Revisiting expectations

Maintain BUY with a lower MYR8.70 TP
Bursa’s current valuation implies MYR3.2b-3.3b equity ADV over the next
12M, a tad below Jul 2021-MTD’s MYR3.4b. Amid multiple challenges,
ADV could remain weak over the near term, before picking up towards
YE21 in anticipation for economic activities to rebound in 2022. We
lower ADV forecasts, leading to cuts in our FY21/22/23E net profit by
15%/20%/ 20%. Pegging on an unchanged 23x PER (10Y mean) on FY22E
earnings (FY21E previously), our revised TP is MYR8.70 (-20%).