Bursa Malaysia Berhad

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by RHB

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by Kenanga

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by HLIB

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by CGSI

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by TA

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by Maybank

KUALA LUMPUR: Bursa Malaysia Bhd and its subsidiaries will be closed on Oct 31, 2024, in conjunction with the Deepavali public holiday.

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by HLIB

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by Maybank

KUALA LUMPUR: Bursa Malaysia Bhd said on Friday it is seeking industry feedback on a plan to launch a new futures contract for used cooking oil, a key ingredient in producing renewable biofuels.

© New Straits Times Press (M) Bhd

KUALA LUMPUR: Bursa Malaysia Bhd, TNG Digital Sdn Bhd (TNG Digital), and Affin Hwang Investment Bank Bhd have launched e-Trade, the first equities market trading feature, within the TNG eWallet.

Titan Weekend Chart Reviews

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

Beware of potential double top pattern here with RM 9.90 as main resistance.

If unable to hold above its RM 9.60 support, could retrace further down towards the RM 9.20+ regions soon.

Support: RM 9.75, RM 9.60, RM 9.20 areas
Resistance: RM 9.90, RM 10, RM 10.50 areas

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by Maybank
HOLD – TP RM9.50

" ESG 2.0: Remains at the forefront”

We review Bursa’s ESG matters post the release of its FY23 Sustainability & Corporate Governance Reports. Our ESG score for Bursa is updated to 68 (out of 100) vs. 69 in our last review, above average. Positively too, Bursa achieved carbon neutrality for the 3rd consecutive year in 2023. Major development in 2023 is the start of operations by BCX, supporting the country’s efforts to transition to a low-carbon economy.

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

Titan Weekend Chart Reviews

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

Had a breakout from its RM 9.30+ main symmetrical triangle pattern here on the daily chart last week and had been holding strong.

For now as long as able to sustain, could continue to trend up towards the RM 9.90+ major resistance levels soon for an uptrend continuation pattern in the coming weeks.

Still strong and uptrend here.

Support: RM 9.30, RM 9.15 areas
Resistance: RM 9.60, RM 9.90, RM 10 areas

Titan Weekend Chart Reviews

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

Still trading within a symmetrical triangle pattern here on the daily chart with RM 9 as the main support on the daily chart

For now at a very crucial point here and if unable to hold support, could trend won towards the RM 8.50+ levels.

If able to breakout from its RM 9.40+ regions, then could continue to trend up towards the RM 9.90+ regions.

Support: RM 9, RM 8.50 areas
Resistance: RM 9.40, RM 9.90, RM 10 areas

Titan Weekend Chart Reviews

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

Had been consolidating within a symmetrical triangle consolidation pattern over the past month here with RM 9+ as the main support levels.

For now seems to be trading towards the end of this pattern and if able to sustain, could breakout from its RM 9.50+ major resistance levels for an uptrend continuation pattern.

Support: RM 9 area
Resistance: RM 9.50, RM 9.90, RM 10 areas

So, correction is happening, history seems to be repeating itself, with a little bit variation here and there, will it become a full-on crash? This I'm not sure.

But honestly, if looking at 2020 March-April, it was way worse, KLCI was around 1250 levels, $BURSA / 1818 (BURSA MALAYSIA BERHAD) was like RM4.50 or something...
just trying to put things in context.

Maybe just a healthy pullback, maybe.

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by TA
Buy – TP RM10.70

“Record Highs"

We revise Bursa's target price (TP) up to RM10.70 from RM8.20 on the back of 1) the upward revision to our forecast, and 2) rolling valuation base year forward to FY25. Our TP is based on an implied FY25 PER of around 24.5x and a 3% ESG premium. We reiterate our BUY recommendation on Bursa.

Analyst:
Li Hsia Wong
liwong@ta.com.my

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by RHB
Buy – TP RM11.25

“A Resoundingly Solid Performance"

Keep BUY and MYR11.25 TP, 15% upside with c.4% FY24F yield. Bursa Malaysia’s 1H24 net profit of MYR155.5m is in line with our and consensus full-year projections. At half time, the group’s financial performance has comprehensively beaten its initial PBT target, which we suspect was due to a stronger-than-expected securities market performance. As such, management has revised its PBT target upwards, although it is still fairly conservative, in our view.

