【SPTOTO 1562 交流专区】（前名 BJTOTO）

ccube

原帖由 蚂蚁小弟 于 15-9-2008 09:04 PM 发表
看announcement的话，老狐狸的住址是在seputeh
郭素芯的地区咧...

你以为老狐狸那么容易被人祭旗吗？

嘿嘿....

只要常常叫他去喝茶。。。说说取消他的执照。。。 就够BJTOTO受了

ThermoFisher

政局變動或衝擊博彩業

2008年9月18日
　  
（吉隆坡17日訊）消息指出，大馬賭場及字票業隱藏一股隱憂，因為政府可能針對博彩業的政策或稅務做出改變，讓博彩業者面臨負面影響。

根據《道瓊社》引述一名交易員的消息說，「這是心理上（的因素）。

如果政府出現任何變動，國內針對賭博的反對聲浪將越來越大。」

今天閉市時，受挫的博彩股是雲頂（GENTING，3182，主板貿服股）跌2.03%至4.82令吉，該股的支撐點為4.70令吉（06年9月低點）；名勝世界（RESORTS，4715，主板貿服股）跌0.39%至2.54令吉，其支撐點為2.43令吉（08年7月低點）。此外，成功多多（BJTOTO，1562，主板貿服股）止跌回升，該股報4.46令吉，全天起4仙，它的支撐點為4.34令吉（07年8月低點）。

星空下想你

原帖由 ThermoFisher 于 11-9-2008 05:41 PM 发表
无花公子，下次如果要快点获得退税，必须：

1）越早报税越好，填好HK3同时交上去；
2）使用电子报税，税收局的处理速度会快许多。

薪水不到2K, 不给开 income tax户口，怎么claim???

ss24

多多股给股东的就是它的股息，它的股价变动是很少的（2001年股价是4.x）。如果你是要赚它的股息，当然是越低价买入越好，除非盈利／股息减少了，或者你不想再赚它的股息了，

ss24

可以开的。你拿股息原本给税收局，说要开户口以便申请回扣，就可以开了。

ng33

今天近了２０００ｌｏｔｓ在　４．４０．价位算低吗？

thierry_henry

你可去看看这个
http://finance.yahoo.com/q/bc?s= ... z=m&q=l&c=.
然后自己決定,是低还是高.

ng33

看了图表 4.40 是蛮低了. ............我会隧步增加中........... 可以请提宝贵意见吗?

宇晴

我在4.60买进的。后悔。想卖了。
暂时被套。

ng33

原帖由 宇晴 于 20-9-2008 07:04 PM 发表
我在4.60买进的。后悔。想卖了。
暂时被套。

还好啦!很快冲上的.

宇晴

原帖由 ng33 于 21-9-2008 09:06 AM 发表


还好啦!很快冲上的.

不是赚还是亏的问题。
是我想集中投资别的股。

ng33

原帖由 宇晴 于 21-9-2008 01:43 PM 发表



不是赚还是亏的问题。
是我想集中投资别的股。

可以分享你的个股名吗。。。。。。

ThermoFisher

Saturday May 31, 2008
In pursuit of....
INVESTING SCENTS BY S. DALI


BY and large, investors will often make the obvious choices and end up picking dicey stocks to buy. If people ask you for stock tips and you pick Hongkong Bank or Public Bank or YTL Power, they are likely to frown at you as these are obvious choices. But if you give them what CIS would call a “cold case”, they will nod and say thank you.

There is a category of stocks which I will refer to as “no-brainer stocks”. Hongkong Bank, Public Bank and YTL Power shares do not qualify as no-brainer stocks.

There are two that immediately come to mind – Visa and Mastercard – for their solid business models. For every single transaction, they get a cut. They are the top two cards and the bigger they get, the more indispensable they are to retailers and the harder it gets for competition to muscle in.

The more retail outlets they secure, the stronger they get. They assume no debt should card holders fail to pay their bills. Their business is highly scalable and their capital expenditure gets smaller as they grow bigger.

Why not just buy MasterCard and Visa and forget about investing period?

