Sports Toto (former Berjaya Sports Toto)

Re: Berjaya Sports Toto

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

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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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Re: Berjaya Sports Toto

Postby winston » Fri Mar 19, 2021 12:03 pm

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Berjaya Sports Toto
Signs point to good 4QFY21F recovery


NFO sales are back to c.85% of pre-C19 levels (upon reopening in mid-Feb: 15%).

We and BST see full recovery by 4QCY21, barring further closures.

HRO’s 3QFY21F earnings may ease qoq/yoy due to lockdowns, partly aided by robust demand, backlog fulfilment, franchise fee income and C19 relief.

Reiterate Add and DCF-based TP of RM2.35. Yields are attractive at 5-8%.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 134CB2FCD3
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Re: Berjaya Sports Toto

Postby winston » Wed Apr 07, 2021 9:55 am

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Pricing In Longer-term Catalysts

BST appeals as it is a laggard beneficiary of economic reopening and dividend yield
compression, although we expect business normalisation at only end-21.

Longer-term catalysts include the Gaming Act amendment and the accelerated growth of its Vietnam investment.

Meanwhile, the Berjaya Group’s ongoing restructuring, which has benefitted the stock prices of its holding and sister companies, may eventually lift sentiment on BST.

Maintain BUY and target price of RM2.46.

Source: UOBKH

https://research.uobkayhian.com/content ... bd79b8b33d
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Re: Berjaya Sports Toto

Postby winston » Fri May 21, 2021 10:16 am

3QFY21: Severely Impacted By Re-implemented MCO

3QFY21 results came in within expectations.

Net profit declined 62% yoy mainly due to a higher prize payout and 18 fewer draw days (25% fewer) in the quarter to comply with the government’s re-imposed MCO.

Subsidiary H.R. Owen also posted a resilient performance on better operating efficiency and higher sales.

Moving forward, we expect valuations to partially price in the full earnings recoveries in FY22 and its compelling yield of >7%.

Maintain BUY with a target price of RM2.46.

Source: UOBKH

https://research.uobkayhian.com/content ... 5d98dffd52
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Re: Berjaya Sports Toto

Postby winston » Wed Jul 07, 2021 9:22 am

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Maintain BUY call and MYR2.37 DCF-based TP

We hosted Mr. Jalil Rasheed, Group CEO of Berjaya Corporation (BC).

BC owns 88% of Berjaya Land and 7% of BST directly.

He stated that he plans for BST to sell Sports Toto Malaysia (STM) for c.MYR4b and most of Berjaya Philippine’s businesses within 3 years.

We are unsure if BST can find buyers for STM at such a price as they imply 14-16x pre-COVID-19 annual earnings. We value STM at MYR3.2b

Under a ‘blue sky’ scenario, we estimate that BST shares would be worth MYR4.25 each.

We maintain our earnings estimates, BUY call and MYR2.37 TP.

We are unsure if all of Mr. Rasheed’s plans will materialize but it goes to show that BST has deep value.

For Berjaya Philippines, Mr. Rasheed shared that he plans to delist it (though he did not state if BST will privatise it first), dispose of all its businesses save for the environmental cleaning one (i.e. Floridablanca Enviro).

Mr. Rasheed added that he plans for H.R. Owen to be sold to Berjaya Corporation (BC MK, Not Rated).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/226124.pdf
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