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NewsCIMB Research maintains Outperform on BToto, TP RM5.30
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CIMB Research maintains Outperform on BToto, TP RM5.30
by hlk Tue 19 Jun 2012, 14:08
KUALA LUMPUR: CIMB Equities Research is maintaining an Outperform recommendation on Berjaya Sports Toto with a target price of RM5.30.
It
said on Tuesday BToto's FY4/12 core net profit was slightly ahead of
expectations, at 103% of its forecast and 101% of consensus.
"Strong
jackpot sales and a lower prize payout drove FY12 net profit up 15%,
reversing two consecutive years of net profit decline," it said.
CIMB Research said BToto's FY12 net dividend per share of 27 sen translates into a net yield of 6.4%.
It
tweaked its FY13-14 EPS forecasts up by 2%-3% for FY12's actual
numbers. Even after the proposed divestment of Sports Toto Malaysia,
net yields should still hover around 4.5-5.0%, which is appealing in
volatile times.
It
said on Tuesday BToto's FY4/12 core net profit was slightly ahead of
expectations, at 103% of its forecast and 101% of consensus.
"Strong
jackpot sales and a lower prize payout drove FY12 net profit up 15%,
reversing two consecutive years of net profit decline," it said.
CIMB Research said BToto's FY12 net dividend per share of 27 sen translates into a net yield of 6.4%.
It
tweaked its FY13-14 EPS forecasts up by 2%-3% for FY12's actual
numbers. Even after the proposed divestment of Sports Toto Malaysia,
net yields should still hover around 4.5-5.0%, which is appealing in
volatile times.
hlk- Moderator
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