SNAPSHOT | Brokerage firms downgrade TNB to 'hold' over subsidy; child dies after allegedly thrown into river, uncle nabbed

KINI SNAPSHOT | What’s going on in the news today, with updates at 9am, 2pm, 6pm, and 9pm.

9pm

Electricity

- Tenaga Nasional Berhad has been downgraded by brokerage research firms TA Securities and UOB Kay Hian after its decision to absorb additional electricity subsidy costs.

The decision, which will cost between RM120 million to RM150 million in electricity subsidies for households using below 800 kilowatt-hours (kWh) monthly, is expected to reduce TNB’s earnings for this year by two to three percent.

According to Free Malaysia Today, the research houses pointed to increased regulatory risk and uncertainty over whether TNB may have to absorb similar costs after December.

TA Securities downgraded TNB to “hold” and cut its target price from RM18 to RM13.80, while UOB Kay Hian also rated the stock “hold”.

RHB Research kept its “buy” call, saying the additional subsidy cost was manageable and lower fuel prices could support TNB’s earnings.

READ MORE: Govt widens electricity bill subsidy to 800kWh due to hot weather, haze

Crime

- A five-year-old girl was found dead after she had been allegedly thrown into a river by her 37-year-old uncle in Kota Tinggi, Johor, this morning.

Bernama reported Kota Tinggi district police chief Yusof Othman as saying that the suspect was later arrested after a struggle - which injured an officer.

In a statement today, he said investigations are being conducted under Section 302 of the Penal Code, which punishes murder with death or a jail term of between 30 to 40 years.

The victim’s body was sent for a post-mortem while police continue to probe the incident, Yusof added.

He further said that the suspect is believed to suffer from mental health issues.

Previously at 6pm | N Sembilan royal crisis: PM, DPM, MB to meet Tuanku Muhriz; Guan Eng heaps laurels on Loke's 'sacrifice'

2pm | PKR's N Sembilan info bureau backs ruler's decision; MP wants Durian Tunggal shooting updates

9am | Anwar denies paving way for Najib's pardon; PM celebrates Malacca CM's birthday

SNAPSHOT | TNB expresses sympathy to Bertam Valley flood victims; SMEs push for policy action

TNB ordered to pay RM4.7m damages over 2013 Bertam Valley floods negligence

Higher TNB bill in April for households paying more than RM215.98