FBM KLCI ETF [%KXIg%] 
Research by AmInvest
HOLD(Maintain): Target Price: RM1.84

“Bursa ETF Watch: Glove stocks cap valuations"

We maintain our HOLD call on FBM KLCI ETF but trim our fair value (FV) to RM1.84 (from RM1.85) (Exhibit 1). Our FV is based on our FVs (for stocks under our coverage), consensus FVs (for stocks not under our coverage) and last traded price (for Hap Seng Consolidated, which is not under any coverage). It is at a 10% premium to its NAV of RM1.68 (Exhibit 1).

AmInvestment Bank 
T 03-2036 2240
W [%TLrS%]

FBM KLCI ETF $KLSE-FBMKLCIEA 
Research by AmInvest
HOLD(Maintain): Target Price: RM1.84

“Bursa ETF Watch: Glove stocks cap valuations"

We maintain our HOLD call on FBM KLCI ETF but trim our fair value (FV) to RM1.84 (from RM1.85) (Exhibit 1). Our FV is based on our FVs (for stocks under our coverage), consensus FVs (for stocks not under our coverage) and last traded price (for Hap Seng Consolidated, which is not under any coverage). It is at a 10% premium to its NAV of RM1.68 (Exhibit 1).

AmInvestment Bank 
T 03-2036 2240
W www.amequities.com.my

$FBMKLCIEA / 0820EA (FTSE BURSA MALAYSIA KLCI ETF)