PETALING JAYA: Bursa Malaysia Bhd
’s recent earnings announcement has buoyed market sentiments and reinforced confidence.
Among research houses, two maintained a “buy” call, one placed an “outperform” call, while another had a “hold” call, and one was “neutral”.
MBSB Research said the first half of financial year 2026 (1H26) had gained momentum, supported by stronger securities trading revenue and higher listing and issuer services revenue.
Bursa raised its initial public offering (IPO) market capitalisation target to RM34bil from RM28bil after generating RM26.1bil from 36 IPO’s in 1H26.
To recap, in the 1H26, total revenue grew 19.1% to RM425mil while net profit stood at RM144.6mil.
Operating revenue increased to RM411.7mil and trading revenue grew to RM258.2mil while non-trading revenue hit RM153.5mil.
An interim dividend of 16.5 sen per share for 1H26 was declared.
MBSB Research said there are a number of potential developments that will support the stock exchange’s medium-term growth.
“Bursa had proposed enhancements to the LEAP Market to expand fundraising access for micro, small, and medium enterprises and mid-tier companies.
“It also issued a consultation paper on proposed enhancements to FBM KLCI and FBM70, which may improve benchmark relevance and market vibrancy.”
Bursa’s collaboration with Hong Kong Exchanges and Clearing together with the Securities Commission and the Securities and Futures Commission of Hong Kong memorandum of understanding could lead to more dual listings between Malaysia and Hong Kong.
MBSB Research maintained its neutral recommendation with a target price (TP) of RM8.85, stating it liked Bursa for its resilient earnings, strong dividend payout and improving non-trading revenue contribution.
Commenting on the MY Value Up programme, CIMB Research said, it has been broadly positive as companies outside the 88 targeted firms have been actively engaging with authorities.
The research house said Bursa is also in the process of formulating its 2027 to 2030 strategic roadmap, which will be aligned with both the Capital Market Masterplan 2030 and its own MY Value Up initiative.
However, CIMB Research expects a weaker 2H, as the decline in average daily volume (ADV) at less than RM3bil in July this year suggests investor participation remains cautious despite positive structural catalysts.
“We therefore expect equity ADV to moderate to about RM2.65bil in 2H26 from RM3.5bil in 1H26 amid general election-related uncertainty and ongoing geopolitical risks.
“That said, we maintain our FY26 to FY28 earnings forecasts, assuming equity ADVs of RM3.1bil to RM3.3bil and derivatives average daily contracts of 96,900 to 105,100.”
Additionally, CIMB Research said that it would maintain a “hold” call on the stock with a TP of RM8.65.
Meanwhile, Kenanga Research said that while it does expect the third quarter to be subdued, the expectation of an expansionary budget will push for a better fourth quarter.
“Our TP is nudged up from RM9.25 to RM9.60, as we roll over the valuation base year to FY27.”
Furthermore, TA Research said it will keep its “buy” call on the stock with a TP of RM9.55.
