[%AQyf%]
Research by Maybank
Buy – TP RM1.34

“Unlucky start to the year"

High prize payout ratio caused 1Q24 earnings and dividends to underperform our expectations. Revenue was, however, in-line with our expectations. While NFO sales/draw/outlet is recovering, albeit gradually, we note that it is trailing its main competitor. Given that it is still early in the year, we maintain our earnings estimates, BUY call and MYR1.34 DCF-TP. That said, we prefer SPTOTO for its more consistent earnings and dividends delivery.

Analyst:
Yin Shao Yang
[%uiMC%]

$KLSE-MAGNUM
Research by Maybank
Buy – TP RM1.34

“Unlucky start to the year"

High prize payout ratio caused 1Q24 earnings and dividends to underperform our expectations. Revenue was, however, in-line with our expectations. While NFO sales/draw/outlet is recovering, albeit gradually, we note that it is trailing its main competitor. Given that it is still early in the year, we maintain our earnings estimates, BUY call and MYR1.34 DCF-TP. That said, we prefer SPTOTO for its more consistent earnings and dividends delivery.

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