Bursa Malaysia Berhad, an exchange holding company, (BSMAF) Fair Value & Analysis

Financial Services · US · Market cap $1.8B

A solid business, but screening 48% overvalued on our models.

What matters now

• A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
• The price sits above even our optimistic bull case ($1.44). The favourable scenario is already priced in.
• A fairly wide model range ($0.7400 to $1.44) leaves room in how you read the outcome.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

60‑month range $1.07 – $2.22 · fair‑value band $0.7400 – $1.44 · the $2.18 price screens above the $1.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.

Full chart & analysis →

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Analysis

Bursa Malaysia Berhad, an exchange holding company, (BSMAF) currently trades at $2.18, while our model-based Fair Value estimate is $1.13, implying the stock looks roughly 48.2% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bursa Malaysia Berhad, an exchange holding company, generated revenue of $752M at a net margin of 33.8%. Revenue grew 15.7% year over year. It earns a return on equity of 33.8%. The balance sheet holds a net cash position of $561M. Fundamentals as of Jul 26, 2026

Our scenario range runs from $0.7400 (bear case) to $1.44 (bull case); at $2.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 76% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -53% fair-value upside, at -48%, BSMAF screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Earnings-Based ($4.97) versus Asset-Based ($0.6600). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

Bursa Malaysia Berhad, an exchange holding company, provides treasury management, and management and administrative services in Malaysia and internationally. The company operates through six segments: Securities Market, Derivatives Market, Islamic Market, Data Business, Exchange Holding Business, and Others.

Full company description

Bursa Malaysia Berhad, an exchange holding company, provides treasury management, and management and administrative services in Malaysia and internationally. The company operates through six segments: Securities Market, Derivatives Market, Islamic Market, Data Business, Exchange Holding Business, and Others. It engages in provision and operation of the listing, trading, clearing, and depository services on the securities exchange and trading and clearing services on the derivatives exchange. It also engages in provision of Shariah compliant Murabahah commodity trading platform to facilitate Islamic finance transactions and liquidity management for Islamic financial institutions, and Shariah compliant market for precious metals and provision and dissemination of information relating to equity securities and derivatives quoted on the exchange, as well as data reported from the bond platform. In addition, it functions as investment holding company; and engages in provision of a multi-environment product exchange, a debt fundraising platform for small to mid-sized companies, a reporting platform for bond traders, and an exchange for the voluntary carbon and offshore markets. Further, it offers equities, bonds, derivatives, Islamic market products, indices, central depository system (CDS) accounts, network access and infrastructure services, BTS2 on boarding, and co-location services; offshore listings of Sukuk; and acts as a nominee for Bursa Malaysia Depository and receives securities on deposit for safe-custody or management. The company was founded in 1930 and is based in Kuala Lumpur, Malaysia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bursa Malaysia Berhad, an exchange holding company, reported revenue of $702M in FY2025 versus $752M in FY2021, a compound −1.7%/yr. Reported net income was $250M in FY2025, compounding −8.4%/yr from FY2021.

BSMAF screens 48% overvalued. Compare with S&P Global Inc →

Peer Group

Financial Data & Stock Exchanges · 54 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.