Bursa Malaysia: 2Q17: Modest Special Dividend | I3investor

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Bursa Malaysia: 2Q17: Modest Special Dividend

UOBKayHian

Publish date: Thu, 27 Jul 2017, 09:28 AM

(BURSA MK/HOLD/RM10.50/Target: RM10.00)

Bursa’s 2Q17 results were in line with our estimates. Earnings were driven by strong securities ADV growth of 33% yoy. However, a contraction in derivatives trading revenue partially diluted the robust securities trading revenue growth. Maintain HOLD and target price of RM10.00 (25.0x 2017F PE). Current valuation at 29.0x 2017F PE represents +1SD above its historical mean of 25.0x.The group declared a special DPS of 15 sen, lifting overall implied dividend yield to 5.2%. Entry price: RM9.50.

Source: UOB Kay Hian Research - 27 Jul 2017

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