Maintain Hold. MYR79m 1H12 net profit (+3% YoY) made up 49-53% of house's and street's 2012 estimates. There is no change to our earnings forecasts and target price as we continue to peg Bursa at a 20% discount to our target 25x for SGX i.e. at 20x current year earnings plus excess cash of MYR0.91/sh (30 Jun 2012). Within our coverage universe, we are Buyers of SGX SP (TP: SGD7.43) for its structural growth potential; Sellers of HK Exchange (388 HK; TP: HKD90.00).

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Source: Maybank Research - 19 July 2012