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Friday, June 22, 2012

KLCI Stock - BJTOTO / 1562 - 2012 Quarter 4

BERJAYA SPORTS TOTO BERHAD



Company Description
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.

Company Info 
Listing Date1972-05-04
Market Capital (Capital Size)5,809,429,309 (Very Large)
Par ValueRM 0.10
BoardMain
SectorTrading/Services
Major IndustryGaming
Sub IndustryDiversified Business
Websitehttp://www.berjaya.com/

My Analysis 
Forecast P/E now(4.3-0.27)/0.3106 = 12.97 (Moderate)
Target Price4.35+0.27 = 4.62 (PE 14.0, EPS 0.3106, DPS 0.27)
DecisionBUY if stock price strong sustain and continue uptrend above SMA20 or wait rebound whenever below SMA20
Comment
Revenue decreased 6.8% but higher than preceding year corresponding quarter 1.6%, eps decreased 18.7% and also lower than preceding year corresponding quarter 14.1%, cash generated from operating not enough to cover all financing expenses hence spent 9.5% of Group cash to cover all other expenses, lower margin but still acceptable, slightly weaker liquidity ratio at low level now, higher gearing ratio at high level now, higher debt ratio but still around 25% far from historical high, all collection/repayment period is good
First Support Price4.23
Second Support Price4.17
Risk RatingLOW

Research House
RHB Target Price4.85 (2012-04-16)
OSK Target Price5.01 (2012-06-06)
Jupiter Target Price4.7 (2012-06-07)
AMMB Target Price4.7 (2012-06-19)
CIMB Target Price5.3 (2012-06-19)
HLG Target Price4.5 (2012-06-19)
HwangDBS Target Price4.3 (2012-06-19)
Maybank Target Price5 (2012-06-19)
TA Target Price5.05 (2012-06-19)
Kenanga Target Price3.88 (2012-06-20)

Accounting Ratio 
Return on Equity84.03%
Dividend Yield6.28%
Gross Profit Margin0.00%
Operating Profit Margin14.31%
Net Profit Margin14.50%
Tax Rate27.71%
Asset Turnover2.5329
Net Asset Value Per Share0.35
Net Tangible Asset per share-0.13
Price/Net Tangible Asset Per Share-32.54
Cash Per Share0.31
Liquidity Current Ratio1.3764
Liquidity Quick Ratio1.3375
Liquidity Cash Ratio1.1283
Gearing Debt to Equity Ratio1.9587
Gearing Debt to Asset Ratio0.6467
Working capital per thousand Ringgit sale3.8%
Days to sell the inventory2
Days to collect the receivables8
Days to pay the payables41

Technical Analysis 
SMA 204.249 (Uptrend 2 days)
SMA 504.299 (Downtrend)
SMA 1004.324 (Downtrend)
SMA 2004.22 (Uptrend)
MACD (26d/12d)-0.006239 ( 0.004136 )
Signal (9)-0.015015 ( 0.002194 )
MACD Histogram0.008776 (Bullish trend 6 days)
Bolinger Upper Band4.367
Bolinger Lower Band4.131

My notes based on 2012 quarter 4 report (number in '000):-
- Higher revenue than FY11Q2 mainly attributed to the higher revenue reported by Berjaya Philippines Inc. group as well as improved revenue reported by International Lottery & Totalizator Systems, Inc. resulting from recognition of certain project contract sales but lower pbt due to lower number of draws and higher prize payout

