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RHB Research maintains Neutral on BJ Toto, trims fair value to RM3.96

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RHB Research maintains Neutral on BJ Toto, trims fair value to RM3.96 Empty RHB Research maintains Neutral on BJ Toto, trims fair value to RM3.96

Post by Cals Thu 19 Jun 2014, 03:08

RHB Research maintains Neutral on BJ Toto, trims fair value to RM3.96
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 18 June 2014 07:48

KUALA LUMPUR (June 18): RHB Research has maintained its Neutral rating on Berjaya Sports Toto Bhd (BJ Toto) at RM3.80 with a lower fair value (FV) of RM3.96 (from RM4.20) and said BJ Toto’s FY14 core earnings of RM314.3 million were below expectations due to higher-than-expected prizes paid out in 4Q.

In a note Wednesday, the research house said that on a positive note, BJ Toto declared a fourth interim dividend per share (DPS) of 7 sen, bringing FY14 DPS to 26.5 sen.

“Taking a more conservative stance going forward, we cut our FY15F-16F earnings forecasts by 8.2-8.6%.

“Maintain Neutral, with our SOP-based FV lowered to MYR3.96 (from MYR4.20) to take into account our earnings revisions.
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