Upcoming Event
Kenanga Utilities Sector Outlook: Powering Malaysia’s Next Infrastructure Supercycle
Join Teh Kian Yeong, Senior Utilities Analyst at Kenanga Investment Bank Berhad, for a power-packed webinar delivering sharp insights into Malaysia’s Utilities industry and where the next opportunities lie.
Synopsis:
Malaysia’s utilities sector has shifted from a "defensive" play to a "high-growth" structural theme. We have entered a pivotal electrification era, where the primary demand driver has pivoted from traditional industrial growth to a massive data centre resurgence.
What You’ll Get:
The 2024 Inflection Point: After decades of stagnant demand, the data centre wave sparked a 6.2% consumption spike in 2024. With a 7,500 MW pipeline currently in place, the sector is looking at a sustained demand trajectory.
Addressing the Timing Mismatch: While 2025 growth faced temporary construction lags, a massive reservoir of pent-up demand from completed capacity is poised to materialize through 2026.
The Looming Supply Gap: With 6,400 MW of coal capacity retiring by 2031, the national grid requires 12,000 MW of new builds to maintain stability. This urgency is fast-tracking critical infrastructure, including the NewGen26 tender and strategic gas projects like the Lumut and Yan RGTs.
Investment Strategy: Why we maintain an OVERWEIGHT rating on the sector, identifying TENAGA (OP; TP: RM17.00) as the primary beneficiary of the grid modernization super-cycle.
Bonus: Exclusive insights on Structured Warrants from Isabelle Zhen, Head of Group Equity Marketing
Speaker Profile:
A senior analyst, Mr Teh has 22 years of experience in equity research. Prior to joining Kenanga Investment Bank as Senior Research Manager in July 2011, he worked at several research firms, including MIMB Investment Bank, KLCity Research, SBB Securities and PM Securities. He holds a Master of Finance and a BBA with Distinction from RMIT University. He currently covers utilities, construction, and metal stocks and was awarded The Edge Best Call Award in 2015 on Pestech International Bhd.