PETALING JAYA: Bursa Malaysia Bhd
’s (BMB) financial results for the financial year ended Dec 31, 2025 (FY25) came in within expectations, with analysts expecting the company to be one of the beneficiaries of positive liquidity inflows.
RHB Research said in a note that BMB’s FY25 results broadly met its and consensus estimates, as well as its 2025 financial key performance indicators (KPIs).
“While it is still early days, we believe BMB would be one of the beneficiaries from the positive liquidity inflow trends so far. Securities average daily value (SADV) has already got off to a good start with the year-to-date value at RM3.3bil. Hence, we upgrade our call for the counter.”
RHB has upgraded the stock to “buy” from “neutral” with a new target price (TP) of RM9.95 a share. At last look, it was at RM9.07.
It noted despite an improvement in operating revenue, BMB’s profit after tax and minority interests fell quarter-on-quarter due to seasonally higher operating expenditure (opex) (higher staff costs and business development expenses) while on a full-year basis, softer securities trading revenue coupled with higher opex led to a drop in earnings.
It noted BMB’s headline 2026 financial KPIs were a return on equity (ROE) of 27% to 30% (2025: 30%); and non-trading revenue growth of more than 10%, while its non-financial KPIs included a total initial public offering (IPO) market capitalisation of RM28bil in 2026 – partly aided by the spillover of IPOs delayed from 2025.
“It also guided for opex growth of 5% to 8% and a dividend payout of around 90%. Our 2026 ROE of 34.5% is above Bursa’s KPI – likely due to a more optimistic view on SADV,” it said.
TA Research has revised BMB’s TP upward from RM8.80 a share to RM10.20, reflecting stronger earnings forecasts and an updated risk-free rate assumption of 3.5%. It upgraded its call from “hold” to “buy”.
