Tenaga Nasional Berhad (5347) Fair Value & Analysis

Utilities · MY · Market cap 83.7B MYR

A solid business, currently priced close to our fair value.

What matters now

• The price sits close to our fair value, market and models broadly agree here, little valuation tension.
• Our model range runs from 10.43 MYR (bear) to 18.40 MYR (bull), base 14.72 MYR. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 57/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 6.66 MYR – 14.82 MYR · fair‑value band 10.43 MYR – 18.40 MYR · the 14.48 MYR price screens below the 14.72 MYR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Tenaga Nasional Berhad (5347) currently trades at 14.48 MYR, while our model-based Fair Value estimate is 14.72 MYR, implying the stock looks roughly 1.7% fairly valued today. We read business quality at 57/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Tenaga Nasional Berhad generated revenue of 65.4B MYR at a net margin of 7.4%. Revenue grew 2.4% year over year. It earns a return on equity of 8.4%. Net debt stands at 78.5B MYR. Fundamentals as of Jul 16, 2026

Our scenario range runs from 10.43 MYR (bear case) to 18.40 MYR (bull case); at 14.48 MYR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 2%, 5347 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (16.36 MYR) versus Earnings-Based (5.16 MYR). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Tenaga Nasional Berhad engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally.

Full company description

Tenaga Nasional Berhad engages in the generation, transmission, distribution, and sale of electricity in Malaysia, the United Kingdom, Kuwait, the Republic of Ireland, Australia, and internationally. It operates and maintains thermal and hydroelectric power plants; and operates and manages the National Grid that is connected to Thailand's transmission system, as well as Singapore's transmission system at Senoko. The company also supplies fuel and coal for power generation; generates, distributes, supplies, deals in, and sells various energy sources, as well as provides related technical services; develops district cooling systems; operates and maintains co-generation works; manufactures, sells, and repairs distribution, power, and earthing transformers; and owns, develops, and manages dry bulk terminals. In addition, it provides turnkey contracting services to transmission substations; repair and maintenance services to heavy industries and other related services; operation and maintenance services to telecommunication equipment and data centres; higher education, telecommunication, and IT infrastructure solution and services; research and development services in the areas of engineering, information technology, business, accountancy, and liberal studies; and training courses. Further, the company offers insurance and reinsurance, technical and laboratory, consultancy, and other services; manufactures and distributes power and general cables, and aluminum rods; operates an integrated district cooling systems for air conditioning systems of office buildings; assembles, manufactures, tests, reconditions, and distributes high and medium voltage switchgears and control gears for transmission and distribution of electric power; and operates wind assets. It primarily serves commercial, industrial, and residential customers. The company was founded in 1949 and is headquartered in Kuala Lumpur, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tenaga Nasional Berhad reported revenue of 67.7B MYR in FY2025 versus 52.6B MYR in FY2021, a compound +6.5%/yr. Reported net income was 4.8B MYR in FY2025, compounding +6.8%/yr from FY2021.

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Peer Group

Utilities - Regulated Electric · 155 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.