(MAG MK/BUY/RM1.71/Target: RM2.00)

Magnum recorded its first yoy ticket sales per draw improvement in two years and resumed its dividend payment in 2Q17 as hoped. More catalysts should materialize in the intermediate term, including the monetization of its U-Mobile stake, and a much-reduced tax claim penalty by the IRB. Dividend payout would also recover once a sufficient cash buffer is created. Maintain BUY. Target price: RM2.00

Source: UOB Kay Hian Research - 24 Aug 2017