Berjaya Sports Toto and 7-Eleven ----recommendation form Hong Leong investment bank

Berjaya Sports Toto (BUY çè)老朋友，看一看。

Entering Vietnam

§         Berjaya Corp (BC) have been selected as the winning bid to undertake the investment, procurement, installation of equipment and operation of a computerized lottery system for the whole of Vietnam via Berjaya Gia Thinh Investment Technology Company Limited (Berjaya GTI).

§         We are positively surprised by the announcement and we believe it is natural and relevant for BC　to collaborate with BToto to make such move given that the latter has similar expertise from Berjaya Philippines Inc (BPI).

§         We gather that the total revenue of Vietnam lottery market in 2013 reached VND58.7trn (US$2.93bn), showing a yoy growth of 7.13%.

§         Despite the insignificant effective stake of only 10.2%, we believe this could still be an advantage given better growth prospect in the country as compared to the lottery industry inMalaysia.

§         We are keeping our target price unchanged at RM4.15 based on DCF valuations. BUYrecommendation is maintained given its high dividend yield of 5.8% based on current price.

 

7-Eleven Malaysia Holdings Bhd (IPO)

Biggest retail sector IPO

§         7-Eleven Malaysia Holdings Bhd (7-EH) is the leading convenience store operator in Malaysia with 82% share of the standalone convenience store segment in terms of number of stores (nearly 1,600 stores as at May 2014).

§         The IPO is expected to raise a total of RM250.3m from the Public Issue, which will be utilized to fund store expansion and refurbishment, construction of a new distribution center, and upgrade of IT systems.

§         Driven by aggressive store expansion & refurbishment plans, introduction of new products & services, and improvements in product mix, we expect 7-EH to register revenue and EPS CAGRs of 12.8% and 24.6%, respectively during FY13-16F (excluding one-off IPO expenses of RM22.8m).

§         Based on the indicative IPO price of RM1.38 per share, 7-EH’s estimated prospective PER of 20.8x to Dec 2015 is in line with the regional peer average PER of 20.3x. We therefore view 7-EH’s IPO price of RM1.38 per share as fair.

 

顺便加码

成功资产加码成功多多

（吉隆坡7日讯）成功资产（BJASSET，3239，主板产业股）子公司———Sublime Cartel私人有限公司，以212万令吉，增持成功多多（BJTOTO，1562，主板贸服股）股权。

Sublime Cartel于去年12月27日，通过公开市场以212万令吉，购入成功多多的52万9800股股权。

目前，成功资产共持成功多多约159万7200股，相等于0.12%的股权。

成功资产通过文告表示，此增持活动意味着给予其一个使用内部资金，投资在成功多多的机会。

成功机构（BJCORP，3395，主板贸服股）及成功置地（BJLAND，4219，主板贸服股），皆是两者的大股东。

设子公司部署发展 顺利实业进军Medini

（吉隆坡7日讯）顺利实业（KSL，5038，主板产业股）宣布成立子公司，取名“KSL Medini发展私人有限公司”（简称KSLMD），正式进军依斯干达特区的Medini产业市场。

顺利实业通过文告披露，KSLMD的主要业务是产业投资。

顺利实业是通过内部筹资成立该子公司，对2013财政年的每股净利和每股净资产没有显著影响。

Berjaya Sports Toto (BUY) from HLIB Research

Berjaya Sports Toto (BUYçè)

Revisiting BToto’s STM-Trust

§ With management’s yield expectation of 8% and 100% payout, we arrived at an indicative price of 48.4 cents/unit.

§ BToto is valued at RM4.47/share with effective stake of 87.6% in STM-Trust post its listing in Singapore.

§ BToto’s stake would be diluted to 29.4% after the secondary listing of the trust in Malaysia, which then BToto’s FV would be adjusted to RM1.74/share (or RM1.57 with 10% holding company discount).

§ We calculated that shareholders could enjoy a total gain of RM0.66-0.69/share upon the completion of both exercises.

§ Aside from the gain, our positive view is further strengthened andrecent share price weakness is an opportunity,given that shareholders would have direct interest in the operating company with 7-% yield, while some shareholders may not have the mandate to hold shares in Singapore, these investors would have sold down their exposure which contributed to the recent price weakness.

§ Hence, wemaintain BUY on BToto with unchanged TP ofRM4.67 based on SOP valuations.

料提早赎回5.5亿票据 成功多多或1配1售商托

料提早赎回5.5亿票据 成功多多或1配1售商托

http://www.nanyang.com/node/488053?tid=462


吉隆坡29日讯）分析员认为，成功多多（BjToto，1562，主板贸服股）旗下的多多大马商业信托（Sports Toto Malaysia Business Trust，简称多多商托）在新加坡上市，将有助该公司获得更好的融资，以及提高资本管理具弹性。

艾芬投资银行分析员表示：“长远来看，多多商托在新加坡挂牌确实有利融资与资本管理。”
他认为，公司管理层应该会借此提早赎回总值5亿5000万令吉的中期票据，以及着手发行永久债券。
他说：“云顶新加坡就透过发行永久债券（回酬率5.125%）筹措23亿新元（约56亿5800万令吉）。"
他指出，新加坡资本市场可让多多商托加强现金流，以符足成功置地（BjLand，4219，主板贸服股）的现金要求。

