Affin Hwang Capital Research retains Sell on Bursa

Bursa is set to announce its 4Q19 financial results on Jan 30,2020. Affin Hwang Capital Research’s preliminary estimate of its 4Q19 net profit works out to RM47m (-9.4% yoy; flat qoq).

KUALA LUMPUR: Affin Hwang Capital Research is keeping its Sell call on Bursa Malaysia with a 12-month target price of RM5.15 (based on a 2020E P/E multiple target of 23 times).

The research house said on Friday this was due to its expectations of a lacklustre market outlook in 2020E-21E, with a high risk of further foreign fund outflows and a weak Ringgit forecast of RM4.20.