0208 GMT - Tenaga Nasional could be largely insulated from higher fuel costs arising from the Iran war, TA Securities analyst Hafriz Hezry says in a note. This is supported by the monthly tariff automatic fuel adjustment mechanism and fuel cost pass-through arrangements for its generation business, he says. The utility giant's outlook could remain supported by grid upgrade needs under Malaysia's energy transition blueprint, he reckons. He also expects further earnings contribution from a newly awarded 1.4GW gas plant in Terengganu and continued income from the extended Kenyir hydro power purchase agreement. TA Securities maintains a buy rating on Tenaga and keeps target price at 18.00 ringgit. Shares are 1.5% lower at 14.24 ringgit. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

May 25, 2026 22:08 ET (02:08 GMT)

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