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RHB: Bursa 1Q profit within expectation, seen as Economic Transformation Programme proxy

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RHB: Bursa 1Q profit within expectation, seen as Economic Transformation Programme proxy Empty RHB: Bursa 1Q profit within expectation, seen as Economic Transformation Programme proxy

Post by Cals Fri 18 Apr 2014, 12:28

RHB: Bursa 1Q profit within expectation, seen as Economic Transformation Programme proxy
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Friday, 18 April 2014 10:40

KUALA LUMPUR (Apr 18): Bursa Malaysia Bhd's first-quarter results came in within expectation, according to RHB Research Institute Sdn Bhd.

Yesterday, stock exchange operator and regulator Bursa said net profit rose 18% to RM45.1 million in the first quarter ended March 31, 2014 from RM38.2 million a year earlier. Revenue was higher at RM123.2 million versus RM110.4 million.

Today, RHB analyst David Chong said Bursa's RM45.1 million net profit came in within RHB's and consensus forecast. Chong said the figure constituted 24% of RHB's and consensus full-year estimates respectively.

"We retain our MYR9.00 FV (fair value), which is based on a target 2014 P/E of 25x (5-year median). Bursa is a proxy and a likely beneficiary of the on-going roll out of the Economic Transformation Programme, in our view.

"On the retail front, macro factors look positive, thanks to the country's young, growing workforce as well as high-savings rate. This could be further boosted if foreign retail participation picks up following the launch of the Asean Trading Link, although we see this as a longer-term positive," Chong said.

RHB which maintained its "buy" call for Bursa shares, has also retained its earnings forecast for the latter.
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