KLCI Stock - BJTOTO / 1562 - 2011 Quarter 1

BERJAYA SPORTS TOTO BERHAD

Listing Date: 04.05.1972
Market: MAIN
Sector: TRADING/SERVICES
Par Value: 0.10
Major Industry: Recreation
Sub Industry: Miscellaneous Recreation
Market Cap : 1351030072*4.13 = 5,579,754,197.36 (Very Large)
NTA per share : (402632-643323)/1337500 = Negative
P/BV : Not applicable
Forecast P/E now : (4.13-0.16)/0.2311 = 17.18 (High)
ROE : 50.98% (High)
DY : 0.16/4.13*100 = 3.87% (Low)
Fixed Asset Turnover(3 year) : (2.6466+3.2895+3.2188)/3 = 3.0516 (High)
Liquidity Ratio : 437254/361999 = 1.2079 (Low)
Receivables Collection Period : (117053+37395)/2/(3401553/365) = 8 days (Good)
My Target Price : Not interested unless revenue and profit increase more
My Decision : NOT BUY
My Comment : Revenue and profit decreasing, good cash flow, high debt and increased, navps decreased, NFO tax increased, competitive from Magnum
Technical Support Price : 4.1
Risk Rating : MODERATE
OSK Target Price : 4.5 (21 Sep 10)

Berjaya Sports Toto Berhad (BToto) is principally engaged in investment holding and provision of management services to its subsidiary companies. The Company, along with its subsidiaries, is principally engaged in the operations of Toto betting; leasing of online lottery equipment; manufacture and distribution of computerized lottery and voting systems; property investment and development, and investment holding. The Company operates in two segments: toto betting and leasing of lottery equipment, and others, which includes property investment and development, investment holding, and manufacture and distribution of computerized lottery and voting systems. On September 5, 2008, the Company incorporated a wholly owned subsidiary, Berjaya-ILTS Limited. In May 2009, the Company, through its subsidiary Berjaya Sports Toto (Cayman) Limited (BSTC), acquired 6.81% interest in Prime Gaming Philippines, Inc.

My notes based on 2011 quarter 1 report (number in '000):

- As compared to the corresponding quarter ended 31 July 2009, the Group recorded an increase in revenue of 1.1% but recorded a decrease in pre-tax profit of 30.6%, mainly due to the results of Sports Toto Malaysia Sdn Bhd ("Sports Toto") as explained in the ensuing paragraph coupled with higher finance cost incurred in the current quarter under review as well as lower revenue and pre-tax profit reported by Berjaya Philippines Inc

- Sports Toto, the principal subsidiary, registered an increase in revenue of 1.0% but recorded a decrease in pre-tax profit of 23.6% as compared to previous year corresponding quarter mainly due to the increase in Pool Betting Duty from 6% to 8% with effect from 1 June 2010 coupled with the relatively higher prize payout in the current quarter under review

- As compared to the preceding quarter ended 30 April 2010, the Group registered a decrease in revenue and pre-tax profit of 2.7% and 16.0% respectively. The decrease in revenue was mainly due to lower revenue recorded by Sports Toto and Berjaya Philippines Inc.. The decrease in pre-tax profit was mainly due to the operating performance of Sports Toto as explained in the ensuing paragraph coupled with higher finance cost incurred

- Sports Toto recorded a decrease in revenue and pre-tax profit of 1.9% and 6.3% respectively mainly due to the preceding quarter recording seasonally higher sales during the Chinese Lunar New Year festive season during the month of February 2010 and the recent increase in Pool Betting Duty from 6% to 8% with effect from 1 June 2010 respectively despite a lower prize payout in the current quarter under review

- Estimate next 4Q eps after 2011 Q1 result announced = 0.2889*0.8 = 0.2311, estimate PE on current price 4.13 = 17.18(DPS 0.16)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2889*0.9 = 0.26(10% drop), estimate highest/lowest PE = 16.19/14.58 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0729*4 = 0.2916, estimate highest/lowest PE = 15.09/13.34 (DPS 0.27)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0762*4 = 0.3048, estimate highest/lowest PE = 13.65/12.53 (DPS 0.29)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0797*4 = 0.3188, estimate highest/lowest PE = 12.21/12.08 (DPS 0.29)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0854*4 = 0.3416, but this is too high, so use last 3 years average eps = (0.3268+0.276+0.2905)/3 = 0.2978, estimate highest/lowest PE = 16.66/13.26 (DPS 0.29)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0773*4 = 0.3092, estimate highest/lowest PE = 15.33/13.97 (DPS 0.26)

BJTOTO latest news (English)

BJTOTO latest news (Chinese)

