Berjaya Sports Toto

Re: Berjaya Sports Toto

Postby winston » Fri Jan 08, 2021 9:20 am

vested

Berjaya Sports Toto (BST MK)

Share Price: MYR2.15
Target Price:mmMYR2.40
Recommendation: Buy

Reinvest your winnings here

Accounting for higher gross NFO sales/draw forecasts and 14 additional special draws going forward, we raise our FY21E/FY22E/FY23E core EPS by 2%/19%/19% and DPS by 2%/17%/17%.

In our view, 1QFY6/21 earnings will be hard to upstage but we are reasonably confident that BST can generate decent quarterly core net profit of MYR50m-MYR60m going forward.

We raise our DCF-based TP to MYR2.40 from MYR1.95 and upgrade BST to BUY from HOLD.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... 8b0a05.pdf
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Re: Berjaya Sports Toto

Postby winston » Thu Jan 14, 2021 10:06 am

Maintain BUY call; trim TP by 1sen to MYR2.39

Assuming that BST’s outlets in MCO states or territories will be shut for 13 weeks, we cut FY6/21E EPS and DPS by 26%.

That said, we leave FY6/22E EPS and DPS unchanged as we remain positive on BST’s long term earnings resilience.

We note that gross NFO sales/draw recovered quickly when NFO outlets were allowed to reopen. Thus, we trim our DCF-based TP by merely 1sen to MYR2.39.

There could be upside to our DPS estimates should BST employ higher DPRs going forward.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... b160d2.pdf
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Re: Berjaya Sports Toto

Postby winston » Tue Feb 09, 2021 9:22 am

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Slight near-term earnings hit from MCO 2.0

We cut FY21F core EPS by 27% to conservatively factor in a 2-month MCO, partly cushioned by restoration to 22 special draws in CY21F.

We see FY21/22F core EPS growing 21%/54% yoy with gradual recovery in number forecast operators (NFO) sales to pre-Covid-19 levels by Sep 21F.

Reiterate Add with a 2% lower DCF-based target price of RM2.30.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 22D4F8304D
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Re: Berjaya Sports Toto

Postby winston » Tue Feb 23, 2021 8:57 pm

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Berjaya Sports Toto’s 2Q net profit up 5%, pays 2.5 sen dividend

by Tan Siew Mung

Berjaya Sports Toto Bhd’s net profit for the second quarter ended Dec 31, 2020 rose 5.04% to RM65.06 million, from RM61.94 million a year ago, underpinned by lower prize payout and operating expenses.

Revenue, however, fell 12.36% to RM1.23 billion, from RM1.41 billion previously.


Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... n-dividend
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Re: Berjaya Sports Toto

Postby winston » Wed Feb 24, 2021 9:13 am

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Berjaya Sports Toto (BST MK)
2QFY21: Within Expectations, Better Recovery Pace Ahead


BST’s 2QFY21 ticket sales per draw plunged yoy on weaker 4D jackpot sales, while
earnings momentum improved modestly qoq due to a lower price payout.

Subsidiary H.R. Owen also posted strong better performance on better operating efficiency.

Moving forward, we expect a weaker 3QFY21 due to the re-implemented MCO, but
valuations should partially price in the full earnings recovery in FY22 and compelling
yield of >7%.

Maintain BUY with target price of RM2.46.

Source: UOBKH

https://research.uobkayhian.com/content ... 4da67e655d
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Re: Berjaya Sports Toto

Postby winston » Wed Feb 24, 2021 9:44 am

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Another solid quarter
Maintain BUY call and MYR2.39 TP


Thanks to low prize payout ratios, earnings and dividends outperformed our expectations.

3QFY6/21 will be weak as many outlets were shut due to the second Movement Control Order (MCO 2.0).

That said, we expect 4QFY6/21 to rebound as all of BST’s outlets have reopened since 16 Feb 2021.

We raise our FY6/21E EPS by 36% and DPS by 33% but leave our FY22E/FY23E EPS and DPS unchanged.

Our DCF-based TP is unchanged at MYR2.39.

Maintain BUY call on BST.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/2 ... 9ec441.pdf
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