Sports Toto (former Berjaya Sports Toto)

Re: Berjaya Sports Toto

Postby winston » Mon Aug 19, 2019 9:24 am

not vested

Berjaya Sports Toto
Uncertainty in Philippines gaming operations

BST has changed its financial year-end from Apr to Jun in 2019, to be in-line with its holding company, Berjaya Land (BL MK, Non Rated).

Its Philippines PCSO leasing operations end on Aug 22 this year. BST FY20- 21F EPS could fall by 9-10% assuming lease agreement is not extended.

Remains a Hold; the share price is supported by its 5.9% dividend yield.

Source: CIMB

https://brokingrfs.cimb.com/cqosAQZsk7l ... FBcAg2.pdf
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Re: Berjaya Sports Toto

Postby winston » Tue Aug 20, 2019 9:01 am

not vested

Berjaya Sports Toto (BST MK)

Share Price: MYR2.76
Target Price: MYR3.05
Recommendation: Buy

Philippine operations weighed down otherwise routine finish

BST negatively surprised with a headline net loss for May-Jun 2019 due to impairments at PGMC.
That said, 14MFY6/19 core net profit was within our expectation.

While PGMC’s outlook is uncertain, we expect the downside risk to group earnings to be limited to 6-8%.

More crucially, we remain positive on STM thanks to active enforcement against illegal NFOs.

Our FY20/FY21/FY22 EPS estimates are tweaked +1%/+2%/+2% after minor adjustments.

BUY call and MYR3.05 SOP-based TP maintained.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 62bd28.pdf
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Re: Berjaya Sports Toto

Postby winston » Tue Aug 20, 2019 9:42 am

not vested

Berjaya Sports Toto (BST MK)
FY19 (14-month): Disappointing Quarter, No Dividends Declared


BST’s 14-month FY19 results came in below expectations principally due to the Philippines operation (RM78.43m impairment) impairment of its leasing business in the Philippines, and lower contribution from H.R Owen.

Highly disappointing is the zero dividends declared in this two-month reporting period.

Nevertheless, the flagship Malaysian operations met expectations and will continue to sustain dividends.

Maintain HOLD. Target price: RM2.40. Entry price: RM2.20.

Source: UOBKH

https://research.uobkayhian.com/content ... 667c1cac07
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Re: Berjaya Sports Toto

Postby winston » Fri Jan 24, 2020 11:07 am

not vested

What’s New

Strong 2QFY20 results expected due to double digit growth in gaming revenue per outlet per draw

Upcoming implementation of minimum penalties - a key re-rating catalyst for the NFO sector

Attractive dividend yield of >6%

Maintain BUY with RM3.10 TP; top pick for the sector

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fbbbhkiia
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Re: Berjaya Sports Toto

Postby winston » Wed Feb 19, 2020 8:46 am

Helped by NFO recovery and ‘lady luck’

2QFY6/20 core net profit was largely in line with our/consensus forecasts (1H20 made up 51%/48% of FY20F), notwithstanding the better ‘luck’ factor.

NFO revenue/EBIT recovered by an encouraging 5.4%/12.5% vs. pcp due to a jackpot run, clampdown on illegal NFOs and lower prize payout ratio.

Reiterate Hold, with an unchanged DDM-based target price of RM2.62.

BST said at a recent analyst briefing that Malaysia’s Ministry of Finance may table and pass an amendment to the existing Gaming Act to implement a higher minimum mandatory penalty/jail sentence of RM100k/six months for illegal gamblers and RM1m/12 months for illegal NFO operators, in the next parliamentary session.

If passed, we believe that this move ought to bring some punters (who previously patronised illegal NFOs) back to legal NFOs, including BST.


Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... EB3A664290
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Re: Berjaya Sports Toto

Postby winston » Thu Feb 20, 2020 9:19 am

vested

Berjaya Sports Toto (BST MK)

Share Price: MYR2.63
Target Price: MYR3.15
Recommendation: Buy

Awaiting more upside from even more active enforcement

2QFY20/6QFY20 earnings and dividends were within our expectations.

We estimate that Sports Toto Malaysia gross NFO sales/draw grew >10% YoY in 2QFY6/20, the most in years.

There could be even more upside potential going forward should the government pass the much harsher penalties for illegal NFOs and illegal gamblers it detailed during the tabling of Budget 2020 in the next parliamentary session.

For now, we maintain our earnings estimates and MYR3.15 SOP-based TP.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 9c1dbf.pdf
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Re: Berjaya Sports Toto

Postby winston » Mon Apr 20, 2020 9:23 am

vested

A winning bet after Covid-19

We cut FY20F core EPS by 26.8% due to the closure of outlets during the MCO and expected weaker NFO sales in 4QFY20F on social distancing.

FY20F core EPS may be dented by a further 4% if the MCO is extended for two more weeks till 12 May. However, the impact on fair value is insignificant.

Upgrade to Add from Hold; TP is lowered by 6% to RM2.45. BST’s FY21F EV/EBITDA is 2 s.d. below its 12-year mean, with 6-7% yields p.a.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 0D40A9D9EC
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Re: Berjaya Sports Toto

Postby winston » Wed Jun 03, 2020 9:46 am

vested

Berjaya Sports Toto (BST MK)
Downgrade To HOLD


3QFY20 results came in within expectations.

Net profit declined 21% qoq mainly due to a higher prize payout and 6 fewer draw days (14% fewer) in the quarter to comply with the government’s MCO.

Meanwhile, we cut FY20-21 net profit forecasts by 34% and 5% respectively to reflect the 12-week lockdown, but expect a steep earnings recovery once the MCO is lifted.

Surprisingly, no dividends were announced.

Downgrade to HOLD but maintain target price of RM2.46. Entry price: S$2.20.

Source: UOBKH

https://research.uobkayhian.com/content ... 008f71b1d1
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Berjaya Sports Toto

Postby winston » Wed Jun 03, 2020 9:56 am

vested

Berjaya Sports Toto (BST MK)

Share Price: MYR2.35
Target Price: MYR2.88
Recommendation: Buy

Saving cash for a rainy day but the clouds will clear

3QFY6/20 earnings disappointed on higher-than-expect prize payout and no third interim DPS was declared.

We gather the latter is due to the on-going MCO/CMCO and BST will revert to >75% DPR once its NFO outlets reopen.

We cut our FY20E EPS and DPS by 36% and 48% respectively due to the longer than expected MCO/CMCO but trim our FY21E/FY22E EPS and DPS by a much narrower 8-9% and SOP-based TP to MYR2.88 from MYR3.15.

Reopening of its NFO outlets will serve as a re-rating catalyst.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... fc41a1.pdf
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Re: Berjaya Sports Toto

Postby winston » Mon Jul 20, 2020 9:55 am

vested

Berjaya Sports Toto
ADD, TP RM2.45, RM2.16 close

We project FY6/20F core EPS to fall by 44.5% yoy due to the MCO and negative social distancing effects post-MCO, before rebounding 46.2%/remaining flattish yoy in FY21F/22F, aided by the
authorities’ continued strict enforcement against illegal NFOs.

Source: CIMB
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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