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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.

CMDF-Bursa Research Scheme (CBRS)

CMDF-Bursa Research Scheme (CBRS)

Research providers in Malaysia typically cover only the top 100 stocks listed on Bursa Malaysia. Listed companies which receive little or no research coverage are likely to be negatively impacted as they would not appear on investors' radar.

To address this issue, The CMDF-Bursa Research Scheme (CBRS) was launched in June 2005 to facilitate the development and usage of equities research in the Malaysian capital market. CBRS is a joint effort between Bursa Malaysia and the Capital Market Development Fund (CMDF) where Bursa Malaysia serves as the Administrator, while CMDF subsidises 50% of the cost of coverage.

Note : Please note that the CBRS research reports are not reviewed by Bursa Malaysia.


  • FREE access to research reports leading to informed investment decisions

Listed Companies
Listed Companies
  • Increased profile with quality coverage provided by licensed professional analysts
  • Increased investor confidence through a well-informed investment community

Research Companies
Research Companies
  • Builds up a pool of research analysts and deepens sector expertise with coverage of participating companies from diversified industries
  • Cost of research coverage is defrayed through economies of scale

Independence and integrity of CBRS is achieved as allocation of participating listed companies to research houses is carried out by Bursa Malaysia, after considering sector expertise and conflicts of interest. Furthermore Bursa Malaysia does not receive revenue from CMDF for its role in providing administrative support and facilitating distribution of the research reports generated.

CBRS Participants

  • Participating Listed Companies
  • Participating Research Companies
    1. AllianceDBS Research Sdn Bhd
    2. Asia Analytica Sdn Bhd
    3. BCT Asia Advisory Sdn Bhd
      (Formerly Netresearch-Asia Sdn Bhd)
    4. CIMB Investment Bank
    5. M&A Securities Sdn Bhd
    6. Mercury Securities Sdn Bhd
    7. TA Securities Holdings Bhd
    8. Wilson & York Global Advisors
    9. ZJ Advisory Sdn Bhd

CBRS Framework


CBRS is open to the following, subject to the approval of Bursa Malaysia:

  • All companies listed on Bursa Malaysia are eligible to participate. Listed companies will pay a total fee of RM15,000 where they will receive research coverage for a period of two years.
  • Research companies licensed as Investment Advisors under the Capital Market Securities Act (CMSA) 2007.

Research Report Frequency

The frequency of the research coverage takes into account developments and events that would impact the participating company's financial position, liquidity and prospects of the company including, amongst others, material acquisitions / divestments of assets, change in business direction, change in management team, takeover of the company, etc.

At minimum, the research company is required to produce the following reports for each of the participating listed company allocated to them during the two-year period:

  • One Initiation of Coverage Report within three months from commencement date
  • At least eight Coverage of Results Reports, corresponding to the listed company's quarterly results and full year results announcements
  • At least two Update Reports per year issued at the discretion of the research company

Research Report Content

The quality of reports issued will be of similar standard to those that the research companies currently issue on their own. Analysts will exercise industry knowledge and professional judgment when producing research reports. Standard content for the types of reports are as follows:

Initiation of Coverage Report
  • Background of listed company, which may include description of its history, business, product and / or market segments
  • Discussion of risk factors surrounding the company
  • Analysis of the company's recent financials including the balance sheet, profit and loss, cashflow statements and the analysts forecast or estimates
  • Analysis of the listed company against selected listed comparables
  • Valuation and recommendation
Coverage of Results Report
  • Analysis of results performance
  • Analyst opinion on the outlook of the company
  • Valuation and recommendation
Update Report
  • Description of the event that triggered the report
  • Analysis of the impact or influence of this event on the company's business prospects
  • Valuation and recommendation


Contact Ms Michelle Tog at (603) 2034 7728 or michelle@bursamalaysia.com / cbrs@bursamalaysia.com to join CBRS now.