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Click here to unpin menu.Research Repository
Bursa Malaysia aims to help investors make informed decisions and facilitate better understanding of our listed companies. We offer FREE research reports from the CMDF-Bursa Research Scheme (CBRS) and Non CBRS.
For enquiries on research report, please email cbrs@bursamalaysia.com.
FAQ
- What are the benefits of opting into this research scheme?
Benefits for listed companies:
- Enhanced profile
- Ability to attract institutional following
- Wider shareholder base
Benefits for Research Houses:
- Additional revenue driver
- Constant income generation
Investors:
- More information on companies
- Wider choice of companies to invest
- Who is eligible for the scheme?
All listed companies and licensed Investment Advisers will be invited to participate in the CBRS on a voluntary basis. However, Bursa maintains the discretion to accept or reject their application.
- Who will allocate the participating companies to the research houses?
An Allocation Committee will be established by Bursa to allocate participating companies to research houses.
- Do the participating research houses have a choice in accepting/rejecting the list of companies allocated to them?
No. However, research houses may request for certain companies to be excluded from their list if there are specific reasons such as cornflict of interest if they conduct research on a certain company eg. their investment banking arm provides corporate advisory services.
- What if the research house is already covering the stock that is allocated under the scheme?
The research house will still be required to follow the requirements of the scheme and the reports will be made available to the public free of charge.
- How can we ensure research independence, since the participating listed companies will be providing the funding?
Independence is maintained as listed companies have no say on the choice of analysts and analysts are not paid directly by the listed company.
- Who will form the allocation committee?
Representatives from the Securities Commission and Bursa Malaysia will form the Allocation Committee. Representatives from the industry may be invited to provide their view to the Allocation Committee, depending on the need.
- How many research house are participating?
There are 21 research houses participating in the scheme.
- How did you arrive at the costing of RM15,000 per company per research?
Based on our consultation with research on the cost to conduct research. The figure of RM15,000 is presumed to be low enough to incentivise listed companies to participate and high enough for research houses to want to participate and high enough for research houses who want to participate in ther scheme.
- How will we know who is conducting the research?
The reports will carry the name of the research house and the analyst(s) who generated them.
- What is Bursa Malaysia's role in the scheme?
Bursa will be purely the administrator for the CBRS.
- How long is this scheme going to be for?
The scheme will be administered for 2 years before a review is conducted to access the effectiveness of the scheme.
- What happens after the expiry of the 2 year pilot programme?
Depending on the success of the project, a self funding programme may be initiated.
- Can coverage be stopped half way during the pilot scheme?
If a research house intends to suspend or terminate coverage of a listed company, it must provide reasons to the Administrator and any suspension or termination is subject to the approval of the Administrator.
- Can research houses/listed companies withdraw from the scheme?
Both listed companies and research houses are locked in for 2 years. Any early withdrawal is subject to the approval of the Administrator. Listed Companies will not be entitled to any refund of monies paid should it withdraw early from the CBRS.
- Would it be too complicated for the average retail investor to understand the report?
The report will be typical analyst report. There may be charts of graphs which an average retail investor may find difficult to interpret but to the extent possible there will be narratives accompanying charts and graphs and there will be a final conclusion with valuation and recommendation which are areas that retail investors tend to focus on more.
- Why is there a need for 2 research houses to cover one company?
For diversity of views.
- Since the company will be covered by 2 research houses what if there are conflicting recommendations by the 2 research houses?
If there are conflicting recommendations, it is up to the investor to decide for himself after reading the reports as recommendations are based on certain grounds.
- Will the reports be standardised to allow for comparison?
Yes, there will be standard format for research houses to follow but to a certain extent, analysts have discretion to include additional information and to decide on what type of valuation models to be used.
- What if the recommendation eventually turns out to be inaccurate? Would I have any claim against the analyst or Bursa?
Whilst all care is taken to ensure that the information is as secure as possible, there will be some subjective assessment by the analysts. Bursa acts purely as an administrator of the scheme and disclaims all liability in respect of the reports posted on its website. Likewise the analyst will have disclaimers on their reports too.
- Where can I get copies of the research reports?
The reports will be posted on the web-site of Bursa Malaysia and where applicable the web-sites of listed companies and research houses.
- What if I do not have access to internet?
Hard copies of the reports can be obtained from the respective listed companies.
- Will I be prompted on a regular basis on the new research reports?
Once there are announcements made by a listed company, particularly on the results, generally, there should be research reports posted on the same.
- Who are the target investors that this scheme is intended to reach?
Target investors include retail and institutional investors, local and foreign.
- If I want to access the old reports how long would the old reports be available on the website?
Reports will be available for the whole 2 years on the website. Thereafter reports will be archived.
- When will be information be uploaded onto the website? (What information?)
To the extent possible, within 2 market days after announcement after trading hours.
- When are the companies expected to pay and when will the research houses be paid?
Listed companies are expected to pay in advance and research houses will be paid in arrears every 3 months after completion of work.
- Will analysts be tracked on their performance?
Since subjective assessments are made, it would be difficult to track performance. However, Bursa may post vet reports on a random basis.
- How are the reports posted?
Research houses will be granted gateway access to our website to upload the reports directly onto Bursa's website via a secure line.
- What is required of participating listed companies?
The participating listed companies must provide reasonable access to the analysts and cooperate with the analysts for regular updates on the companies' prospects and for transparency of information.
- Why do I get a pop up message "Could not perform this operation because the default mail client is not properly installed."
when I click on the email address cbrs@bursamalaysia.com?This may caused by the mail client (e.g. Microsoft Outlook, Outlook Express, Eudora, Novell Groupwise, Lotus Notes etc.) is not properly setup on your current workstation. Please consult your IT support personnel to resolve this problem. - Why I cannot open the pdf file within Internet Explorer 64-bit version?
Internet Explorer 64-bit and 32-bit versions are both bundled with Windows XP 64-bit systems. Adobe Acrobat 7.0 can open PDF files inside the browser window only if you use the 32-bit version of Internet Explorer. Acrobat installs a 32-bit ActiveX control (pdf.ocx) that enables Acrobat to open PDF files within Internet Explorer; the 64-bit version of Internet Explorer 6 does not support 32-bit ActiveX controls.
If the browser is Internet Explorer 64-bit, then PDF files can only be opened in the stand-alone Acrobat application after you saved it, and not inside the browser window.
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