may be caused by its weak Q4 which turned into accounting net loss despite stronger free cash flow. ENGTEX Quarter 4 is +123% Y/Y although down 53% Q/Q. For RANHILL, it is down 66% Y/Y although +139% Q/Q.

5. Latest PBA intrinsic value is RM2.60 with details here.

PBA: Cash Flow Strength: A Deeper Look Beneath the Net Loss (KingKKK) - (New Intrinsic Value is RM2.60) | I3investor