[%OXOM%]
Research by HLIB
Hold – TP RM9.96

“Highest quarterly showing post pandemic"

Bursa reported 1H24 core PATMI of RM156m (+48% YoY) – inline at 50%/53% of our/consensus full year forecast. Top-line growth was across the board –supported by higher ADV and ADC – which lowered CIR from 55% to 47%. Its share price is now back to the highs last seen in Aug-20, but current ADV (while strong) doesn’t reflect the pandemic heydays as (i) MTD Jul-24 ADV is -51% lower vs Aug-20 and (ii) YTD ADV is -21% lower vs FY20. Maintain HOLD with unchanged TP of RM9.96 (26x FY24 PE).

Analyst:
Jeremy Goh, CFA
[%hbYI%]

$KLSE-BURSA
Research by HLIB
Hold – TP RM9.96

“Highest quarterly showing post pandemic"

Bursa reported 1H24 core PATMI of RM156m (+48% YoY) – inline at 50%/53% of our/consensus full year forecast. Top-line growth was across the board –supported by higher ADV and ADC – which lowered CIR from 55% to 47%. Its share price is now back to the highs last seen in Aug-20, but current ADV (while strong) doesn’t reflect the pandemic heydays as (i) MTD Jul-24 ADV is -51% lower vs Aug-20 and (ii) YTD ADV is -21% lower vs FY20. Maintain HOLD with unchanged TP of RM9.96 (26x FY24 PE).

Analyst:
Jeremy Goh, CFA
pwgoh@hlib.hongleong.com.my