Bursa Malaysia Stock Watch
BToto (BUY) - Expanding into the Philippines
kltrader
Publish date: Mon, 16 Apr 2012, 12:44 PM
kltrader
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BToto (BUY)
Expandinginto the Philippines
- According to The Edge Weekly, BToto is said to belooking to expand its operations in the Philippines by potentiallyacquiring a stake in the Philippines Charity Sweepstake Office (PCSO).
- BToto is currentlysupplying and maintaining a computerized online lottery system and providessoftware support to PCS via its subsidiary, Berjaya Philippines Inc. In return,it gets a cut from PCSO's ticket sales.
- We believe that this isto expand its coverage, giving itself a growth catalyst in the coming yearswhile the market for number forecast operators (NFO) in Malaysia has matured.
- This would help BToto toexpand its penetration into the overseas gaming market. However, the benefit ofventuring into the international market comes with its risks. Past recordsshowed that local NFOs such as Tanjong and Magnum have attempted to ventureinto overseas market but ended up recording provisions.
- We remain our forecast with TP ofRM4.92. Maintain Buy.
Source: HLIB Research - 16 April 2012
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