$BJTOTO / 1562 (BERJAYA SPORTS TOTO BERHAD)
Research by RHB
Neutral – TP of MYR 1.69

“Approaching a Softer Season”

Sports Toto’s 3QFY24 (Jun) earnings beat expectations, thanks to higherthan-expected sales during the festive season. Number forecast operators
(NFOs) should see a high degree of defensiveness thanks to the decent yields
and relatively inelastic demand. That said, we believe the current at-mean
valuation is fair, considering the lack of exciting catalysts for the sector.

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