- Estimate next 4Q eps after 2012 Q4 result announced = 503173*0.8/1334972 = 0.3015, estimate PE on current price 4.3 = 12.97(DPS 0.27)
- Estimate next 4Q eps after 2012 Q3 result announced = 527397*0.78/1336687 = 0.3078, estimate highest/lowest PE = 13.61/12.67 (DPS 0.27)
- Estimate next 4Q eps after 2012 Q2 result announced = (0.0689+0.079)*2*1.05 = 0.3106, estimate highest/lowest PE = 13.68/12.59 (DPS 0.25)
- Estimate next 4Q eps after 2012 Q1 result announced = (0.0689+0.0779)*2 = 0.2936, estimate highest/lowest PE = 14.2/13.15 (DPS 0.21)
- Estimate next 4Q eps after 2011 Q4 result announced = 0.0779*4 = 0.3116, estimate highest/lowest PE = 13.83/12.2 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q3 result announced = (0.0859+0.0487)*2*1.05 = 0.2827, estimate highest/lowest PE = 15.53/13.76 (DPS 0.18)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0487*4*1.05 = 0.2045, estimate highest/lowest PE = 21.27/18.97 (DPS 0.16)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.2889*0.8 = 0.2311, estimate highest/lowest PE = 17.83/17.05 (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)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-06-1820124N/AN/A0.0519.08%84.03%9161263607766132794576625912074017240.06860.300914243759212023286650317348242521535503861451194460890429714082231329714133497256246902012-04-30-14.31%14.50%27.71%2.532914.05670.35-0.13-32.540.311.37641.33751.12831.95870.64673.8%2841
2012-03-21201234.464.170.0623.58%64.95%98345926916401649394438311127403105170.08440.2323145522992783225818527397378732968637758945142136904685434428781335060133668758742642012-01-31-17.32%16.77%30.53%2.469-0.38-0.11-40.00.331.47711.44491.19431.84980.63764.9%1939
2011-12-12201224.54.160.0822.10%41.37%86237117081811487852788921056731977770.07900.14791489763951334275845384292689027609242415452916261293188784717941337500133750054837502011-10-31-17.76%17.25%27.84%2.323-0.38-0.1-41.00.351.48261.45521.19621.86230.63865.5%11146
2011-09-21201214.384.070.0819.26%19.26%84581084581013010713010792104921040.06890.06891455515921870262775336451181851976134160450788120161139994367891337500133750058181252011-07-31-15.92%15.38%27.93%2.3662-0.38-0.1-43.50.331.51821.49751.19421.8170.63345.5%11242
2011-06-20201144.493.980.0322.43%74.93%90130834336591480785059091041853480980.07790.260314463089682172372347809139227793661892402562083829111936714498791337500133750060455002011-04-30-17.28%16.43%28.72%2.374117.36720.34-0.14-32.290.341.32071.30631.09362.13090.66943.9%1949
2011-03-15201134.574.070.0624.73%52.51%85116625323511614933578311148752439130.08590.18241328533881663222914468702664138781186339256646257632712933279391337500133750054703752011-01-31-19.60%18.97%27.11%2.5522-0.32-0.16-25.560.251.45571.43391.0152.07660.66364.4%11539
2010-12-10201124.514.040.0414.01%27.78%845790168118597740196338650821290380.04870.096512755908889761921938661412607168421190302570061192291992572051337500133750055238752010-10-31-12.21%11.56%31.24%2.6578-0.27-0.21-19.670.21.26541.24440.78132.41970.69692.6%11639
2010-09-20201114.284.10.0813.77%13.77%835395835395985989859863956639560.04780.0478128523186670815891418523112932563364610257150107299426892998391337500133750054971252010-07-31-13.24%11.80%33.82%2.6466-0.3-0.18-22.830.231.20791.18450.84152.15260.67442.2%11342
2010-06-18201044.484.060.0816.21%76.87%8582943392810117321548188808953835040.06120.2902123158476703315074464551449161107675311601227577341486298852574621321318132131858534382010-04-30-14.10%13.67%29.18%2.754415.2630.34-0.15-29.530.20.83150.81290.57511.70650.6228-2.3%11136
2010-03-15201034.674.16-19.61%60.30%8507592534029139259428834978513008470.07290.228612492238657141252138350934697089077235881229447257893220122514591341727131610058633462010-01-31-17.08%16.37%29.15%2.7252-0.28-0.21-20.810.190.77920.76470.49092.33350.693-3.4%11534
2009-12-10201024.454.11-20.55%40.69%85710516832701474372895751025442029960.07620.155811978128818971062431591522335631112154263228830192244379812668111345698130328656519312009-10-31-17.95%17.20%29.95%3.0149-0.23-0.26-16.150.20.67350.65820.4972.88870.7363-4.9%1728
2009-09-09201014.54.140.1920.13%20.13%8261658261651421381421381004521004520.07970.07971123566907384978421618212082432677923962302638814742492260141260875126087554469802009-07-31-17.17%17.20%28.67%3.2895-0.16-0.35-12.340.180.55860.54210.45174.39630.8076-6.1%1428
2009-06-15200945.354.240.1130.30%115.98%87033336956861508135853281072494104930.08540.326811144746155681595949890649028235660354700130553454622999222304751256000125600062297602009-04-30-17.78%17.33%27.18%3.316115.17630.38-0.11-45.090.190.67230.65570.52511.27460.5523-4.0%1533
2009-03-16200935.054.560.0527.44%85.68%10576632825353141420434515971123032440.07730.241411257766752031579045057338234121706278059133212360635825762157881256000125600058780802009-01-30-13.43%13.37%30.38%3.2797-0.35-0.15-31.20.170.6310.61590.4371.5530.5998-5.0%1829
2008-12-12200924.824.50.0732.14%58.24%94178817676901623962930951137422061320.09060.16411058567641701165254168663040509470243277129626294580513031809291256000125600057022402008-10-31-17.88%17.24%28.57%3.3026-0.32-0.17-26.710.150.60150.58320.42381.60290.6062-4.9%1532
2008-09-08200914.84.040.0626.10%26.10%82590282590213069913069992390923900.07360.073610397296824982036835723110083651476982512612295689258641519861256000125600057524802008-07-31-16.08%15.83%28.10%3.2188-0.27-0.22-20.820.120.53910.51790.34962.0260.6564-6.0%1637
2008-06-18200844.944.40.0914.18%81.38%866831327779793929502627607623486630.04830.2760102418867026823244353920344898728065379562467204177041202521264681256858126343861837412008-04-30-11.39%10.84%29.89%3.200417.82840.26-0.23-21.390.10.59840.57720.34672.0270.6544-4.5%1832
2008-03-05200835.34.660.0822.91%67.19%8614772410946148054408698981582879010.07790.227510787176967451983438197229816081549447246248307379709675371807701260824126558461780372008-01-31-17.87%17.19%32.16%3.0039-0.29-0.2-24.50.140.73390.70470.48421.9240.6459-3.1%1828
2007-12-07200825.54.80.0820.88%44.28%7924711549469119206260644894701897430.07090.149610894607210151479236844518273783354330427247483266091643361831471261574126796463709482007-10-31-15.39%15.04%23.72%2.8912-0.28-0.21-24.050.150.78010.7480.49362.03880.6618-2.6%2926
2007-09-10200815.154.80.124.07%23.40%7569987569981414381414381031291002730.08090.0787124112085200212467389118146828836951115572475742305231189663665401274380127438063464122007-07-31-18.55%18.68%25.96%1.8994-0.3-0.19-26.210.290.93890.91620.78222.2620.6865-1.2%2956
2007-06-2820074N/AN/A0.075N/AN/A8293613035288149001545332920943756870.07190.290512132357847711017942846446483645978113366406588839246174120232468601280530129314057367742007-04-30-18.41%17.97%37.99%1.319115.42050.32-0.15-29.870.21.12421.09670.68371.87620.64682.9%33358
2007-03-0720073N/AN/A0.125N/AN/A77098122049951520393966601173382843520.09060.219613420618082751312453378635246346722511193636598268196882996753601511294730129473059816522007-01-31-19.78%19.72%22.48%0.5745-0.4-0.07-66.00.291.53521.50561.03551.55240.602325.3%677138

