CIMB keeps overweight call on gaming sector
PETALING JAYA (Aug 26, 2011): CIMB Research has maintained an "overweight" call on the Malaysian gaming sector, describing the industry as a good play on rising disposable incomes.
"Malaysia’s gaming companies are a good bet on rising incomes and may also be catalysed by news-flow on regional expansion and mergers and acquisitions, and stronger overseas growth," said its analyst Loke Wei Wern in a recent report.
She has replaced Genting Bhd with its subsidiary Genting Malaysia Bhd as her top stock pick, saying a new growth angle has emerged in the form of overseas earnings.
Nevertheless, Genting Bhd offers a cheaper play on the lucrative and young Singapore gaming market compared with Genting Singapore Plc.
"Investors who want a safer bet in these uncertain times can opt for number forecast operator (NFO) Berjaya Sports Toto Bhd (BToto), which is defensive and offers solid dividends as well as good earnings potential this year, going by the good response to its new 4D+Jackpot game," she added.
She has upgraded the stock from "neutral" to "outperform" and raised its target price from RM4.75 to RM5.15, as she expects BToto’s new game to help it post double-digit earnings growth this year, reversing a two-year earnings downtrend caused by market share loss to Magnum’s game-changing 4D+Jackpot game.
Malaysian gaming entities Genting Malaysia and Genting Bhd currently have exposure to the two most profitable casino markets in the world, that is, Resorts World Genting (RWG) in Malaysia and Resorts World Sentosa (RWS) in Singapore.
"Although we notice an increasing degree of scepticism about the growth outlook for the Singapore gaming industry, we think that it is still too early to conclude that the Singapore casino market has gone past its rapid growth phase," said Loke.
She is projecting a 44% surge in the gross gaming revenue of the two integrated resorts to S$7 billion this year and expects a more sustainable 18% annual expansion over the next two years.
Malaysia Sport Toto - News
Genting Bhd offers a cheaper play on the lucrative and young Singapore gaming market compared with Genting Singapore Plc. "Investors who want a safer bet in these uncertain times can opt for number forecast operator (NFO) Berjaya Sports Toto Bhd
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She said Thailand and host Indonesia had the most broadcasters with eight TV channels covering the Games, while Vietnam would have five broadcasters, the Philippines, Malaysia and Singapore would have three broadcasters — including cable TV and live
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Sports Toto is the sole national lotto operator with over 680 outlets throught Malaysia and offers 3 digit-type games and 3 lotto-type games.