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Results Note � Bursa (BUY, maintain)
- Higher securities market revenue drives 3Q14 Bursa Malaysia�s (Bursa) 9M14 net profit of RM145m (+4.2% yoy) was underpinned by robust 3Q14 earnings, which saw 13.3% qoq growth. 3Q14 recorded a strong revenue of RM124.4m (+8.3% yoy) while flattish yoy growth in operating expenses helped the bottom line. Annualized 9M14 net profit is within our 2014E forecast and as such, we retain our 2014-16E forecasts. Maintain BUY and TP of RM9.30 (based on a 2015E PE of 22x). Relative to its regional peers, Bursa offers very attractive 6.6% dividend yields over 2014-16E. Although the market outlook appears cautious with ADV traded marginally lower than 3Q14, we believe that ample domestic liquidity will continue to support the indices. We view short-term volatility and corrections in the market as opportunities for domestic funds to reposition in the market.
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