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	market	date	prof_m	pe	de	navps	vat
2010-09-20	2011	1	N/A	N/A	0.08	0.1528	0.1528	835395	835395	98598	98598	63956	63956	0.0478	0.0478	1285231	866708	15891	418523	112932	-5633	-64610	257150	107299	42689	299839	1337500	1337500	5497125	2010-07-31	0.118	-	2.0709	0.3	0.3382
2010-06-18	2010	4	4.48	4.06	0.08	0.1741	0.8217	858294	3392323	117321	546155	80895	381742	0.0612	0.2889	1231584	767033	15074	464551	451028	-107657	-312732	226572	343371	30639	257211	1321318	1321318	5853438	2010-04-30	0.1367	15.3335	1.6511	0.34	0.2918
2010-03-15	2010	3	4.67	4.16	-	0.2551	0.7845	850759	2534029	139259	428834	97851	300847	0.0729	0.2286	1249223	865714	12521	383509	346970	-89077	-235881	229447	257893	22012	251459	1341727	1316100	5863346	2010-01-31	0.1637	-	2.2573	0.28	0.2915
2009-12-10	2010	2	4.45	4.11	-	0.3246	0.6426	857105	1683270	147437	289575	102544	202996	0.0762	0.1558	1197812	881897	10624	315915	223356	-31112	-154263	228830	192244	37981	266811	1345698	1303286	5651931	2009-10-31	0.172	-	2.7916	0.23	0.2995
2009-09-09	2010	1	4.5	4.14	0.19	0.4647	0.4647	826165	826165	142138	142138	100452	100452	0.0797	0.0797	1123566	907384	9784	216182	120824	-32677	-92396	230263	88147	-4249	226014	1260875	1260875	5446980	2009-07-31	0.172	-	4.1973	0.16	0.2867
2009-06-15	2009	4	5.35	4.24	0.11	0.2150	0.8228	870333	3695686	150813	585328	107249	410493	0.0854	0.3268	1114474	615568	15959	498906	490282	-35660	-354700	130553	454622	99922	230475	1256000	1256000	6229760	2009-04-30	0.1733	15.1763	1.2338	0.38	0.2718
2009-03-16	2009	3	5.05	4.56	0.05	0.2155	0.6730	1057663	2825353	141420	434515	97112	303244	0.0773	0.2414	1125776	675203	15790	450573	382341	-21706	-278059	133212	360635	82576	215788	1256000	1256000	5878080	2009-01-30	0.1337	-	1.4985	0.35	0.3038
2008-12-12	2009	2	4.82	4.5	0.07	0.2729	0.4945	941788	1767690	162396	293095	113742	206132	0.0906	0.1641	1058567	641701	16525	416866	304050	-9470	-243277	129626	294580	51303	180929	1256000	1256000	5702240	2008-10-31	0.1724	-	1.5393	0.32	0.2857
2008-09-08	2009	1	4.8	4.04	0.06	0.2586	0.2586	825902	825902	130699	130699	92390	92390	0.0736	0.0736	1039729	682498	20368	357231	100836	-5147	-69825	126122	95689	25864	151986	1256000	1256000	5752480	2008-07-31	0.1583	-	1.9105	0.27	0.281
2008-06-18	2008	4	4.94	4.4	0.09	0.1717	0.9851	866831	3277797	93929	502627	60762	348663	0.0483	0.2760	1024188	670268	23244	353920	344898	72806	-537956	246720	417704	-120252	126468	1256858	1263438	6183741	2008-04-30	0.1084	17.7356	1.8938	0.26	0.2989
2008-03-05	2008	3	5.3	4.66	0.08	0.2570	0.7537	861477	2410946	148054	408698	98158	287901	0.0779	0.2275	1078717	696745	19834	381972	298160	81549	-447246	248307	379709	-67537	180770	1260824	1265584	6178037	2008-01-31	0.1719	-	1.8241	0.29	0.3216
2007-12-07	2008	2	5.5	4.8	0.08	0.2428	0.5150	792471	1549469	119206	260644	89470	189743	0.0709	0.1496	1089460	721015	14792	368445	182737	83354	-330427	247483	266091	-64336	183147	1261574	1267964	6370948	2007-10-31	0.1504	-	1.9569	0.28	0.2372
2007-09-10	2008	1	5.15	4.8	0.1	0.2650	0.2577	756998	756998	141438	141438	103129	100273	0.0809	0.0787	1241120	852002	12467	389118	146828	83695	-111557	247574	230523	118966	366540	1274380	1274380	6346412	2007-07-31	0.1868	-	2.1896	0.3	0.2596
2007-06-28	2007	4	N/A	N/A	0.075	0.2149	0.8768	829361	3035288	149001	545332	92094	375687	0.0719	0.2905	1213235	784771	10179	428464	464836	459781	-1336640	658883	924617	-412023	246860	1280530	1293140	5736774	2007-04-30	0.1797	15.2701	1.8316	0.33	0.3799
2007-03-07	2007	3	N/A	N/A	0.125	0.2198	0.5327	770981	2204995	152039	396660	117338	284352	0.0906	0.2196	1342061	808275	13124	533786	352463	467225	-1119363	659826	819688	-299675	360151	1294730	1294730	5981652	2007-01-31	0.1972	-	1.5142	0.4	0.2248

