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Results Note � Berjaya Sports Toto
(HOLD, upgrade)
- Lucky break Berjaya Sports Toto�s (BST) FY16 core net profit was above expectations due to a lower-than-expected prize payout in 4QFY16. Nonetheless, we believe its core number forecasting business remains a challenge given the continued decline in Toto sales despite stripping out the impact of GST. Following the recent share price decline, we upgrade BST to HOLD (from SELL).
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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