Malaysian utility Tenaga Nasional is accelerating capacity additions to meet surging data-center demand, targeting 11.8 GW of new generation by 2033 at a pace of 1 GW annually, according to RHB IB analyst Max Koh. The plan offsets 6.6 GW of retiring capacity while positioning the company for a government power tender that could lift shares toward a 16.50 ringgit target price. RHB maintains a buy rating as tax incentives are expected to lower the effective tax rate in coming quarters. Shares held steady at 14.30 ringgit.

At BP, CEO Meg O'Neill's first 100 days have centered on operational predictability and balance-sheet repair. RBC Capital Markets analyst Biraj Borkhataria writes that her priority is cutting lost cash flow tied to liabilities, putting the $14 billion to $18 billion net debt target for end-2027 within reach by the third or fourth quarter of this year. No major strategy reset is expected; investor focus will stay on debt reduction and portfolio pruning.

O'Neill herself emphasized safety, sharper accountability, and strict cost and capital discipline in a 100-day memo, vowing to make BP the most "predictable" major. The market responded skeptically: shares slipped 1.6% to 483.25 pence, extending a 1.4% decline after the analyst meeting.

The divergence highlights a sector split: regulated utilities with visible demand tailwinds attract steady bids, while integrated majors face pressure to prove financial discipline before growth narratives regain credibility.