At 9.45am, the counter was 54 sen weaker at RM13.44 with 6.2 million shares traded. — Picture by Shafwan Zaidonas a first-time user . Exclusively for Malay Mail readers: Use codeKUALA LUMPUR, Nov 29 — Tenaga Nasional Bhd’s shares fell 4 per cent in early trade after the release of its third-quarter financial year 2024 earnings, which came in below expectations.At 9.45 am, the counter was 54 sen weaker at RM13.44 with 6.2 million shares traded.
The drop was attributed primarily to lower imbalance cost pass-through revenue of RM625.8 million while operating expenses saw a reduction of only RM146.4 million. Nevertheless, Public Investment remains optimistic, leaving its forecasts unchanged, anticipating positive contributions from the Genco segment, bolstered by favourable coal price and forex movement, and expecting Manjung 4 to return online in 4Q.
“We expect the finalisation of RP4 by December 2024 to be favourable for TNB. As such, we maintain our ‘outperform’ call and target price of RM16,” the bank noted.