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Bursa Malaysia - More relevant in the Asian context
Reversing the declining trend in the past five quarters, Bursa Malaysia’s (Bursa) 2Q09 net profit went up 22.3% yoy and 125.9% qoq to RM35m. Revenue from the equity market soared 145.8% qoq while derivatives revenue and stable revenue went up 25.0% and 3.5% qoq respectively. The results were largely in line with expectations.Going forward, while our assumed turnover velocity remains largely unchanged at 66.5% (47% in Jun 09), total market capitalisation for shares listed on Bursa went up from RM651b at end-Mar 09 to RM806b at end-Jun 09. Hence, the need for us to raise our forecast market turnover. We revised our ADT assumptions higher for 2009 (from RM1.2b to RM1.5b), 2010 (from RM1.9b to RM2.4b) and 2011 (from RM1.9b to RM2.4b). As a result, we raised our 2009, 2010 and 2011 earnings forecasts by 29%, 27% and 26% respectively.Bursa’s 2009 full-year earnings were dragged down by the weak market turnover in 1Q09 (RM0.7b). We forecast a further pick-up in market turnover in 2H09. In addition, we are rolli
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