Bursa earnings to improve in 2H25 as market sentiment recovers, says CIMB
Bursa reported a second quarter (Q2) 2025 net profit of RM57.1 million, marking a 16.6 per cent quarter on quarter (QoQ) decline. The dip was primarily driven by ADV and average daily contracts (ADC) falling 15.0 per cent and 10.1 per cent QoQ, respectively, compounded by a 7.5 per cent QoQ increase in staff costs.
As a result, Bursa's net profit for the first half of 2025 (1H25) stood at RM125.5 million, reflecting a 19.3 per cent year-on-year (YoY) decline.
Despite the softer performance, CIMB Securities noted that the results were broadly within expectations, meeting 47.3 per cent of its full-year FY25 forecast and 45.5 per cent of the consensus estimate.
"We expect earnings to improve in 2H25F, supported by a recovery in ADV as market sentiment stabilises and policy clarity emerges from the ongoing US reciprocal tariff negotiations," it said.
Meanwhile, CIMB Securities noted that a dividend per share (DPS) of 14 sen was declared, translating into a 90.3 per cent payout ratio.
The firm said this is in line with its full-year DPS forecast of 31.1 sen.
"We expect a higher payout in 2H25, consistent with our projection of improved earnings in 2H25," it added.
CIMB Securities has maintained its Hold rating on Bursa Malaysia, with an unchanged target price of RM7.40.
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