Setting four key KPIs, the exchange strives for continuous improvement and excellence.

(Kuala Lumpur, 30th)
Bursa Malaysia (BURSA, 1818, Main Market Financial Services) has announced four key performance indicators (KPIs) for 2026, continuing the direction set since the 2023 listed-company transformation initiative—encouraging issuers to set clear, measurable targets and execute them.

Speaking at the Q4 results briefing, Bursa Malaysia CEO Datuk Fad’lullah (Fad’l) said the 2026 KPIs are: return on equity (ROE) of 27%–30%; non-trading revenue (NTR) growth of more than 10%; total IPO market capitalization of RM28 billion; and at least a 25% reduction in carbon emissions compared with the FY2022 baseline.

Looking back at the adjusted 2025 KPIs, he noted that Bursa met all of its targets, including profit before tax, non-trading revenue, IPO metrics (number and market cap), and its decarbonization goal.

One notable change for 2026 is that Bursa did not publish a target for the number of IPOs. Instead, it is emphasizing total IPO market cap, setting the goal at RM28 billion—slightly above 2025’s RM27.4 billion. Fad’l explained that the market’s focus is shifting from “how many” to “how good,” with an emphasis on attracting larger listings.

He added that Bursa will continue promoting both Main Market and ACE Market listings, but acknowledged that fewer companies meet Main Market requirements, so ACE Market IPOs may remain more numerous. He also said Bursa completed 11 Main Market IPOs last year and is optimistic that this year’s Main Market figure could surpass that.

Fad’l stressed that Bursa’s core role is to ensure fair access to listing for companies across markets, without favoring one over another. Still, he said there is an inherent trade-off between IPO volume and IPO market cap—often reflecting the size of companies coming to market. While the ACE Market remains a key fundraising platform for growth companies, especially SMEs and mid-sized firms, Bursa aims to support it while also encouraging more large and influential Main Market listings.

On current momentum, he said the IPO pipeline has remained active, with five IPOs completed year-to-date. “Based on the current pace, we’re confident we’re on track,” he said. As for exceeding last year’s 60 IPOs, he noted it is possible, but reiterated that Bursa does not view IPO count as the only measure—IPO market cap and overall market value growth matter more from a KPI perspective.