Bursa Malaysia

[winston]

vested

Bursa Malaysia's 2Q profit falls as trading slows, declares 14 sen dividend

By Adam Aziz

Bursa Malaysia Bhd's (KL:BURSA) net profit fell 29.07% year-on-year for the second quarter ended June 30 (2QFY2025), as securities trading revenue extended its decline for the third consecutive quarter while other segments’ contribution rose.

Net profit fell to RM57.06 million in 2QFY2025 from RM80.45 million in the same quarter last year, Bursa’s results filing showed.

Securities market revenue fell 22%, dragging its total revenue to RM172.58 million from RM199.94 million a year ago.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/764398

[winston]

vested

2Q Results:-

Revenue: -14%; RM 173m
EPS: -28%; RM 7.10
Net Asset: RM 0.98
Divs: 0.14

https://www.bursamalaysia.com/market_in ... id=3575163

[winston]

vested

Bursa Malaysia (BURSA MK)

2Q25: ADV Remains Muted Amid Cautious Sentiment

Bursa’s 2Q25 results were broadly in line with expectations, with both yoy and qoq earnings impacted by softer ADV.

While current trading volumes remain subdued, they are in line with our projections.

We maintain our HOLD rating with a higher target price of RM7.87 (from RM7.29) as we roll forward our valuation to 2026, factoring in a modest ADV recovery supported by the anticipated resumption of Fed rate cuts and a gradual return of risk appetite.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

vested

2Q25: Slight shortfall

Lowering earnings est.s & TP; maintain BUY

Bursa’s 1H25 net profit of MYR126m (-19% YoY) fell short at 47%/46% of our/consensus’ FY25E as operating expenses (opex) rose QoQ (in 2Q25) amid lower topline.

We revisited our opex assumptions, leading to 6%/6%/ 5% shave in our FY25/FY26/FY27E net profit forecasts.

Based on unchanged 26x PER target on FY26E EPS, our new TP is MYR8.30 (-50sen).

We maintain BUY on Bursa; its transformation into a multi-asset exchange, which will enlarge its earnings base, will be a re-rating catalyst.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/473516.pdf

[winston]

not vested

1818 BURSA (BUY)
Twin tailwinds on the horizon

Taking cues from 2Q26 ADV and ADC figures, we estimate that Bursa could post quarterly earnings of RM70m (-4% QoQ, +23% YoY), bringing its 1H26 tally to RM143m (+14% YoY) or 49% of our/consensus full-year forecast.

Looking ahead, we see twin tailwinds for the local bourse’s ADV.

Firstly, we view Bursa as an apolitical election play as it benefits from the post-polling ADV boost.

Secondly, the proposed index series enhancements, if approved, could trigger a near-term ADV spike in a more profound manner vs past standard semi-annual reviews.

We upgrade Bursa to a BUY with a higher TP of RM9.85 based on 27x mid-FY27 P/E.

Source: HLIB