Sports Toto (former Berjaya Sports Toto)

Re: Berjaya Sports Toto

Postby winston » Tue Jul 21, 2020 9:04 am

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Berjaya Sports Toto (BST MK)
Share Price: MYR2.17
Target Price: MYR2.80
Recommendation: Buy

Steady progress towards normalcy

Only a month after reopening, Sports Toto Malaysia (STM) sales/draw already recovered to 75-80% of pre-closure levels.

Foreign operations remain slow but their earnings contributions are minor.

We trim our EPS estimates by 2-8%, DPS estimates by 0-7% and SOP-based TP by 3% to MYR2.80 even though we roll forward our valuation base year to end-FY6/21E from end-FY6/20E.

We expect 4QFY6/20E to be loss making but recommend BUY as we forecast dividends to resume from 1QFY6/21E.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... edc0a0.pdf
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Re: Berjaya Sports Toto

Postby winston » Wed Aug 19, 2020 12:25 pm

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HLIB Research maintains ‘hold’ on BToto, trims target price to RM2.20 on challenging outlook

by Syafiqah Salim

KUALA LUMPUR (Aug 19): Hong Leong Investment Bank (HLIB) Research has maintained its "hold" call on Berjaya Sports Toto Bhd (BToto) with a lower target price (TP) of RM2.20, from RM2.24, believing that its near-term operations will likely remain challenging given the ongoing Covid-19 outbreak.

HLIB Research analyst Andrew Lim Ken-Wern noted that the group reported a core net loss of RM43.3 million for the fourth quarter ended June 30, 2020 (4QFY20), from a core net profit of RM48.6 million for the previous quarter, bringing core profit after tax and minority interests (PATMI) for the financial year ended June 30, 2020 (FY20) to RM125.7 million.

This formed 85% and 73% of the research house's and the consensus full-year forecasts respectively, he wrote in a research note today.

“The result disappointment was largely due to lower-than-expected contributions from the Sports Toto operation since its resumption in mid-June, coupled with larger-than-expected losses from the UK business.

“We arrive at our core PATMI sum by excluding the gain on disposal of an investment property (RM8.6 million),” he said.

Lim also gathered that ticket sales are hovering at about 75% of pre-Covid-19 levels since the resumption of operations in mid-June.

“Note that this could be attributed to the overall economic impact of Covid-19 and a potential shift in preference towards the illicit market which operated during the MCO (movement control order) period.

“The foreign operations are also undergoing challenges whereby the UK car dealership business is carrying out appointment-only customer visits, while PGMC's (Phillipine Gaming Management Corp) bid in the Philippines remains on hold.

As such, its operations will likely remain challenging in the near term but we remain hopeful for 2HFY21 (the second half of the financial year ending June 30, 2021) to normalise to pre-Covid levels,” said the analyst.

HLIB Research thus tweaked its FY21/FY22 earnings forecasts by -17.6%/-7.1% respectively as the research house took a conservative stance and imputed lower sales volumes for both the gaming operations and the motor dealership segment in the near term due to the Covid-19 outbreak.

“We also lower our FY21 dividend forecast to 14 sen (from 16 sen) given the ongoing impact of the outbreak on all its operations,” he added.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ng-outlook
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Re: Berjaya Sports Toto

Postby winston » Wed Aug 19, 2020 2:42 pm

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Results Update
Berjaya Sports Toto Berhad (1562)


Target Price: RM2.40 (Buy)

BJToto’s FY20 core profit of RM136.2mn missed analysts’ forecasts due to cancellations of draws during the movement control order (MCO), ie 40 draws, which were more than our expectation of 37 draws.

Adjusting for the timing difference, BJToto’s FY20 revenue and profit before tax declined by 18.3% and 27.8% YoY to RM4.7bn and RM227.1mn, respectively.

The decline was underpinned by suspensions of 40 draws and shutdown of its motor franchising operations in UK from 23 March to 31 May.

BJToto declared its third interim dividend with a share distribution on the basis of one treasury share for every one hundred existing shares held.

We cut our FY21-22 earnings projections by 14.7%-15.6% to factor in lower sales of super cars in 2021-22.

We also lower our DPS projections to 16-17sen for FY21 and FY22. With the reductions in earnings and DPS, we cut BJToto’s DDM-valuation to RM2.40/share.

Maintain Buy.

