0729 GMT [Dow Jones] STOCK CALL: Maybank Investment Bank downgrades Berjaya Toto (1562.KU) to Sell from Buy on poor revenue prospects, rising regulatory risks. "Punters are spreading their money around, spending less per draw rather than digging deeper into their pockets. In addition, (rival) Magnum's new 4D Jackpot is diverting punters from B Toto's lotto games," says Maybank. Cuts target to MYR4.05 from MYR5.60 given given unattractive residual dividend yield for FY10, uncertain prospects with newsflow risks on the downside. Projects net profit of MYR405.6 million for FY10 (ending April), MYR407.6 million for FY11 vs MYR410.5 million in FY09. Stock last down 0.7% at MYR4.41. (ECH)
Subscribe to:
Post Comments (Atom)