[%PLAL%] 
Research by PIB
Neutral – TP of MYR 1.36

“Strong Recovery Of Gaming Profit” 

Sports Toto Bhd (Sports Toto) posted a strong recovery in 3QFY24 net profit, jumping 195% YoY to RM68.5m mainly on the back of higher gaming profit. STM Lottery’s profit more than tripled due to higher sales per draw as well as lower prize payout. For 9M FY24, results came in within our expectations but beat consensus estimate at 82% of full-year forecast. We make no changes to our FY24-26F earnings forecasts. Maintain Neutral with a DCF-based TP of RM1.36. A third interim dividend of 3.0sen per share was declared (3QFY23: 2.0sen per share). This brings total dividend per share to 8.0sen (including first interim share dividend that equates to 3.0sen per share).

Analyst(s):
Eltricia Foong
[%qDEG%]

$KLSE-BJTOTO 
Research by PIB
Neutral – TP of MYR 1.36

“Strong Recovery Of Gaming Profit” 

Sports Toto Bhd (Sports Toto) posted a strong recovery in 3QFY24 net profit, jumping 195% YoY to RM68.5m mainly on the back of higher gaming profit. STM Lottery’s profit more than tripled due to higher sales per draw as well as lower prize payout. For 9M FY24, results came in within our expectations but beat consensus estimate at 82% of full-year forecast. We make no changes to our FY24-26F earnings forecasts. Maintain Neutral with a DCF-based TP of RM1.36. A third interim dividend of 3.0sen per share was declared (3QFY23: 2.0sen per share). This brings total dividend per share to 8.0sen (including first interim share dividend that equates to 3.0sen per share).

Analyst(s):
Eltricia Foong
eltriciafoong@publicinvestbank.com.my

$BJTOTO / 1562 (BERJAYA SPORTS TOTO BERHAD)