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Author: Tan KW   |   Latest post: Tue, 24 Nov 2020, 7:11 AM

 

【行家论股/视频】大马交易所 散户热情料减退

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https://youtu.be/MSnh09m1MMk

分析:联昌国际投行研究

标价:9.18令吉

最新进展:

大马交易所(BURSA,1818,主板金融股)2020财年第三季,净利按年暴涨1.59倍,至1亿2193万5000令吉,或每股15.1仙;第三季营业额也达到2亿3774万1000令吉,年涨93.8%。

累积首三季,营业额5亿6827万2000令吉,年增52.3%;净赚2亿7289万3000令吉,按涨94.5%。

 

行家建议:

今年首9个月,股票的每日平均交易值(ADTV)达40亿令吉;这直接促使马交所的首三季净利,超出我们的预期。

不过,尽管第三季净利按年飙涨超过1.5倍,至约1.22亿令吉;这依然低于我们的预测,因为马交所的营运成本比预测来得高。

股票市场的日均交易值走高,源自于散户积极参与投资;首三季散户的日均交易值,按年增长2.1倍至14.7亿;交易值占比也从去年的25%,提高至37%。

我们预计,随着暂缓还贷期限已过,股市的热度会降低,预测马交所的净利在末季会按季下跌32.1%,至8280万令吉,不过,按年比较仍然增长81.6%。

凭着首9个月超越预期的表现,我们上调马交所2020至2022财年每股净利预测9%至30%,目标价也提高至9.18令吉。

我们认为,马交所23倍的本益比是合理的,这符合22.9倍的5年平均值,同时符合同行新加坡交易所的23.2倍,因此给出“守住”评级。 

 

 

https://www.enanyang.my/行家论股/【行家论股视频】大马交易所-散户热情料减退

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