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BSports Toto to deliver higher dividend: OSK
by hlk Thu 29 Sep 2011, 18:03
Berjaya Sport Toto Bhd (BToto) is expected to deliver higher-than-estimated dividend for its current financial year ending Apr 30, 2011.
In a note today, OSK Research Sdn Bhd said BToto could benefit from its
parent company, Berjaya Land Bhd's (BLand) recent capital commitment relating to the RM459 million land acquisition of the Penang Turf Club and RM300 million additional bridging loan to redeem its RM695.4 million exchangeable bonds.
"BToto could surpass our current net dividend per share estimate of 27.5 sen
as it could once again be used as a vehicle to help finance BLand's current
capital commitment via higher dividend payouts.
"Assuming a 100 per cent payout ratio, this could equate to an attractive
net dividend yield of 7.1 per cent at current share price levels," it said.
The research firm has upgraded its recommendation to a 'buy' from 'neutral'
with unchanged fair value of RM4.72. -- Bernama
In a note today, OSK Research Sdn Bhd said BToto could benefit from its
parent company, Berjaya Land Bhd's (BLand) recent capital commitment relating to the RM459 million land acquisition of the Penang Turf Club and RM300 million additional bridging loan to redeem its RM695.4 million exchangeable bonds.
"BToto could surpass our current net dividend per share estimate of 27.5 sen
as it could once again be used as a vehicle to help finance BLand's current
capital commitment via higher dividend payouts.
"Assuming a 100 per cent payout ratio, this could equate to an attractive
net dividend yield of 7.1 per cent at current share price levels," it said.
The research firm has upgraded its recommendation to a 'buy' from 'neutral'
with unchanged fair value of RM4.72. -- Bernama
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