根据多多商托按年取得的6亿令吉扣除利息、税务、折旧与摊销（EBITDA）计算，公司应该可筹集25亿新元（约61亿5000万令吉）市值的最多25%资金。

目标价RM4.95

目前，成功多多在多多商托的持股权为79.5%。

分析员认为，成功多多或考虑脱售高达54.5%股权，最终仅持有多多商托25%。

他表示，成功多多应该会建议以1配1方式，让投资者认购多多商托的股权。

“一旦大马证券监督委员会成立商业信托架构，多多商托将寻求在大马与新加坡双边上市。”

分析员在考量上述因素后、将成功多多目标价维持在每股4.95令吉。

 

首季赚1.1 亿 成功多多净利增20%

首季赚1.1 亿 成功多多净利增20%


财经新闻财经 2012-09-19 11:28

（吉隆坡18日讯）成功多多（BjToto，1562，主板贸服股）截至今年7月31日首季，净赚1亿1068万7000令吉，比上财年同期的9210万4000令吉，按年上扬20.18%。
现财年首季营业额则按年微涨6.40%至8亿9990万9000令吉，上财年同期为8亿4581万令吉。
派息6.5仙
成功多多指出，现财年首季业绩报捷归功成功菲律宾公司（BPI）以及大马多多业务取得不俗的表现.

文告指出：“大马多多业务的营业额较去年同期增长6%。
PowerToto6/55带来的高贡献，及4D积宝，都是大马多多业务的主要推动力。”
与此同时，较低的奖金派发率也刺激了第一季度的盈利。
根据文告，成功多多现财年首季的每股盈利为8.37仙，上财年同期为6.89仙。
成功多多董事部宣布，现财年首季派发每股6.50仙股息。

展望前景，公司表示：“虽然经济前景谨慎，但看好博彩领域将继续充满活力，并预计可继续保持在票字业务（NFO）的市场份额。”

同时，随着成功多多大马商托（STM-Trust）将于截至2013年4月30日财年第三季在新加坡交易所上市、配售与公开发售活动或会带来一定的稀释影响，所以成功多多将继续加强多多业务的盈利贡献。

BJTOTO 看看就好

刚好手头上有BJTOTO, BJCORP， 所以贴上来让读者看看，
看看就好，不是我做的功课。
想想也是很奇，bj corp 常常被炒来炒去，而且从1.00到1.47，起了够多了，
但基本因素好好的bjtoto很多时候无人问津，还是在4.30-4.40 的价位，
前些时还在4.2多排徊，
很长的时间要买低价都买得到，
就只怕你没钱，没信心。
但这样的市其实不能做什麽，
快跌慢跌都是跌，
没胆进出，没内幕是赚不了钱的，
（当然高手除外，但这市有几多个高手？）
只能看，看好好自己的心水股，
慢慢买进，费用不合算也没办法了，
谁叫你上了股市的瘾？
FROM ECM LIBRA
3QFY10 : Safety in numbers GAMING
• Within expectations
9MFY10 net profit of RM300.8m (-1% y-o-y) was within expectation at
77% of our full year estimate but below consensus at 72% of consensus
estimate. 9MFY10 revenue of RM2.5bn (-10% y-o-y) was within
expectation at 76% of our full year estimate. As expected, no dividends
were declared in the current quarter (3QFY09: 4.5 sen). Recall that
Berjaya Sports Toto (BST) prepaid 19 sen tax exempt DPS in 1QFY10.
• Lower prize payout neutralised lower revenue
9MFY10 net profit was relatively unchanged y-o-y although 9MFY10
revenue was 10% lower y-o-y as we estimate that the prize payout ratio
improved 2 ppts y-o-y to 63% (theoretical level: 61% to 62%). Lower
revenue y-o-y was due to the previous year benefiting from seasonally
higher Chinese New Year (CNY) sales in Jan 2009 (2010 CNY fell on Feb
or 4QFY10) and strong sales from Mega Toto 6/52 which had larger
jackpots then.
• Earnings have found a floor
3QFY10 net profit of RM97.9m was 1% higher y-o-y due to the
aforementioned reasons except that the estimated prize payout ratio
improved 4 ppts y-o-y instead to 63%. Sequentially, it is encouraging to
note that 3QFY10 revenue of RM850.8m was only 1% lower q-o-q despite
a full quarter of competition from Magnum 4D Jackpot (2QFY10: 1
month) and the 5% lower net profit q-o-q was instead due to the
estimated prize payout ratio rising only 1 ppt q-o-q to 63%.
• Let the good times roll again
The 19 sen tax exempt DPS declared thus far represents 79% net DPR of
9MFY10 net profit. To maintain its minimum 75% net DPR policy by year
end, dividends will have to be declared in 4QFY10. We estimate it to be 4
sen tax exempt (FY10: 23 sen tax exempt). New game variant, Supreme
Toto 6/58 will regain market share lost to Magnum 4D Jackpot when it is
launched on 20 Mar 2010. We leave our earnings estimates unchanged.
• Maintain Buy and RM4.91 TP
Our TP is based on end-FY11F (WACC: 7.9%, TGR: 1.5%). We are
encouraged that government is allowing higher yielding games and
awarding more special draws (CY10: 20) to raise revenues rather than
raise gaming taxes and betting duties. We believe more new games or
game variants are on the cards.