Maintain Hold. RM146m 2011 net profit (+29% YoY) made up 98% of our and 101% of consensus estimates. We marginally tweak forecasts, expecting a slower 11% growth in 2012 profit with continuous volatility to support equity and derivative trading activities. We lift our sum-of-parts based target price by 7% to RM7.00, pegging Bursa at 20x 2012 PER (18x previously) which is at a 20% discount to our target for SGX SP plus excess cash (94sen/sh). We expect Bursa to retain its 95% net profit payout translating into a 3.8% net yield for 2012.


Maybank Research 10 Feb 2012

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