[%MuWU%] 
Research by Maybank
Buy – TP of MYR 1.71

“Double happiness in the year of the dragon” 

Earnings outperformed our expectations on better-than-expected NFO sales/draw and H.R. Owen sales. More poignantly, we estimate that the gap in pre- and post-COVID NFO sales/draw has narrowed to just c.5%. We raise our EPS estimates by 17% p.a. and DCF-TP to MYR1.71 from MYR1.55 (we continue to ascribe nil value to H.R. Owen). Although we trim our dividend estimates by 1sen p.a., SPTOTO still offers very attractive dividend yields of 7.1% p.a.

Analyst(s):
Yin Shao Yang
[%pvKN%]

$KLSE-BJTOTO 
Research by Maybank
Buy – TP of MYR 1.71

“Double happiness in the year of the dragon” 

Earnings outperformed our expectations on better-than-expected NFO sales/draw and H.R. Owen sales. More poignantly, we estimate that the gap in pre- and post-COVID NFO sales/draw has narrowed to just c.5%. We raise our EPS estimates by 17% p.a. and DCF-TP to MYR1.71 from MYR1.55 (we continue to ascribe nil value to H.R. Owen). Although we trim our dividend estimates by 1sen p.a., SPTOTO still offers very attractive dividend yields of 7.1% p.a.

Analyst(s):
Yin Shao Yang
samuel.y@maybank-ib.com

$BJTOTO / 1562 (BERJAYA SPORTS TOTO BERHAD)