[%OZYA%]
Research by Maybank
Hold – TP RM9.50

“2Q24: Positively surprised"

Bursa’s 2Q24 earnings positively surprised on stronger-than-anticipated equity and derivative trading activities. 1H24 CNP was 56% of our FY24E and 53% of consensus. We raise FY24/25/26E core net profit (CNP) by 14%/15%/16%. Pegging on +0.5SD PER valuation of 24x on rolled fwd. mid-FY25E EPS (vs. mean or 22x PER on FY24E EPS previously), our revised TP is MYR9.50 (+MYR2). Maintain HOLD based on potential total return of 0.7% which includes 3.8% 12M fwd. DY.

Analyst:
Wong Chew Hann
[%gmup%]

$KLSE-BURSA
Research by Maybank
Hold – TP RM9.50

“2Q24: Positively surprised"

Bursa’s 2Q24 earnings positively surprised on stronger-than-anticipated equity and derivative trading activities. 1H24 CNP was 56% of our FY24E and 53% of consensus. We raise FY24/25/26E core net profit (CNP) by 14%/15%/16%. Pegging on +0.5SD PER valuation of 24x on rolled fwd. mid-FY25E EPS (vs. mean or 22x PER on FY24E EPS previously), our revised TP is MYR9.50 (+MYR2). Maintain HOLD based on potential total return of 0.7% which includes 3.8% 12M fwd. DY.

Analyst:
Wong Chew Hann
wchewh@maybank-ib.com