Stock Name: BJTOTO
Company Name: BERJAYA SPORTS TOTO BHD
Great results. 2QFY12 net profit of RM105.7m (+62% YoY, +15% QoQ) brought 1HFY12 net profit to RM197.8m (+53% YoY), within expectations at 49% of our FY12 estimate. 1HFY12 revenue of RM1.7b (+2% YoY) was also in line at 48% of our FY12 estimate. Although it surprised with another interim net DPS of 8 sen (16 sen YTD), representing a net DPR of 108% (assumption: 75%), we still hold out for a major capital management exercise. Maintain Buy, RM4.85 TP.
Maybank research (13 December 2011)
Click here for full report
Company Name: BERJAYA SPORTS TOTO BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 4.85 |
Great results. 2QFY12 net profit of RM105.7m (+62% YoY, +15% QoQ) brought 1HFY12 net profit to RM197.8m (+53% YoY), within expectations at 49% of our FY12 estimate. 1HFY12 revenue of RM1.7b (+2% YoY) was also in line at 48% of our FY12 estimate. Although it surprised with another interim net DPS of 8 sen (16 sen YTD), representing a net DPR of 108% (assumption: 75%), we still hold out for a major capital management exercise. Maintain Buy, RM4.85 TP.
Maybank research (13 December 2011)
Click here for full report
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