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.
'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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