KUALA LUMPUR (Oct 29): Bursa Malaysia Bhd’s (KL:BURSA) third-quarter earnings rose within analysts’ expectations, keeping the exchange on course to meet year-end projections.

The exchange’s net profit for the third quarter of 2026 (3Q2026) rose 13.5% year-on-year to RM215 million, which is 75.8% of analysts' full-year consensus estimates.  

BIMB Securities Sdn Bhd said in a report on Thursday the earnings were driven by stronger securities and derivatives trading revenue, as well as higher contributions from Bursa Suq Al-Sila’, the exchange’s Islamic finance trading platform.

Securities revenue rose 15.3% from a year ago to RM90.9 million  but slipped 3.7% quarter-on-quarter, as average daily value (ADV) trade fell 10.6%, said HLIB Research. Derivatives revenue, which rose 18.8% quarter on quarter, partly offset the decline.

For the first nine months of 2026, securities revenue climbed 22.8% year-on-year to RM276.7 million.

ADV eased further to RM2.84 billion in October from RM2.95 billion in 3Q2026, but HLIB said this was already built into its full-year assumption of RM3.05 billion, against RM3.16 billion year-to-date.

Bursa Malaysia is also on course to meet its key performance indicators (KPI) for the year, including the initial public offering (IPO) market capitalisation target.

“A total of 47 IPOs with a combined market capitalisation of RM28 billion were recorded in 3Q2026, keeping Bursa Malaysia on course to meet its RM34 billion FY2026 IPO market capitalisation target,” said BIMB Securities.

RHB Investment Bank Bhd highlighted several catalysts that could support the exchange towards the fourth quarter and beyond.

These include the planned expansion of the FBM KLCI index, which is scheduled to be completed by January 2027.

The research house is also monitoring the dual-listing arrangement between the Malaysian and Hong Kong bourses   and the upcoming introduction of 23-hour trading in the US stock market on Dec 6.

BIMB Securities, HLIB and RHB maintained “buy” calls on Bursa Malaysia, with target prices of RM9.30, RM9.38 and RM9.80  respectively.