KUALA LUMPUR: Shares of BERJAYA SPORTS TOTO BHD [] jumped in early trade on Wednesday, June 15 after the gaming group introduced a new 4D Toto Jackpot game over last weekend.
At 9.40am, BJToto was up 11 sen to RM4.42 with 1.1 million shares traded.
Maybank Investment Bank Bhd on June 14 had re-initiated coverage on the stock with a Buy call and RM4.95 DCF based target price after incorporating its new 4D variant, 4D Toto Jackpot.
'The new Jackpot game will not only lift BJ Toto's lotto revenue, which has performed poorly of late, but non-lotto revenue as well.
'Also, we estimate that BJ Toto's balance sheet will turn net cash by year end, paving the way for more dividends. Forward net dividend yields remain attractive at 5.6%,' it said.
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At 9.40am, BJToto was up 11 sen to RM4.42 with 1.1 million shares traded.
Maybank Investment Bank Bhd on June 14 had re-initiated coverage on the stock with a Buy call and RM4.95 DCF based target price after incorporating its new 4D variant, 4D Toto Jackpot.
'The new Jackpot game will not only lift BJ Toto's lotto revenue, which has performed poorly of late, but non-lotto revenue as well.
'Also, we estimate that BJ Toto's balance sheet will turn net cash by year end, paving the way for more dividends. Forward net dividend yields remain attractive at 5.6%,' it said.
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