Credit Suisse keeps Bursa Malaysia (1818.KU) as Outperform with unchanged MYR11.0 target

STOCK CALL: Credit Suisse keeps Bursa Malaysia (1818.KU) as Outperform with unchanged MYR11.0 target, which represents 42% potential upside. "We continue to believe 2010 will be a better year for capital markets, driven mainly by structural reforms made in June 2009, says CS; adds already see evidence of doubling trading volumes, stronger IPO pipeline, and increased capital raising and M&A activities. "And we expect further upside to market volumes arising from government sell down of GLC, and 15 to 17 GLC listings, and expectations of higher derivative income with CME tie up," says CS; notes Bursa's share price flat despite increased market activity post reforms. "At 21x FY10E P/E, Bursa's premium versus the market, and peers, is close to its recent low (seen in March 2009), despite its stronger growth outlook (two-year CAGR at 37.5%)," says CS. Stock last +0.8% at MYR7.75. (ECH)