Financial Quarter Balance Sheet
yearqrtDeferred 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)Commercial papers and medium term notes (L-0)Deferred income (L-0)Deferred liabilities (L-0)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)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)Provisions (L-1)Minority interest (M-1)
201241137964385745049212842921-130694-408223-121-1408275975707550000--4404-2228-2107-26227--33572351332866
201231082064362748398716830659-128501-442878-155-11978152693078550000--3095-706-1936-49821--32182844625818
201221071864399922848716826442-132508-471794-58-108411535102416550000--3095-733-1815-38285--3573268027584
201211070064315522308077628882-133518-436789-57-7579738111091550000--3065-801-1622-32162--3341497126277
20114882064275722388077630745-135900-449897-61-5919148387712550000--3065-867-1556-23475--3891629223723
20113781364303731447859328343-91787-327939-81-7133382113684255000013-2129-930-1729-21553--3052208922291
20112705564413832057855125113-94693-2572058895991-7027387914784455000025-2129-1005-1670-27072--3070225319219
201111033164332332847423123112-93696-29983911005998-84804784117053-39-21295000001052-1489-35084--32680311215891
20104967464398635717423123119-96701-25746211005999-84765566101699---21293050001111-1402-34227-14500027803013415074
2010388136449071717360620088267793227-251459-6005-75614155136554--368821710305000--1399-46338-2150002593067912521
2010265026441701647360616214268692881-266811-14775-8241-71762--368911710305000--1426-60239-24750022901511610624
2010165236450561647316616033269696545-226014-8445-8394313537395--377721710359247--1388-44714-2257532366771239784
2009452146183581647316613204270598362-230475-8443-7471642950483--371471710124247--1308-36159-1384392764837515959
2009342366199551657355212986271598604-215788-12440-7525139076420--351481917140000--1216-50940659401300002499489415790
200927866183411657355210751272493528-180929-18920-7873135049648--350182991172500--1094-41015-12750026138819516525
200918476182221657355213956273493971-151986-18878-9267123754914--351322991205000--1047-25855-125000286178129520368
200848586184251657120514993274394910---166271261737832179468463--349922473262686--1004-25674-97314244785134023244
2008317796205181656834416104279095031---1418218077010896-68138--506881717270000-1020--47307-12000020561839519834
2008214056192501656834418127-92744---1435918314711914-80005--473501717300000-920--66456-11750018685521714792
2008114026191621656834417316-93227---777936654010634128455267--474823400330000-864-13463809-11500029070760612467
2007414686178101656803113231-9213275056-10621044424686010284881167881--466393400360000-774-60554673-11250020534883210179
200734076080871676792714282-922179392422318-7910337833107611689869330--463915069390000-2700-4720424-110000233644-13124

