April 20, 2011

BURSA - AmResearch maintains Buy on Bursa Malaysia, unch FV RM9.60

Stock Name: BURSA
Company Name: BURSA MALAYSIA BHD
Research House: AMMB

KUALA LUMPUR: AmResearch said Bursa Malaysia's earnings in the first quarter ended March 31, 2011 was boosted by strong volume and high velocity.

'We maintain our BUY rating on BURSA MALAYSIA BHD [] with an unchanged fair value of RM9.60. Our fair value is still pegged to fair P/E of 30x,' it said on Wednesday, April 20.

Bursa reported strong net earnings of RM40.5mil in 1QFY11, chalking up a robust 35.9% QoQ and 41.9% YoY growth.

'Annualised net earnings came in -4.2% below our estimate but was +2.5% above consensus forecast of RM157mil. The top line surpassed the RM100mil-mark, registering overall revenue of RM107.8mil in 1QFY11.

'This is the first time the quarterly revenue has surpassed the RM100mil level since almost three years ago in 3QFY07's RM111.3mil,' it said.

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