KUALA LUMPUR: Berjaya Sports Toto’s (BToto) core earnings for the nine months ended Jan 31, 2018 (9M FY18) of RM190.5mil were in line with CIMB Equities Research but below market’s expectations at 72% and 69% of full-year forecasts, respectively.
It said on Monday the dividend per share (DPS) of four sen brought the DPS for the nine-month period to 12 sen which met its expectations.
During the nine months, earnings growth was driven by lower prize payout ratio from Sports Toto Malaysia and a better performance from H.R. Owen.
“We make no changes to our earnings forecasts given the in-line results. Maintain Add with an unchanged dividend discount model-based target price of RM2.90. FY18-20F estimated dividend yields of 7.5%-8.2% remain attractive,” it said.
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