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Prepared For: DR. NUR LIYANA BINTI MOHAMED YOUSOPFIN534BUSINESS ANALYTICS AND FINANCIAL MODELLING CLASS: JBA2725A (GROUP 5) DATE OF SUBMISSION: 7 JULY 2026TENAGA NASIONAL BERHAD VS YTL POWER INTERNATIONAL BERHAD TENAGA NASIONAL BERHAD VS YTL POWER INTERNATIONAL BERHADCOMPANIES ANALYSIS (20%)
TABLE OF CONTENTS
1.0 INTRODUCTION
1.1 BACKGROUND OF TNB
1.2 BACKGROUND OF YTL POWER
2.2: LEVERAGE RATIO 2.0 FINANCIAL RATIO ANALYSIS 2.1: EFFICIENCY RATIOOVERALL ANALYSIS: TNB show superior efficiency in managing short-term assets (CATO) and collecting customer debts (ARTO). However, YTLPOWR displays better stability in total asset utilization (TATO).TNB: Consistent performance (0.33) at 2024 and 2025 YTLPOWR: Highly consistent and stable performance (0.30-0.33) over the 3 yearsTOTAL ASSET TURNOVERTNB: Maintained a higher ratio across all years (Peak:10.03 in 2023) YTLPOWR: YTL's debt collection deteriorated consistently every year from 5.73 to 4.42.TNB: Outperformed YTL significantly with high short-term asset efficiency (Peak: 5.24 in 2023). YTLPOWR: Faced a continuous downward trend from 2023 (2.76) to 2025 (2.07).ACCOUNT RECEIVABLE TURNOVERCURRENT ASSET TURNOVERTNB&YTLPOWR:Both companies shared a highly similar risk with roughly 70%-74% of their assets financed through leverage (2023- 2025)TNB: Highly stable with an average of 0.55 over the 3 years YTLPOWR: positioned at a high ratio (Peak:2.05 in 2023, indicating a heavy long-term debt burdenTNB &YTLPOWR: Both companies recorded negative values across 3 years, meaning operating profits (EBIT) are insufficient to cover interest expenses.TIME INTEREST EARNEDLONG TERM DEBT TO TOTAL EQUITYDEBT RATIOOVERALL ANALYSIS: TNB demonstrates a safer and more consistent leverage management. While However, both companys negative Time Interest Earned (TIE) indicating weak interest coverage.
2.3: LIQUIDITY RATIO 2.4: PROFITABILITY RATIOTNB: Increased slightly from 11.58% (2023) and stabilized around 13% in 2024 and 2025. YTLPOWR: Recorded a strong performance, peaking at 26.11% (2024) before dropping to 22.27% (2025).OPERATING PROFIT MARGINTNB: Showed a positive upward trend from 4.03% (2023) to 7.34% (2025) YTLPOWR: Peaked at 15.38% (2024) and settled at 12.26% (2025)NET PROFIT MARGINTNB: Remains low and flat, hovering between 1.38% to 2.39% across the 3 years. YTLPOWR: Recorded high robust returns, starting at 13.23(2023), peaking at 18.57% (2024) and landing at 12.70% (2025).RETURN ON EQUITYTNB: Remained below the safe threhold of 1.0 time across all year, downward trend from 1.04(2023) to 0.78(2025). YTLPOWR: Spiked high in 2023 (6.55) before stabilizing to a healthy 1.71 (2024) and 1.77 (2025).TNB:Critically low below benchmark from 0.97 (2023) to 0.71 (2025) YTLPOWR: Recorded high in 2023 (6.48) before stabilizing at 1.65 (2024) and 1.69 (2025).TNB: Experienced a spike in collection days in 2024 (67.47 days) but successfully managed to shorten it significantly to 46.72 days in 2025. YTLPOWR: Remained high and slow, hovering between 76.53 days (2023) to 81.48 days (2025).COLLECTION PERIOD (DAYS)ACID TEST RATIO (QUICK RATIO)CURRENT RATIOOVERALL ANALYSIS: YTLPOWR outperforms TNB across all profitability ratios (OPM, NPM, & ROE) from 2023-2025, with 2024 serving as the peak performance year for both companies.OVERALL ANALYSIS: YTLPOWR has stronger liquidity andworking capital management, while TNB faces weaker liquidity with both ratios below the optimal level by 2025. However, TNB has a faster cash collection cycle. 2.0 FINANCIAL RATIO ANALYSIS
3.0 COMMON SIZE ANALYSIS 3.1: Income Statement of TNB & YTL NABILAH
3.0 COMMON SIZE ANALYSIS 3.2: Balance Sheet of TNB & YTL
YTL POWER INTERNATIONAL BERHAD4.0 INTEGRATED EVALUATION 4.1: What-If Analysis Using Data TableYTL POWER INTERNATIONAL BERHAD TENAGA NASIONAL BERHADNet Profit vs. Cost of Sales & Revenue TENAGA NASIONAL BERHADNet Profit vs. Operating Expenses & Cost of SalesTNB's Net Profit declines more sharply than YTL's. YTL maintains higher Net Profit across all Revenue scenarios.TNB shows a greater reduction in Net Profit than YTL. YTL maintains more stable profitability as Operating Expenses increase.
4.2: What-If Analysis Using Scenario Manager Conclusion
5.0 CONCLUSION6.0 RECOMMENDATION
7.0 REFERENCESBailey, K. (2024, October 29). What if analysis (J. Schmidt, Rev.). Corporate Finance Institute. (https://corporatefinanceinstitute.com/resources/financial-modeling/what-if-analysis/) Tenaga Nasional Berhad. (2024). Integrated annual report 2023. (https://www.tnb.com.my/assets/annual_report/TNB_IAR_2023.pdf) Tenaga Nasional Berhad. (2025). Integrated annual report 2024. (https://www.tnb.com.my/assets/annual_report/TNB_IAR_2024.pdf) Tenaga Nasional Berhad. (2026). Integrated annual report 2025. (https://www.tnb.com.my/assets/annual_report/TNB_IAR_2025.pdf) YTL Power International Berhad. (2023). Annual report 2023. (https://www.ytl.com/wp-content/uploads/ytles/sites/2/files/annual- report/YTL_Power_International_Berhad_Annual_Report_2023.pdf) YTL Power International Berhad. (2024). Annual report 2024. (https://www.ytl.com/wp- content/uploads/ytles/sites/2/files/annual-report/YTLPI_AR2024.pdf) YTL Power International Berhad. (2025). Annual report 2025. (https://www.ytl.com/wp- content/uploads/ytles/sites/2/files/annual-report/YTL_Power_AR_2025.pdf)
8.0 RUBRICS 1. Rubric Report Part 1,2 &3
RUBRICS 2. Presentation Rubric-Group All Level
RUBRICS 2. Presentation Rubric-Group All Level
9.0 TURNITIN CHECKER AI CHECKER SIMILARITY CHECKER
10.0 APPENDINCES Link Excel: https://docs.google.com/spreadsheets/d/1uouVAyFJXHTIS- qKLqyJvfQlyj24h8uw/edit? usp=sharing&ouid=118363127817440964637&rtpof=true&sd=true