KUALA LUMPUR (Jan 21): CGS-CIMB Research has maintained its "Hold" call on Bursa Malaysia Bhd with an unchanged target price of RM6.20, given the cautious outlook for the equity market in 2020.

In a note dated Jan 20, the research house estimates Bursa's equity income to increase from RM55.8 million in 3Q19 to RM58 million to RM59 million in 4Q19F mainly due to the recovery in the equity market average daily trading (ADTV) to RM2.05 billion in 4Q19, translating into 5.3% quarter-on-quarter (q-o-q) and 8.7% year-on-year (y-o-y) growth.