Earnings in line. BST's results were very much within expectations. However, FY4/12 net DPS of 27sen was 29% or 4sen above our expectations. Operations wise, it regained market share thanks to 4D Toto Jackpot. All else being equal, FY4/13 earnings should be higher YoY due to full year effect of 4D Toto Jackpot (FY4/12: 10'' months). Maintain BUY call and DCF-based TP of MYR5.00.
Click here for full reportSource: Maybank Research - 19 June 2012