0320 GMT - Tenaga Nasional's earnings could be boosted by data center expansion in Malaysia and improving operational efficiency at its power generation unit GenCo, Kenanga IB analyst Teh Kian Yeong says in a note. The utilities giant could benefit from continued demand growth, supported by 700MW of new data centers capacity this year, he notes. It is estimated that by 2035 data centers could account for 20% of Malaysia's total electricity generation capacity, Teh notes and raises Tenaga's 2025 earnings estimates by 2.5%. Kenanga raises Tenaga's target price to MYR17.20 from MYR17.00, while maintaining an outperform rating on the stock. Shares are 0.6% higher at MYR13.68.(yingxian.wong@wsj.com)
(END) Dow Jones Newswires
March 02, 2025 22:20 ET (03:20 GMT)
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