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KLSE: BJTOTO       BERJAYA SPORTS TOTO BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.10 2.48     +0.38 (18.10%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
19/03/2018 2.15 2.65 +0.50 (23.26%) BUY KENANGA Price Target News
19/03/2018 2.15 2.21 +0.06 (2.79%) HOLD HLG Price Target News
19/03/2018 2.15 2.35 +0.20 (9.30%) HOLD AMMB Price Target News
19/03/2018 2.15 2.20 +0.05 (2.33%) HOLD Affin Hwang Capital Price Target News
02/03/2018 2.25 2.21 -0.04 (1.78%) HOLD JF APEX Price Target News
02/03/2018 2.25 2.21 -0.04 (1.78%) HOLD HLG Price Target News
02/03/2018 2.25 2.60 +0.35 (15.56%) HOLD AMMB Price Target News
19/12/2017 2.28 2.98 +0.70 (30.70%) TRADING BUY PUBLIC BANK Price Target News
19/12/2017 2.28 2.70 +0.42 (18.42%) BUY KENANGA Price Target News
19/12/2017 2.28 2.50 +0.22 (9.65%) HOLD HLG Price Target News
19/12/2017 2.28 2.60 +0.32 (14.04%) HOLD AMMB Price Target News
19/12/2017 2.28 2.35 +0.07 (3.07%) HOLD Affin Hwang Capital Price Target News


Price Target Research Article/News (past 6 months)
19/03/2018  KENANGA Berjaya Sports Toto - Headline Below; Operationally Steady
19/03/2018  HLG Berjaya Sports Toto - Better Luck and Margin This Time
19/03/2018  AMMB B Sports Toto - To be hit by loss of exclusive rights in Luzon
19/03/2018  Affin Hwang Capital Berjaya Sports Toto - Malaysian Operations Holding Up
02/03/2018  JF APEX Berjaya Sports Toto - Unfavourable Arbitration Decision for PGMC
02/03/2018  HLG Berjaya Sports Toto - Unfavourable Arbitration Decision for PGMC
02/03/2018  AMMB Berjaya Sports Toto - Loses exclusive rights in Luzon, Philippines
19/12/2017  PUBLIC BANK Berjaya Sports Toto Berhad - Stronger Gaming Profit
19/12/2017  KENANGA Berjaya Sports Toto - Although Weaker 2Q18, Still A Value Buy
19/12/2017  HLG Berjaya Sports Toto - 1HFY18 Results in Line
19/12/2017  AMMB Berjaya Sports Toto - High jackpot prize boosts ticket sales
19/12/2017  Affin Hwang Capital Berjaya Sports Toto (HOLD, Maintain) - Jackpot Game Is Good for Business



  5 people like this.
 
chiahow80 shpg22, i am not so old, I just care after 2015 and I just bought BJTOTO recently at 2.1. If fall below 2, I will run, else I enjoying ~7.5% Div. You sound like talking about old record, what for? For those who can hold since 2006, I am sure they can hold for another 10yrs, which they may make profit or loss in future. But for now, how many investors care about after 2006 story (but not 2005)? haha.....

I feel better to keep my money here than other counter or FD until I see the price fall below 2
22/03/2018 17:08
shpg22 Dont u understand the meaning of 2005 onwards. That will include 2015, 2016, 2017. Actually wat i m trying to say is BJTOTO is not a good long term investment it used to be.
22/03/2018 17:41
bestreturn The best thing about investing in BJ Toto now is that the govt still don't allow online buying for BJ Toto yet. If one day it get approved, the price will go up. But of course, the one day is don't know when...
22/03/2018 18:57
hng33 Share price holding well now, opt for dividend entitlement
23/03/2018 16:10
geary @bestreturn! Thanks​ for your practical n sensible writing for others to learn. Added or Averaging down... Bjtoto is a defensive counter...of course the growth is very conservative or zero at present. I think its dividend won't go down anymore n sustainable. Good luck...!!!
23/03/2018 18:30
sheldon bestreturn - yes tq.