year	qrt	Deferred tax assets (A-0)	Intangible assets (A-0)	Investment in associated companies (A-0)	Investment properties (A-0)	Other investments (A-0)	Prepaid lease payments (A-0)	Property, plant and equipment (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current asset classified as held for sales (A-1)	Current tax assets (A-1)	Deposits with licensed banks (A-1)	Inventories (A-1)	Other investments (A-1)	Other receivables (A-1)	Deferred income (L-0)	Deferred liabilities (L-0)	Deferred tax liabilities (L-0)	Loans & borrowings (L-0)	Other liabilities (L-0)	Other long-term provisions (L-0)	Retirement benefits obligations (L-0)	Amount due to associated companies (L-1)	Current tax liabilities (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Other payables (L-1)	Provision for liabilities (L-1)	Minority interest (M-1)
2011	1	10331	643323	3284	74231	23112	-	93696	-	299839	1100	5998	-	8480	4784	117053	39	-	2129	500000	1052	-	1489	-	35084	-	-	326803	112	15891
2010	4	9674	643986	3571	74231	23119	-	96701	-	257462	1100	5999	-	8476	5566	101699	-	-	2129	305000	1111	-	1402	-	34227	-	145000	278030	134	15074
2010	3	8813	644907	171	73606	20088	2677	93227	-	251459	-	6005	-	7561	4155	136554	-	36882	1710	305000	-	-	1399	-	46338	-	215000	259306	79	12521
2010	2	6502	644170	164	73606	16214	2686	92881	-	266811	-	14775	-	8241	-	71762	-	36891	1710	305000	-	-	1426	-	60239	-	247500	229015	116	10624
2010	1	6523	645056	164	73166	16033	2696	96545	-	226014	-	8445	-	8394	3135	37395	-	37772	1710	359247	-	-	1388	-	44714	-	225753	236677	123	9784
2009	4	5214	618358	164	73166	13204	2705	98362	-	230475	-	8443	-	7471	6429	50483	-	37147	1710	124247	-	-	1308	-	36159	-	138439	276483	75	15959
2009	3	4236	619955	165	73552	12986	2715	98604	-	215788	-	12440	-	7525	1390	76420	-	35148	1917	140000	-	-	1216	-	50940	65940	130000	249948	94	15790
2009	2	786	618341	165	73552	10751	2724	93528	-	180929	-	18920	-	7873	1350	49648	-	35018	2991	172500	-	-	1094	-	41015	-	127500	261388	195	16525
2009	1	847	618222	165	73552	13956	2734	93971	-	151986	-	18878	-	9267	1237	54914	-	35132	2991	205000	-	-	1047	-	25855	-	125000	286178	1295	20368
2008	4	858	618425	165	71205	14993	2743	94910	-	-	-	16627	126173	7832	1794	68463	-	34992	2473	262686	-	-	1004	-	25674	-	97314	244785	1340	23244
2008	3	1779	620518	165	68344	16104	2790	95031	-	-	-	14182	180770	10896	-	68138	-	50688	1717	270000	-	1020	-	-	47307	-	120000	205618	395	19834
2008	2	1405	619250	165	68344	18127	-	92744	-	-	-	14359	183147	11914	-	80005	-	47350	1717	300000	-	920	-	-	66456	-	117500	186855	217	14792
2008	1	1402	619162	165	68344	17316	-	93227	-	-	-	7779	366540	10634	1284	55267	-	47482	3400	330000	-	864	-	134	63809	-	115000	290707	606	12467
2007	4	1468	617810	165	68031	13231	-	92132	75056	-	1062	10444	246860	10284	8811	67881	-	46639	3400	360000	-	774	-	605	54673	-	112500	205348	832	10179
2007	3	407	608087	167	67927	14282	-	92217	93924	22318	-	7910	337833	10761	16898	69330	-	46391	5069	390000	-	2700	-	47	20424	-	110000	233644	-	13124

year	qrt	Revenue	Income tax expense	Finance/interest costs	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Investment gain/loss
2011	1	835395	-33341	-13449	-724749	-1301	-288	1689
2010	4	858294	-34238	-6711	-737271	-2188	-12	3021
2010	3	850759	-40597	-7296	-705422	-811	-	1218
2010	2	857105	-44151	-7926	-703227	-742	-	1485
2010	1	826165	-40754	-3455	-684315	-932	-	3743
2009	4	870333	-40995	-3440	-715546	-2569	-1	-533
2009	3	1057663	-42960	-3861	-915659	-1348	-	3277
2009	2	941788	-46393	-4211	-773362	-2261	-	-1819
2009	1	825902	-36720	-4599	-693108	-1589	-	2504
2008	4	866831	-28079	-5052	-768056	-5088	-	206
2008	3	861477	-47608	-5570	-707562	-2288	-	-291
2008	2	792471	-28281	-6089	-670490	-1455	-	3314
2008	1	756998	-36720	-5719	-616575	-1589	-	6734
2007	4	829361	-56601	-6711	-676648	-306	0	2999
2007	3	770981	-34185	-6790	-618466	-516	-	6314

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