Last Friday, TENAGA received a Notice of Additional Assessment for YA 2022 (RM840.1m) and has applied for Investment Allowance (IA) under Schedule 7B to mitigate the impact.
We estimate RM1.1bn additional tax liabilities each for YA 2023 and 2024. Worst case: RM9.9bn total liabilities and RM8.1bn cash outflows; Best case: full IA approval, zero liability and RM1.8bn tax recovery.
Base case (50% IA approval): tax liabilities of RM4.9bn and cash outflows of RM3.2bn, with dividend risk limited versus material pressure in the worst case.
A national carbon tax is highly likely in RMK‑13 (2026–2030), likely mirroring Singapore’s model (direct Scope 1 tax at a fixed rate). A carbon tax would immediately raise the marginal cost of power generation, but should be fully passed through under the IBR framework. At RM15/tCO₂e, a full pass‑through would require a 1.1 sen/kWh tariff adjustment (2.4% of the current 45.4 sen/kWh base tariff).
Disclaimer
The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.
Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 0.170 | -0.030 | 96.99M | |
| 0.010 | 0.000 | 91.30M | |
| 0.100 | -0.030 | 87.23M | |
| 0.260 | 0.030 | 66.41M | |
| 0.160 | -0.025 | 64.30M | |
| 0.125 | 0.015 | 58.47M | |
| 0.795 | -0.005 | 57.01M | |
| 0.200 | 0.020 | 45.51M | |
| 2.030 | -0.030 | 43.56M | |
| 0.075 | -0.005 | 41.01M |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 28.180 | 0.380 | 199.40K | |
| 7.000 | 0.300 | 1.30K | |
| 9.600 | 0.200 | 3.43M | |
| 5.340 | 0.130 | 668.80K | |
| 3.510 | 0.100 | 497.30K | |
| 13.500 | 0.100 | 227.40K | |
| 3.280 | 0.100 | 482.80K | |
| 1.600 | 0.090 | 121.80K | |
| 16.880 | 0.080 | 176.70K | |
| 27.400 | 0.080 | 45.00K |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 18.000 | -0.360 | 60.10K | |
| 93.240 | -0.360 | 137.60K | |
| 21.800 | -0.200 | 464.80K | |
| 2.860 | -0.160 | 13.00K | |
| 0.025 | -0.125 | 200.00K | |
| 0.030 | -0.120 | 500.00K | |
| 0.695 | -0.110 | 4.00K | |
| 6.500 | -0.100 | 13.12M | |
| 4.200 | -0.100 | 4.66M | |
| 1.000 | -0.100 | 446.00K |
| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.212042 | 4.248408 |
| EUR | 4.921000 | 4.929487 |
| CNY | 0.591903 | 0.592919 |
| HKD | 0.540309 | 0.544492 |
| SGD | 3.268153 | 3.293573 |
Last Updated: Friday, September 5, 2025
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