KUALA LUMPUR, April 6 (Bernama) -- Hong Leong Investment Bank Bhd (HLIB) is holding its positive view of Tenaga Nasional Bhd’s (TNB) strategic investment, Spark Renewable Energy (RE) in Australia, which bolsters its commitment towards achieving Net Zero 2050.
In a note today, HLIB said similar to Vantage RE (UK), Spark RE has been an important leverage for TNB to diversify its RE assets outside of Malaysia, while providing a strong learning platform for it to champion Malaysia’s vision of achieving Net Zero 2050.
It said the RE assets are also expected to benefit from the recent surge in global energy prices.
“We maintain our ‘buy’ recommendation on TNB with an unchanged discounted cash flow to equity-based target price of RM17.25.
“The utility company is well-positioned to benefit from resilient economic growth in 2026, supported by the implementation of the new return mechanism for contingent capital expenditure and a lower effective tax rate projected for the financial year 2026-2027,” it added.
At 11.50 am, TNB’s shares increased four sen to RM14.08, with 435,300 shares transacted.
-- BERNAMA
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