Kenanga ups Bursa Malaysia to outperform

by **hlk** Fri 20 Apr 2012, 13:23

Kenanga Research upgraded Bursa Malaysia Bhd to outperform from market perform previously after the stock exchange operator's first quarter ended March 31, 2012 results came in above its expectations.

"The upgrade is in line with our earnings revisions and higher potential total return of more than 15 percent from here even though we maintain our target price of RM8.00 a share," the broker said in a research note today.

Kenange revised up Bursa's fiscal year ending Dec 31, 2012 (FY2012) and FY13 net profit estimates to RM159.3 million and RM195.2 million on the back of higher Malaysia's benchmark stock index target of 1,650 points from 1,570 previously.

As at 0126 GMT, Bursa's shares shed 0.29 per cent, underperforming the benchmark stock index that dropped 0.09 per cent. -- Reuters