Research Disclosures & Disclaimers

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Tenaga Nasional (TENA.KL)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (RM)	Price Target (RM)	Rating
2022-04-18	8.93	11.50	Buy
2022-06-03	8.93	11.00	Buy
2022-10-26	8.37	-	No Rating
2023-02-07	9.39	10.10	Neutral
2023-09-04	9.90	12.50	Buy
2024-06-18	14.02	18.30	Buy
2024-08-20	14.00	-	No Rating
2025-05-02	13.86	15.00	Neutral

Disclosures

UBS is acting as manager/co-manager, underwriter, placement or sales agent in regard to an offering of securities of this company/entity or one of its affiliates.
UBS expects to receive or intend to seek compensation for investment banking services from this company/entity within the next three months.
Within the past 12 months, UBS has received compensation for products and services other than investment banking services from this company/entity.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.