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Company Update � Bursa (BUY, maintain)
- 3Q14 preview � marginal qoq growth Bursa Malaysia is still a BUY, with a TP of RM9.30 (based on a 22 PE target on FY15E EPS). Bursa�s high free-cash-flow generation ability should continue to support high dividend payouts of at least 52 sen (at 6.6% in FY14-16). With 3Q14 results slated for release on 20 Oct-14, we believe that net profit growth in 3Q14 will remain mediocre at +2.5% qoq, and meanwhile for 9M14, we anticipate a RM140m net profit (70% of our FY14 forecast of RMR200.5m). Our assumptions are based on the equity and derivative trading statistics, whereby the equities market trading value for 3Q14 grew by a marginal 1.6% qoq to RM140.3bn while derivatives trading momentum saw total contracts traded up by 18.7% qoq to 3.3m in 3Q14. Although the market outlook appears cautious, with most non-GLC institutional investors staying on the sidelines, we believe that ample domestic liquidity will continue to support the indices. In fact, 4Q has traditionally been robust, owing to window-dressing activities.
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