Dr. Andrew Stotz, CFA

A. Stotz Investment Research

Equity Bottom-Up

<ul>
<li>Good price momentum relative to companies across its sector, share price is less volatile and low correlation with Western stock markets relative to companies in Malaysia</li>
<li>TNB has close to 50% of the Malaysian power generation market, and a near monopoly in transmission and distribution in Peninsular Malaysia</li>
<li>Benefitting from steady long-term demand and the gradual improvement in the regulatory environment, including more-transparent pricing for passing on higher fuel costs, should be a further…</li>
</ul>

Malaysia

Tenaga Nasional Berhad transmits, distributes, and sells electricity under license issued by the Director General of Electricity Supply. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears. Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services.