KUALA LUMPUR: AmResearch is maintaining its BUY call on BURSA MALAYSIA BHD [] with an enhanced fair value of RM9.60 (from RM8 a share previously).
It said on Wednesday, Oct 20 it was rolling forward its base year to FY11 from FY10. Its fair value is pegged to an unchanged fair P/E of 30 times.
'We remain positive about Bursa. The stock is still a highly leverage play on improvements in the capital market. It is the main beneficiary of the government's initiatives to revitalise the capital markets.
'Our net earnings estimates for FY11 represents 70% of Bursa's net earnings of RM240.6 million in FY07, still some way off and an indication plenty of room for improvement,' it said.
It said on Wednesday, Oct 20 it was rolling forward its base year to FY11 from FY10. Its fair value is pegged to an unchanged fair P/E of 30 times.
'We remain positive about Bursa. The stock is still a highly leverage play on improvements in the capital market. It is the main beneficiary of the government's initiatives to revitalise the capital markets.
'Our net earnings estimates for FY11 represents 70% of Bursa's net earnings of RM240.6 million in FY07, still some way off and an indication plenty of room for improvement,' it said.
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