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Berjaya Sports Toto - 1QFY10 results preview: Likely to be lifted by special draws
The seasonally weak first quarter results are likely to be lifted by the utilisation of three special draws during 1QFY10. We expect revenue and net earnings to rise 8-9% and 12-14% yoy respectively. Maintain BUY. Target price: RM4.90.Berjaya Sports Toto (BToto) will report its 1QFY10 results in the second week of Sep 09. We expect net earnings to grow 8-9% yoy but to come in flattish qoq as the positive impact from three additional special draws utilised in 1QFY10 will kick in. No dividend is expected in 1Q10.Positive impact of three additional special draws will kick in. BToto is expected to have 42 draws in 1QFY10 vs 39 draws in 1QFY09 and 40 draws in 4QFY09. Of the 42 draws, three will be special draws (one common draw and two standalone draws) vs none in 1QFY09. Gross revenue per draw is expected to have risen at low single digits yoy but should be flattish qoq backed by the resilient blue-collar segment. Hence, we expect its revenue and net earnings to rise 8-9% and 12-14% yoy respectively, during the
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