Bursa Malaysia [%iDDG%] 
Research by AffinHwang Investment Bank
HOLD (upgrade) Price Target: RM6.70


"Reinstatement of stamp duty cap at RM1,000"

The Ministry of Finance (MOF) had announced on 30th of December that the stamp duty cap for trading of shares will be reinstated at RM1,000, while the rate of 0.15% is maintained. The MOF’s decision was arrived at after taking into consideration views of
various parties (including those in the stockbroking industry) to ensure that the
local stock market remains vibrant and dynamic. We upgrade Bursa to HOLD, with a higher TP of RM6.70, at a target P/E multiple of 22x (unchanged) on revised 2022E EPS of 30.5 sen (raised by +11.5%).

Tan Ei Leen
T (603) 2146 7543
E eileen.[%wNlj%]

Bursa Malaysia $KLSE-BURSA 
Research by AffinHwang Investment Bank
HOLD (upgrade) Price Target: RM6.70


"Reinstatement of stamp duty cap at RM1,000"

The Ministry of Finance (MOF) had announced on 30th of December that the stamp duty cap for trading of shares will be reinstated at RM1,000, while the rate of 0.15% is maintained. The MOF’s decision was arrived at after taking into consideration views of
various parties (including those in the stockbroking industry) to ensure that the
local stock market remains vibrant and dynamic. We upgrade Bursa to HOLD, with a higher TP of RM6.70, at a target P/E multiple of 22x (unchanged) on revised 2022E EPS of 30.5 sen (raised by +11.5%).

Tan Ei Leen
T (603) 2146 7543
E eileen.tan@affinhwang.com