MIDF Research has maintained its 'buy” recommendation on the stock with a revised target price of RM7.50.
’s higher net profit for the second quarter ended June 30, 2023 was within expectations, according to analysts.
MIDF Research opined the weakness in trading activities continued in 2Q FY2023 due to volatility in global markets caused by the US Federal Reserve’s actions and geopolitical issues.However, the firm expects that the US rate hike pause by the Fed will improve sentiment and market valuation going forward.
Meanwhile, it noted the group is working on new efforts to drive non-trading revenue such as the launch of the Bursa Gold Dinar and a new debt fund-raising platform with RAM.
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