Source: TA Research

https://taresearch.taonline.com.my/rrs/ ... 200819.pdf
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Re: Berjaya Sports Toto

Postby winston » Thu Aug 20, 2020 8:57 am

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Gradual earnings recovery in 1HFY21F

4QFY20 core EPS missed due to three fewer NFO draws than previously factored in and higher-than-expected opex; share dividend declared.

We expect FY21/22F core EPS to rebound 81%/10% yoy.

Reiterate Add with a 4% lower DCF-based target price of RM2.35.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D4F47CFAE0
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Re: Berjaya Sports Toto

Postby winston » Thu Aug 20, 2020 5:01 pm

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Wagering on gradual recovery

4QFY20 net losses of RM43m were worse than expected mainly due to lockdown measures

Declared 1-for-100 share dividend

NFOs resumed operations at end-June; gross sales per draw expected to gradually improve in 1QFY21

Undemanding valuation; maintain BUY with unchanged RM2.95 DDM-based TP

Source: DBS

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

Postby winston » Mon Aug 24, 2020 10:45 am

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ANNOUNCEMENT ON DECLARATION OF THIRD INTERIM SHARE DIVIDEND

The Board of Directors of Berjaya Sports Toto Berhad (“BToto”) is pleased to declare its third interim dividend with a share distribution of approximately 13.5 million treasury shares on the basis of One (1) treasury share for every One Hundred (100) existing ordinary shares held in respect of the financial year ended 30 June 2020.

Fractions of treasury shares arising from the share distribution are disregarded and
based on the treasury share book cost of RM31.8 million, the share dividend is equivalent to approximately 2.4 sen per share based on the 1.34 billion ordinary shares of BToto in issue with voting rights as at 17 August 2020.

The entitlement date has been fixed on 24 September 2020 (“Entitlement Date”) and a shareholder shall qualify for entitlement to the third interim dividend only in respect of:
i) Shares transferred into the Depositor’s Securities Account before 4.30pm on the Entitlement
Date in respect of the transfers; and
ii) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to
the Rules of Bursa Malaysia Securities Berhad.

The treasury shares to be distributed as share dividend will be credited into the entitled depositors' securities accounts maintained with Bursa Malaysia Depository Sdn Bhd within ten (10) market days from the Entitlement Date.
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Re: Berjaya Sports Toto

Postby winston » Thu Nov 19, 2020 8:09 am

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Berjaya Sports Toto Bhd’s first quarter ended Sept 30, 2020 (1QFY20) net profit rose 1.34% to RM67.85 million from RM66.96 million a year ago, mainly due to lower prize payout and lower operating expenses.

Quarterly revenue fell 6.34% to RM1.35 billion from RM1.44 billion a year ago.

It declared an interim dividend of four sen per share, payable on Jan 19, 2021.
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Re: Berjaya Sports Toto

Postby winston » Thu Nov 19, 2020 10:32 am

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What’s New

1QFY21 net profit of RM68m within expectations

Resuming dividend payment; declared 1st interim DPS of 4.0 sen

Lower prize payout and operating costs helped to offset weaker sales for NFO

Maintain BUY call with unchanged TP of RM2.95, based on DDM

Source: DBS

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

Postby winston » Thu Nov 19, 2020 10:34 am

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Berjaya Sports Toto (BST MK)
1QFY21: Better-Than-Expected Recovery Pace


BST’s 1QFY21 earnings surpassed expectations, with the NFO segment delivering yoy profit growth on exceptionally low prize payouts, despite facing an 18% revenue decline (COVID-19 impact).

Subsidiary H.R. Owen also posted strong recovery (backlog orders).

We understand ticket sales have recently further improved to 85% of pre-MCO levels.

Maintain BUY for its compelling yield of >7%.

Target price: RM2.46. Getting replacement draws would be a catalyst.

Source: UOBKH

https://research.uobkayhian.com/content ... 60a6f96fc4
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Re: Berjaya Sports Toto

Postby winston » Fri Nov 20, 2020 3:19 pm

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FY21-22F recovery intact despite CMCO

1QFY21 core EPS was above due to H.R. Owen and low NFO prize payout.

We expect FY21/22F core EPS to rebound 64%/12% yoy post Covid-19.

Reiterate Add with an unchanged DCF-based target price of RM2.35.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... DB406F7172
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