KUALA LUMPUR (July 23): RHB Investment Bank Bhd (RHB IB) foresees that Bursa Malaysia Bhd (KL:BURSA) could post a robust net profit of between RM75 million to RM85 million for its second quarter of financial year 2024 (2QFY2024) ended June 30, underpinned by robust securities and derivatives market performances.
In a research note on Tuesday, the investment bank also opined that such performances could continue, given expectations of further structural reforms and positive domestic-centric news flow.
Hence, it maintained a “buy” call for the stock exchange, with a target price of RM11.25.
“While the (Bursa Malaysia’s) share price has risen 44% year-to-date, we think that continued securities market strength, along with the potential announcement of special dividends, could provide further uplift,” RHB IB said.
It also assumed that there would be no special dividends at this juncture.
Bursa Malaysia’s net profit rose by 33.6% to RM75.03 million in its 1QFY2024, from RM56.17 million in 1QFY2023.
At market close on Tuesday, the stock exchange’s share price was up one sen, or 0.1% to RM9.99, with 2,853,300 shares changing hands.
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