BURSA MALAYSIA (HOLD Maintained, TP: RM8.20) Costs weigh on ADV gains

Keep HOLD on Bursa with a higher TP of RM8.20. 4Q25 results were in line. Following the transfer of coverage, we reset bottom-line assumptions (FY26: +1%, FY27: -17%) and introduced FY28 estimates.

BURSA MALAYSIA

“Although ADV is improving, we are cautious on cost pressures given Bursa’s guidance for a 4-6ppt rise in FY26 CIR..”

Upside is limited as the stock trades above its 5-year mean P/E (+1SD) and offers a modest 3% yield. Ambank Research

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