CONSUMER CYCLICAL - GAMING
 [%PrrX%] [%XOiD%] 
Research by RHB
Neutral (Maintained)

“4Q23 Wrap: Bumpy Road To Recovery”

We believe the NFO stocks under our coverage should have high defensiveness, thanks to their dividend yields (5-7%) and the relatively inelastic demand from punters. That said, we think the current market valuations (close to mean levels) are fair, and the sector lacks re-rating catalysts for their earnings and valuations to reach new highs. We prefer Sports Toto (SPTOTO) on valuation grounds and its superior dividend yield. 

Analyst(s):
Tai Yu Jie
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Lee Meng Horng
[%dfSN%]

CONSUMER CYCLICAL - GAMING
 $KLSE-BJTOTO $KLSE-MAGNUM 
Research by RHB
Neutral (Maintained)

“4Q23 Wrap: Bumpy Road To Recovery”

We believe the NFO stocks under our coverage should have high defensiveness, thanks to their dividend yields (5-7%) and the relatively inelastic demand from punters. That said, we think the current market valuations (close to mean levels) are fair, and the sector lacks re-rating catalysts for their earnings and valuations to reach new highs. We prefer Sports Toto (SPTOTO) on valuation grounds and its superior dividend yield. 

Analyst(s):
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Lee Meng Horng
lee.meng.horng@rhbgroup.com

$BJTOTO / 1562 (BERJAYA SPORTS TOTO BERHAD)