i can imagine! Capturing the younger set hence top line growth & no more brick & mortar & salaries of staff manning them.
24/03/2018 06:22
hng33 sold off bjtoto at 2.17, locked small gain, free up capital
26/03/2018 09:56
sheldon amazing - 45 mins into the trading day & not a single lot traded
27/03/2018 09:44
Biker2b To be fair, in addition to monetary dividend, BJTOTO also given out 4 times share dividend since 2005 (2009, 2013, 2014, 2015). All in all, adjusted cost rightfully should be lower than current price albeit profit might varied depending on entry cost throughout the years.
27/03/2018 12:53
sheldon my first foray into BToto, I made money. Now I'm sitting on a pile of losses. Despite mitigated by dividends, it's still a very large net loss.
27/03/2018 15:26
Biker2b Be patient. Gaming act should get amended after GE. Doesn't make sense still prohibited online gaming at this IoT age. Would be nice if toto kiosks are placed in all 7-11 outlets just like lottery can be purchased from convenient stores and gas stations in other countries.
27/03/2018 16:01
bestreturn @Biker2b. Agree with your assessment on Gaming act will be amended after GE
27/03/2018 19:05
shpg22 Malaysis is not other countries. We r an islamic state. So dream on.
28/03/2018 10:03
LowChingHong You are right chiahow80
28/03/2018 11:03
chiahow80 shpg22, earlier you commented about this stock giving high div but still loss if counting up to 2005 and not good for long term investment. Everyone here having the same dream and hope to gain profit from this counter. If don't have this dream, why you own this stock? or you just come in as "adviser" for BJTOTO stakeholders? We are muslim country, but the fact is, we still having some legal gambling activities running across entire country, that's mean everything is possible. of course it could get closed down after GE too. Investment always has risk what.
28/03/2018 12:02
throx If I bought BJTOTO at RM4 back in 2006 and keep until now, am I losing money ? No.
But if bought BJTOTO at RM3 back in 2016 and keep until now, am I losing money ? Yes
28/03/2018 21:47
kenlee123 @ throx, can u explain why? curious. thanx
29/03/2018 09:35
throx Hi kenlee123, if you bought BJTOTO in 2006 and keep until now, you would have received dividend paid out of more than RM2 and share distribution of around 10%
29/03/2018 10:53
shpg22 I sure most long term investor in BJTOTO has net loss. Same goes for ASTRO & MALAKOF. They all gave high dividend. Choosing a high dividend company is important, not all the same. If you had invested in LPI 10y ago, till now your net gain is almost 600%, compare to BJTOTO -ve or 0. MAYBANK, LIIHEN also a good long term dividend counter to consider.
29/03/2018 11:32
throx I agree that BJTOTO has been disappointing in recent years. The implementation of GST at 2015 has affected the margin of BJTOTO & Magnum. But the full effect has taken place and the current stock price already reflected that. The profit of next few quarter should be able to maintain around the last quarter figure.
29/03/2018 12:55
Eagle_T HR Owen plc, a company controlled by Berjaya group founder Tan Sri Vincent Tan (pic), has been named 2018’s Rolls-Royce Global Dealer of the Year
https://www.thestar.com.my/business/business-news/2018/03/29/vincent-tans-company-wins-rollsroyce-global-dealer-of-the-year-award/
29/03/2018 21:16
ironcrowz All the divisions has been doing badly.

Biggest revenue and profit contributor, Toto division, losing slowly to illegal operator but suffer big from rising cost (evident from -1.7% revenue but -19.9% PBT while prize payout +2.3% so definitely not due to the luck factor here), and i dun see any actions they can take to cut costs significantly, except by cutting rental and wages by closing down stores, but that would mean it needs to gain approval to implement online platform, which i think is near impossible as then the gov would have no control over the muslims from gambling. Any info on their cost cutting efforts is much appreciated.

The 2nd biggest profit contributor, the PGMC division just lost its exclusive right to supply to PCSO, only time will tell how it affects it's profit.

The 2nd biggest revenue contributor, HR Owen, performed outstandingly, earnings shot up 77.8%, but its contribution to the group's profit is only a mere 3.91%, further it faces risks from slowing new car registration in UK, Brexit and weakening GBP.

All in all, my analysis above is only 2017 vs 2016. Assuming every year PBT -15%, a 80% dividend payout ratio and cost of investment of RM2.20 at current price, the DY is 5.74% to 4.15% in the next 3 years, still favourable than FD, my only concern is loss from continuous fall in share price as there seems no solutions to the problems faced by each divisions.

Any comment is much appreciated.
30/03/2018 12:12
sheldon ironcrowz All the divisions has been doing badly.
TQ for your insights.