Analysts:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong, CFA
david.chongvc@rhbgroup.com

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by MIDF
Neutral – TP RM9.30

“Strong Momentum"

• Earnings beat our expectation
• Higher securities trading revenue
• Securities market saw a broad-based rebound
• Continued increased costs due to capacity building
• Interim dividend of 18sen per share
• Earnings estimate revised upwards
• Downgrade to NEUTRAL with revised TP of RM9.30

Analyst:
Imran Yassin Yusof
imran.yassin@midf.com.my

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
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

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by Kenanga
Market Perform – TP RM10.00

“Solid ADVs Following Through"

BURSA’s 1HFY24 results met expectations with the group opting to raise its earnings guidance. However, they may be more conservative compared to our view that the trading landscape in Malaysia could stay robust on the back of better trading sentiment and investment themes. We tweaked higher our FY24F-FY25F forecasts by 1% each, and TP to RM10.00 (from RM9.90). Maintain MARKET PERFORM.

Analyst:
Clement Chua
clement.chua@kenanga.com.my

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
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

$BURSA / 1818 (BURSA MALAYSIA BERHAD) $MAYBANK / 1155 (MALAYAN BANKING BERHAD) $GASMSIA / 5209 (GAS MALAYSIA BERHAD) $YINSON / 7293 (YINSON HOLDINGS BERHAD) $CIMB / 1023 (CIMB GROUP HOLDINGS BERHAD)

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by HLIB
HOLD – TP RM9.96

"Robust but getting stretched"

Judging from 2Q24’s Securities ADV of RM3.6bn (+23% QoQ, +103% YoY) and Derivatives ADC of 86k (+2% QoQ, +10% YoY), we estimate that Bursa could post quarterly earnings of RM83m (+11% QoQ, +70% YoY). This could bring 1H24 earnings to RM158m (+50% YoY) – forming 56%/54% of our/consensus full year forecast and deemed above expectations. Bursa’s share price has risen back to the highs last seen in Aug-20. However, current ADV (while strong) isn’t back to the pandemic heydays as (i) MTD Jul-24 ADV of RM3.7bn is -48% lower vs Aug-20 and (ii) YTD ADV of RM3.3bn is -21% lower vs FY20. We raise FY24/25/26 earnings by 9%/9%/3% and up our TP from RM9.15 to RM9.96, but downgrade our rating from Buy to HOLD.

Analyst:
Jeremy Goh, CFA
pwgoh@hlib.hongleong.com.my
(603) 2083 1716

$BURSA / 1818 (BURSA MALAYSIA BERHAD)

$BURSA / 1818 (BURSA MALAYSIA BERHAD)
Research by RHB
BUY – TP RM 11.25

" Expecting Another Robust Quarter; Keep BUY"

We think Bursa Malaysia could post 2Q24 net profit of MYR75-85m,underpinned by robust securities and derivatives market performances. We think such performances can continue given expectations of further structural reforms and positive domestic-centric news flow

Analyst:
Nabil Thoo
nabil.thoo@rhbgroup.com
David Chong CFA
david.chongvc@rhbgroup.com

Company Face-Off: $BURSA / 1818 (BURSA MALAYSIA BERHAD) vs $N2N / 0108 (N2N CONNECT BERHAD) vs $EFORCE / 0065 (EXCEL FORCE MSC BERHAD)

Besides the data centre boom that has positively impacted Malaysia's stock market in the first half of 2024, the vibrant IPO scene has also drawn big interest from funds to come into Malaysia! Beyond the data centre-related and IPO stocks, the strong performance and high trading volume of Malaysia's stock market favor companies facilitating these trades in the market. Here’s a comparison of three prominent PLCs in this space: our very own bourse $BURSA / 1818 (BURSA MALAYSIA BERHAD) and two tech enablers for brokers providing the software and services for the trading platforms we use.

With the rising interest and volumes in Bursa Malaysia, could there be any opportunities here? Let us know in the comment section below!