Bursa Malaysia Stock Watch
Gaming (OVERWEIGHT) - Defensive Stocks Staying Still
kltrader
Publish date: Tue, 20 Mar 2012, 10:59 AM
kltrader
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Gaming(OVERWEIGHT)
DefensiveStocks Staying Still
- GenM's FY11 results came in linewhereas GenT's FY11 results were aboveexpectations. BToto on the other hand, will be releasing its 3QFY12 results on21 March.
- BToto's results is expected toreport strong yoy and qoq growth due to higher number of draw days, the CNYfestival which falls in Jan and the impact of 4D Jackpot.
- Our regression test also showed thatthe cannibalization by 4D Jackpot has narrowed down to RM213k from RM536k perdraw previously.
- BToto's 4D sales have been on adeclining trend since 2009, partly due to the matured game. Magnum's 4D salesexperienced the same trend as well.
- RWNY's net win begins to improve ascustomers get used to the cold weather in NY. State-wide's average net winbreaches its historical high with US$313/VLT/day.
- GenS launched its remaining 2 luxuryaccommodations last month. They now have a total of 1,538 rooms in the resort.
- Given that we had upgraded ourratings on GenM and GenT
(post FY11 results) to BUY, we upgrade the sector to OVERWEIGHT. Toppick according to preference are: (1) BToto (BUY, TP: 4.92), GenM (BUY, TP:4.17) and (3) GenT (BUY, TP: 11.50).
Source: HLIB Research 20 March 2012
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