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Berjaya Sports Toto - 1QFY10: Fewer punters?
BToto’s 1QFY01 revenue went flat yoy as revenue per draw unexpectedly declined 6.6% due to weak ticket sales. No dividend was declared for the current quarter. The annualised net earning is 9.2% below our expectation. Berjaya Sports Toto (BToto) reported a net profit of RM100.5m in 1QFY10 (+8.7% yoy, -6.3% qoq). The yoy rise in net profit was attributed to a lower estimated prize payout ratio of 61.2% vs 62.5% in 1QFY09. 1QFY10 revenue was flat yoy and 5.1% lower qoq despite there being three draws more than the year-ago quarter. Annualised net earnings are 9.2% below our estimate but 1QFY10 was expected to be a seasonally weak quarter with fewer festive days. No dividend is declared for the current quarter, which is in line with our expectation. Gross revenue per draw unexpectedly declined 6.6% yoy (from RM22.9m to RM21.4m), as the economic slowdown probably hurt tickets sales to the blue-collar segment. Consumption falloff offset the impact of three additional draws in 1QFY10 (compared with 1QFY09). N
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