KUALA LUMPUR: CIMB Equities Research maintains Trading Buy on Bursa Malaysa due to potential catalysts of higher trading value, sustained market sentiment, a rebound in the effective clearing fee rate, and stronger growth in the derivatives business.
Bursa's FY09 core net profit eased 2.7% to RM101.6m, 8.4% below its forecast as trading value disappointed.
"But reported net profit jumped 70.1% to RM177.6m, beating our projection and consensus by 12-15% due to higher-than-expected gains from the sale of a stake in Bursa Malaysia Derivatives (BMD)," it said on Friday, Feb 5.
The group declared a final net DPS of 9 sen, bringing FY09 net DPS to 17.8 sen, below CIMB Research's projected 26.7 sen.
"We nudge up our net earnings forecasts by 0.8-0.9%, which increases our target price from RM10.60 to RM10.70," it said.
CIMB Research said despite the poorer-than-expected FY09, it remains positive on the stock as it envisage a pick-up in trading value in 2010, driven by the expected inflow of foreign funds and an increase in corporate fundraising activities
About Me
- Nuang
- Ibrahim bin Ramli@Nuang started his career with CIMB Wealth Advisors Berhad as Agency Manager in April, 2008.Previously he was an Internal Auditors and Accounts Executive with Perodua Sales Sdn Bhd since 17 August, 1994. His background:- 1.Certified of Achievement for Master Sales Leadership from Dr Lawrence Walter Ng of President of The Art Of Learning and International Of Learning Without Learning 2.Certified for eXtra Ordinary Performance of Lawrence Walter Award Certificate for One Million Ringgit Club 2007 3. Certified Life & General insurances 4. Conferred with Diploma in Business Studiess & Bachelor of Business Admin(Hons)Finance from UiTM, Terengganu Branch & Shah Alam respectively;
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