Bursa’s net profit surged 22.9% to RM310.12 million for the year ended Dec 31, 2024 (FY2024), up from RM252.38 million the previous year.

Its revenue also increased by 27%, rising to RM784.30 million from RM616.49 million.

Kenanga Investment Bank Bhd (Kenanga IB) noted that Bursa has outlined a stronger pipeline of 60 initial public offerings (IPOs) for FY2025, although it remains cautious with its earnings guidance.

“Looking ahead to FY2025, Bursa aspires to a stronger IPO pipeline of 60 IPOs (across the Main, ACE, and LEAP Markets) with a total IPO market cap of RM40.2 billion,” it said in a note today.

Kenanga IB said it continues to project an average daily value (ADV) of RM3.30 billion for FY2025, expecting the current market softness triggered by the effect of US president Donald Trump’s inauguration to subside eventually.

“Trading interest in Malaysian equities could be revitalised by emerging beneficiaries in the Johor-Singapore special economic zone, data centre developments (including constructors and landowners), and net exporters, benefitting from a potential softening of the ringgit,” it said.

In addition, MIDF Amanah Investment Bank forecasted a marginally lower profit-before-tax of between RM369 million and RM408 million for FY2025.

“We believe this is reasonable given the current market conditions and expectations of volatile sentiment,” it said in a separate note.

Meanwhile, Maybank Investment Bank Bhd (Maybank IB) revised its assumptions in anticipation of more cautious trading in a potential Trump 2.0 scenario.

“For FY2025, our revised assumptions are RM3 billion in equity ADV, down from RM3.7 billion previously, and flat derivative contracts (previously +5% year-on-year),” it said in a note.

Kenanga IB maintained an “outperform” call with a higher target price of RM9.70, up from RM8.47, while MIDF kept a ‘neutral’ stance with an unchanged target price of RM8.80.

Maybank IB retained a “hold” recommendation with a target price of RM8.35.