Berjaya Sports Toto
BST MK, BUY, CP 5.10, TP 6.00, Mkt cap: 1,950m, ADV: 2.1m
* New Power Toto 6/55 (replacing 6/42 lotto) will boost FY2011 revenue
due to a higher minimum guaranteed prize.
* With dividend in specie, total 2009 payout is MYR0.611, a yield of
11.5%. Expect a 2010 dividend payout ratio of 78%.
* Maintain BUY with a TP of MYR6.00. Largest NFO player with 42% revenue
share and 3x more games then competitors.
2010E: P/E 14.7, P/B 10.6, ROE 83.2, Yld 5.9
2011E: P/E 13.2, P/B 8.7, ROE 72.2, Yld 5.9
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