Affin Hwang Capital Daily Insight (LV) - 21 March 2016 - BTOTO / HAIO / RUBBER GLOVES

Top Calls

Results Note � Berjaya Sports Toto (SELL, downgrade) - Not so lucky Berjaya Sports Toto�s (BST) annualized 9MFY16 core net profit of RM213.3m was below expectations due to a higher-than-expected prize payout and a surprising loss in the UK business. Given the relatively weak domestic consumer sentiment and moderating economic growth in the UK, we believe BST lacks catalysts. We downgrade BST to SELL from HOLD with a lower TP of RM3.00.

Other Calls

Results Note � Hai-O (SELL, downgrade) - MLM division remains strong

Flash Note � Rubber Gloves (NEUTRAL, maintain) - Manageable revised levy hike

Morning News and Market Summary

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.