Analyst Research Report Snapshot

Title:

Results Note – Berjaya Sports Toto (ADD, downgrade) - Interim treasury share distribution, bumper cash dividend in sight

Price:

$23.00

Provider:

Affin Investment Bank

Date:

18 Dec 2012

Pages:

3

Type:

AcrobatPDF

Companies referenced:

BSTB.KL

Available for Immediate Download
Summary:

1HFY13 core net profit of RM215m is inline with expectations 2QFY13 core net profit rose 6.5% yoy and 10.5% qoq to RM112.6m. This brings 1HFY13 core net profit to RM214.5m - inline with house and street estimates. We project FY13 core net profit of RM425.0m (+5.8% yoy) on the back of flattish revenue/drawday trend and normalised prize payouts. Higher Jackpot prize monies provide room for earnings surprises. As Jackpot games gain punters’ traction (lured by higher prize monies), a deceleration in the growth of the perennial 4D ticket sales is expected. We estimate that in 2QFY13, the 4D segment (accounting for 82% of Group revenue) experienced a 0.5% yoy and 1.8% qoq decline in revenue/drawday.

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