KUALA LUMPUR (Oct 26): CIMB IB Research has maintained its “Hold” rating on Bursa Malaysia Bhd with a higher target price of RM8.66 (from RM8.50) and said Bursa’s 9M15 net profit was within house and market expectations at 72-75% of house and consensus full-year forecasts.

In a note Oct 23, the research house said Bursa’s 9M15 derivative income jumped 24% on the back of a 16.7% year-on-year (y-o-y) rise in trading.

“Equity income fell by 4.1% y-o-y in 9M15 due to lower market trading value.

“The roll-over to 2016 raises our target price from RM8.50 to RM8.66.

“Despite bright prospects for the derivative business, we maintain a Hold call on Bursa due to the uncertainties in the equity market and high valuations,” it said.