Even with brick & mortar, there are many Muslims buying. There's a signboard that discourages Muslims at the entrances of the outlets but many still patronise. With small bets, it gives people some hope to strike it big.

There are so many ways to circumvent the barring of Muslims like getting others to buy or buying from illegals etc. The Govt & the people should realise that legal Btoto has contribute lots to the coffers which I believe has benefited all religions.

If they want to kill the goose that lays the golden eggs then the religious preachers should not complain if the treasury squeezes the rakyat in other forms like raising the GST. There's a lot of truth in the doctrine "No Money No Talk".
02/04/2018 09:51
ironcrowz @sheldon whether Muslims allowed to buy or not is not my main concern since the revenue has been rising every year, however, i'm more concern on the management's action on cutting costs.

Also, even if the gov allowed online betting, i'm not sure if the buyers know how to do it since most are elderly people and pensioners. If the buyers couldn't do it, it wouldn't help Toto.

Otherwise, they can strike deals with 7-11, 99speedmart etc. to station their vending machines in their stores like some countries do, maintaining a machine is much cheaper than owning a store. But again, how many buyers can adapt is to be tested.

Does anyone has news on their future plans?
02/04/2018 16:09
ironcrowz sry my mistake, revenue of the group rose, but Toto division down slightly, but still my main concern is on cost cutting efforts
02/04/2018 16:14
Lim Tek Wai You are right
03/04/2018 15:58
Lim Tek Wai don't invest based on high dividend yield.
03/04/2018 15:59
Yael Jasper still earning la.
03/04/2018 16:32
darren7132 If government approved the internet betting for sport toto, will this affect a lot in Sport toto share price ?

What's you all opinion ?
04/04/2018 16:46
chiahow80 What is happening today?
04/04/2018 16:52
throx I hope everyone understand that even if government approve BJTOTO to accept betting online (via an app), the users still has to be non-muslim Malaysian only. DMC already has such app in place call dmcGO which was evolved from their telelink license. It will definitely help to increase the sales but won't be too much.
04/04/2018 17:38
sheldon throx I hope everyone understand that even if government approve BJTOTO to accept betting online (via an app), the users still has to be non-muslim Malaysian only....

I disagree because handphone and computer appliances do not ask the owners their religious beliefs in the registration process. It's absurd for there to exist a Muslim handphone or a Hindu laptop. Hence orders placed via these devices will not reveal any details of religion.
05/04/2018 13:29
billionaire88 BJToto is no longer the company it used to be. Those days net profit margin at 10% above and average RM100m every quarter. Nowadays, despite revenue almost doubled to RM1.4b every quarter, net profit is about RM60m at less than 5% margin. Revenue increase mainly because of HR Owen but it has poor profit margin. Furthermore, increase in HR Owen is also due to weaknesses of Ringgit, not because or better sales.

There are too many online gaming (legal otherwise) competing with Sports Toto's business. Young people today do not like to go to Sports Toto outlet to buy numbers. It's too inconvenient and it look very uncle/auntie. They prefer to bet using the phone or computer.
07/04/2018 00:48
Biker2b 1. Is BJTOTO facing challenges - no doubt about it, but again which company does not ?
2. Is illegal gambling hurting BJTOTO - sure, but is this a new threat or potentially escalating ?
3. Is GST hurting BJTOTO - sure, but again this is not new and no sign of increasing

Is there any other downsides that has yet to factor in the current price in ?

On the other hand:-
1. Is BJTOTO undervalue - likely based on PE +/-10x and DY +/-7.5%
2. Is there catalyst for upside - yes, including potential restructuring plan orchestrates by TSVT for his Berjaya group of companies, upcoming amendment of online gaming act, monetization of non-core assets within BJTOTO, etc
09/04/2018 12:07
sheldon This counter is going to the dogs. It's going ex tomorrow and yet the price is tepid
10/04/2018 09:50
ironcrowz @billionaire88 HR Owen actually recorded +20% in revenue and +78% PBT in GBP terms, i believe that's actual improvement rather than due to weakness in RM. If u see, GBP/MYR actually strengthens 1st half of the year then drops back down 2nd half of the year, i guess the forex factor is very much netted off here.

