Stock Name: BJTOTO
Company Name: BERJAYA SPORTS TOTO BHD
Company Name: BERJAYA SPORTS TOTO BHD
| Research House: CIMB | Price Call: BUY | Target Price: 5.30 |
While BToto's reported interest in a stake in the Philippine Charity Sweepstakes Office should be positive as it would allow it to diversify from a saturated local NFO market, the appeal of this deal hinges on the target's financials as well as the size and cost of the stake. The Edge's article lacks these details. But earnings contribution is unlikely to be significant given the current structure where 85% of net receipts are allocated to the prize and charity funds. We maintain our Outperform rating and DDM-based target price.
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