Journey to Wealth
Multi-Purpose Holdings (1) - Explores online payment Buy
- According to news reports, Multi-Purpose Holdings Bhd (MPHB) is in talks with bankers to explore online payment for its number forecasting operations.
- According to sources, talks are still preliminary. '
- If the talks were successful, then it would most likely take place after the elections as MPHB would need to get approval from the government first.
- We view this development positively. However, it is still too early and difficult to quantify the boost to ticket sales from the online payment proposal.
- We reckon that online payment would allow MPHB to tap new customer markets, which are younger and more computer-savvy.
- Also, average spending per punter is likely to increase as it would not be cost-efficient to allow a punter to place only a RM1.00 bet through the online payment system.
- Currently, Pan Malaysian Pools offers Telelink services whereby punters can place bets over the telephone or Telelink terminals.
- However, punters have to open a Telelink account first. The deposit for the account is at least RM20.00. We believe that Pan Malaysian Pools have more than 220,000 Telelink accounts.
- We maintain a BUY on MPHB as the group is expected to sell more non-gaming assets. This would transform MPHB into a purer NFO, which would help narrow the valuation gap with Berjaya Sports Toto.
- Some of MPHB's non-gaming assets include insurance, stock-broking and hotel property assets.
Source: AmeSecurities
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