But still, HR Owen's contribution to the group's profit in RM terms is less than 5%, still a long way to turn around BJTOTO for me.
10/04/2018 11:50
ironcrowz @Biker2b

1. Agree
2. The division's revenue has been dropping since 2014, -2% on average
3. Sry i've not purchased any bets before, does the customers need to pay GST for betting? If yes, BJTOTO will be able to claim back GST on most of its expenses and i believe the impact will be immaterial

1. Agree, but i expect DY to drop over the next 5 yrs to 3%, assuming current rate of decrease in profits, even lower than the FD rate by then as BNM raises OPR rate. Buying a good company at a fair price is better than buying a fair company at a good price.

2. I would put my money in if i can get more details in to it.
(a) Where can i read more on the restructuring plan?
(b) Assuming the gaming act is amended to allow online betting, i doubt the impact will be big and can be seen immediately. @throx commented Damacai has dmcGO, but the impact is questionable, also the app is not directly downloadable from the playstore, only as .apk (mayb to circumvent rules?), on apple app store theres' only 24 mixed reviews.
(c) What do you mean by monetization of non-core assets? Where can i read more on this?
10/04/2018 12:27
Lim Tek Wai You are right
10/04/2018 12:30
Biker2b @ironcrowz
a) Regarding restructuring plan - Pay attention to major shareholders movement involving Berjaya group of companies i.e BJAsset, 7-11, BJGroup, etc especially after TSVT resuming Chairmanship
b) Regarding online gaming - At least it provides level playing field with illegal gambling and prevent BJTOTO board/management from continuously taking aged lame excuses for their non-performance.
c) Regarding monetization of non-core assets - Was mentioned during 2017 AGM. In addition, unless TSVT's lieutenants are sleeping, what's the rationale of having car, hotel and pizza businesses within BJTOTO, whereas there is BAuto, BJLand and BJFood which align better synergies ?
10/04/2018 15:01
KISSinvest Quite pessimistic a lot of ppl, talk as if it is gonna bankrupt. Lets wait and see when you are 85 like kyy, bjtoto will still be here or not.
13/04/2018 13:27
geary Ha... Bought... Averaging...@<2.10...Hold...for its dividend yield...!!!
13/04/2018 17:28
chiahow80 KISSinvest, yeah, you will feel very down if you keep reading the post here and you may also found not sure they are BJTOTO share holder or just come in talking like expert and ask everyone dont trust on this counter. For me, I m enjoying the div as I bought at low price :).
15/04/2018 15:49
Biker2b It's ok to hear from both sides as long as there is substance in sharing rationales instead of baseless rubbish.
16/04/2018 11:30
Lee Richard At least 7% pa is better than EPF at average 6%...
17/04/2018 00:33
apolloang can maintain or not?
17/04/2018 00:37
nkk53 Bought toto since 2012.Overall still losing money.From high of 3.70 to 2.08 now
18/04/2018 18:14
nkk53 Bought magnum at the same time,but after the income tax issue,lost money also.High of 2.70 to 1.70.Who dare to say gaming stocks are worth their money?Bank fd definately safer and less sleepless nights!!!
18/04/2018 18:18
fourM I though 2.80 is good entry point, but now 2.08.....loss more than 25%
18/04/2018 22:37
Lee Richard I guess Trust is everything.,, theses days many companies includes Berjaya had lost trust and reputation despite the Director still make can millions. ..but history told us you lost trust.., you lost everything..,see Sunreit price is higher than few years back and still paying 6% dividend.., Hope Berjaya and Tropicana mgt understand Trust is everything..,See Berjaya"s brother Tropicna NAV at 2.10 but its share price is only 0.80 ... Indicate the Value of TRUST is lacking.....see Capitaland Singapore doing well and keep growing based on foundation of honesty and Trust.., I remember while working on KL Sentral Suasana Condo., project ., Due to 1997 Asia Financial Crisis., most project delayed in completion., hence Developer need to honour LD payment to purchaser but I told Capitaland (Singapore)director how Meranti Park in Bukit Berjaya did..,pay less 6 months due to Council support letter and deduct from maintenance bill and paying voucher.. What I thought was very clever as it was saving to company but I was blasted by Capitaland director .., Capitaland director decided to ensure long term growth they must honour 100% LD and even 10% rental guarantee scheme despite only 6% achieved..,Today Capitaland KL Sentral project and the rest doing so well and Berjaya hill still struggling..., TRUST takes years to Build but days to destroy !!
19/04/2018 11:14
19/04/2018 12:08


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