KUALA LUMPUR: CIMB Equities Research said BERJAYA SPORTS TOTO BHD []'s results for the financial year ended April 30, 2011 were broadly in line.
It said on Tuesday, June 21 that core net profit was 3% above its forecast and 4% above consensus because of better-than-expected margins arising partly from a lower prize payout. The final single-tier dividend per share of three sen took full-year tax-exempt DPS to 21.0 sen, which was marginally above its 20.5 sen estimate but below FY10?s 57.5 sen.
"We are tweaking our FY13 earnings upwards by 1% for house-keeping purposes while maintaining our forecasts for other years and our DDM-based target price of RM4.75."
"BToto remains a NEUTRAL as it lacks near-term earnings catalysts beyond the introduction of its 4D+Jackpot variant. We prefer higher-beta plays such as GENTING BHD []," it said.
It said on Tuesday, June 21 that core net profit was 3% above its forecast and 4% above consensus because of better-than-expected margins arising partly from a lower prize payout. The final single-tier dividend per share of three sen took full-year tax-exempt DPS to 21.0 sen, which was marginally above its 20.5 sen estimate but below FY10?s 57.5 sen.
"We are tweaking our FY13 earnings upwards by 1% for house-keeping purposes while maintaining our forecasts for other years and our DDM-based target price of RM4.75."
"BToto remains a NEUTRAL as it lacks near-term earnings catalysts beyond the introduction of its 4D+Jackpot variant. We prefer higher-beta plays such as GENTING BHD []," it said.
No comments:
Post a Comment