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseFinance/interest costsAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesInvestment gain/lossManagement expenses for investment
20124916126367967395785045479136394710
20123983459503547598813156184510035061172
201228623714142677127092311686543303-
20121845810363447661711180165983146-
201149013084253374677455841360908729-
201138511664378177136843212837592420-
201128457903053272467425242126781798-
20111835395333411344972474913012881689-
201048582943423867117372712188123021-
20103850759405977296705422811-1218-
20102857105441517926703227742-1485-
20101826165407543455684315932-3743-
2009487033340995344071554625691533-
2009310576634296038619156591348-3277-
200929417884639342117733622261-1819-
200918259023672045996931081589-2504-
200848668312807950527680565088-206-
200838614774760855707075622288-291-
200827924712828160896704901455-3314-
200817569983672057196165751589-6734-
2007482936156601671167664830602999-
20073770981341856790618466516-6314-

Financial Quarter Segments Revenue
yearqrtOthersToto betting and leasing of lottery equipment
2012423780892346
2012313372970087
201226270856101
201215618840192
201145207896101
201136557844609
201126757839033
201116080829315
2010410312847982
201033060847699
201022466854639
201012338823827
200943489866844
2009327031054960
200925037936751
200914334821568
2008417630849201
200833224858253
200823247789224
200813417753581
20074810828551
20073556770425

Financial Quarter Segments Profit
yearqrtOthersToto betting and leasing of lottery equipment
201241952136366
20123651174388
201222433158681
201212485139902
201142726161594
201131378171035
20112873107002
201112115114870
201041953121451
201033399151892
201025947162789
201012634148934
200942933160150
200934072148561
20092463170246
200911903136857
20084766593465
200831857158083
200822058126213
200811440143827
2007410258164441
20073456154243

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING

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