Sports Toto (former Berjaya Sports Toto)

[winston]

vested

BToto closes FY21 with a 37% rise in profit to RM182 mil, as it earns RM30.47 mil in 4Q with more draws

by Izzul Ikram

Quarterly revenue rose to RM1.13 billion, about 2.4 times the RM475 million it made a year ago, its bourse filing showed.

Compared with the immediate preceding quarter of 3QFY21, BToto's net profit grew 63.13% from RM18.68 million, while revenue increased from RM1.12 billion.

No dividend was declared for the quarter.

For its full-year ended June 30, the group's net profit climbed 37.2% to RM182.06 million from RM132.7 million in FY20, as revenue rose to RM4.83 billion from RM4.64 billion.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... more-draws

[winston]

vested

Berjaya Sports Toto (BST MK)
4QFY21: Patience Required In Contempt Of MCO Barricade

4QFY21 results came in below expectations despite returning to the black from
4QFY20’s net losses, mainly due to 15 fewer draw days in the quarter to comply with
the government’s re-imposed MCO.

While operations remain shuttered, we expect BST to reopen in Sep-Oct 21 under the National Recovery Plan and quickly generate a meaningful earnings recovery, given the group’s relatively inelastic and resilient revenue model.

Maintain BUY with a target price of RM2.46.

Source: UOBKH

https://research.uobkayhian.com/content ... 9431c9b8f4

[winston]

vested

Saving for a rainy day
Maintain BUY call with higher TP of MYR2.41 (+2%)

Earnings marginally missed our expectations but dividends were way below our expectations.

Considering the COVID-19 pandemic is raging in Malaysia, it is probably not surprising.

We cut FY6/22E earnings by 52% as we assume that NFO outlets will only reopen in Nov 2021 but our long term earnings estimates are relatively unchanged thanks to the proven resilience of the NFO industry.

Rolling forward our valuation base year to end-FY6/22E, we raise our DCF-based TP a tad by 2% to MYR2.41.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/231386.pdf

[winston]

vested

Quick out the reopening gate
Maintain BUY call and MYR2.41 DCF-based TP

As we suspected earlier (link), Sports Toto Malaysia (STM) NFO sales are recovering quickly.

Barring any unforeseen circumstances, BST should resume paying dividends in 2QFY6/22.

Its British luxury car dealer, H.R. Owen is also doing well post-reopening.

Our earnings estimates, BUY call and MYR2.41 DCF-based TP are unchanged.

We continue to like BST for its high dividend yields (>7% p.a. if STM NFO sales recover to 100% of preCOVID-19 levels) and as a laggard recovery play.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/238913.pdf

[winston]

Maintain BUY call with lower TP of MYR2.29 (-5%)

The Kedah state ban on NFO outlets will have a minimal negative impact on earnings (-4%).

While Cukai Makmur will also have a negative impact on earnings (-4%), it will only be for 1 year.

We trim our FY22E EPS by 8% and FY23E/FY24E EPS by 4%.

Consequently, we trim our DCF-based TP to MYR2.29 from MYR2.41 but maintain our BUY call.

We advise investors to BUY BST shares should there be a ‘knee jerk reaction’ to its share price today.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/241159.pdf

[winston]

vested

Look past the Kedah fiasco for high dividend yields

Maintain BUY call and MYR2.29 DCF-based TP

BST generated a 1QFY6/22 net loss following the FMCO but we had expected this.

Positively, BST declared a first interim DPS of 1.0sen when we had expected none due to the aforementioned net loss.

We expect STM NFO sales to recover going forward even with the Kedah ban.

Maintain our earnings estimates, dividends estimates and MYR2.29 DCF-based TP.

We continue to like BST as a laggard recovery play which offers high dividend yields (>7% p.a. from FY23E onwards).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/242012.pdf

[winston]

vested

Full recovery likely delayed but imminent

BST expects NFO sales to recover to 85-90%/100% of pre-pandemic levels by early-Feb 22/1QFY23 (current: >80%), led by improved spending power.

HRO’s PBT may ease qoq in 2QFY22 on delayed deliveries, though demand stayed solid. PBT margins may fall from 4% now to 2-3% on higher staff cost.

Reiterate Add with a higher DCF-based TP of RM2.40.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 6BB4ECFEB4

[winston]

Berjaya Sports Toto (BST MK)
A Simple, Calculated Lotto Wager

BST appeals as a compelling laggard beneficiary of economic reopening as well as a
high dividend yielder.

Current valuations have not priced in its ongoing sales recovery and defensive qualities (low beta and steady cash flow streams).

We foresee a sharp increase in dividend yields in the coming years, while the group’s earnings are also supported by the accelerated earnings growth from the recently expanded HR Owen.

Maintain BUY and target price of RM2.46.

Source: UOBKH

https://research.uobkayhian.com/content ... 3c3a11fabc

[winston]

vested

BToto posts RM53.3mil profit in 2Q, declares 1 sen dividend

posted an 18.1% drop in net profit to RM53.26mil in the second quarter ended Dec 31 (2Q22), gas declared a second interim dividend of 1.0 sen per share.

The dividend is payable on April 22 and entitlement date has been fixed on March 31.

Source: The Star

https://www.thestar.com.my/business/bus ... n-dividend

[winston]

Expecting DPS to be fully restored in FY23F

NFO sales look set for full recovery in 1QFY23F (85% of pre-Covid-19 now).

BST hopes to maintain 75% DPR in 2HFY22F and normalise DPS in FY23F.

Reiterate Add, with an unchanged DCF-based TP of RM2.40.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... F524BDDA1A