MasterCard’s profit more than doubled in the first quarter as more customers outside the US used their credit and debit cards for purchases.

Cardholder spending within the US rose too, but at a moderate pace, indicating that while Americans are increasingly turning to plastic in a weak economy, emerging markets are becoming just as lucrative.

The company earned US$446.9mil or US$3.38 per share for the January to March period. That is up from US$214.9mil, or US$1.57 a share, in the same timeframe last year. Even after excluding the effects of a gain from terminating a customer business agreement and another gain from selling its remaining holdings in the Brazilian company Redecard, MasterCard’s earnings per share totalled US$2.59.

That was above the average analyst estimate of US$2 a share, according to Thomson Financial. Shares rose US$31.48 or 13% to close at US$273.98 last Tuesday after rising to a 52-week high of US$278.72 earlier in the session.

The stock is up more than 20% since the beginning of the year.

MasterCard Inc is like Visa Inc, in that it processes card payments, but its member banks issue the credit.

Purchase volume with both credit cards and debit cards rose, driving MasterCard’s US gross dollar volume up 8.9% from a year ago to US$259bil, despite a decline in US credit card advances.

The problem with investing in MasterCard or Visa is that they pay negligible dividends. Hence your point of entry is important. To negate that, you have to do average cost investing as in buying in regular intervals over a long period of time.

There is the currency risk but that’s the same with any stock. There is also some litigation risk (unfair fees) but that is negligible compared to overall revenue and earnings.

Our very own no brainer

Is there a no-brainer stock in KLSE? Many may not agree with me, but out of the over 1,000 odd companies, Berjaya Sports Toto Bhd (BToto) comes closest to being one.

The principal activities of BToto are investment holding and provision of management services.

The principal activities of the group are operations of Toto betting; leasing of online lottery equipment; manufacture and distribution of computerised lottery systems; property investment and development; and investment holding.

Sports Toto offers six games, which are drawn three days a week.

The digit games include four D, five D and six D while the Lotto games include Toto four/49, six/42 Jackpot and Super Toto six/49. The company is the sole national lotto operator in Malaysia.

It has the largest network of over 680 outlets and the most number of games in Malaysia.

Through its subsidiary, Philippine Gaming Management Corp, BToto supplies and maintains a computerised online lottery system in the Luzon region of the Philippines.

BJTOTO also has a 51.5% stake in Berjaya Lottery Management (HK) Ltd (BLM), which is engaged in the management of social lottery operation.

BLM’s 71% owned subsidiary is a manufacturer and distributor of computerised lottery systems.

BJTOTO’s other subsidiaries, FEAB Properties Sdn Bhd and FEAB Land Sdn Bhd, are involved in property development.

The new political landscape may cause some to worry about the company’s operations in certain states.

BToto has 2% of its outlets in Kedah and together with Perak, it represents 11% of total outlets.

If you really want to talk of political risk, then one should also look at it this way – that there is likely to be near zero chance of seeing more competition as well.

Here are some salient points about BToto:

Ebitda margins: 2006 (17.9%), 2007 (18.5%)

Gross dividend: 2006 (53.8 sen) 2007 (45.6 sen)

ROE: 2006 (33.4%) 2007 (45.2%)

Rising free cashflow: 2006 (26 sen) 2007 (30 sen) 2008 (33 sen)

The other players

BToto is better positioned than Magnum Corp Bhd or Tanjong plc due to its Lotto operations.

As of 4Q07, BToto has become the new market leader overtaking Magnum for NFO games alone.

Despite the poor marketing efforts in bringing the Lotto games to the Malaysian public, the game has gained in popularity, especially among foreign workers.

Lotto games in Australia, Britain and the US have always captured a remarkable share of gaming dollar.

There is still a lot of leverage in Lotto games in Malaysia. To capture more market share, BToto needs to come up with bigger minimum guaranteed jackpots (now at RM2mil). I am sure that it will draw more players if the minimum jackpot were to be RM5mil or even RM10mil.

Other than Lotto, BToto has more games than its two rivals namely 5D and 6D. Magnum has only one game (4D) while Tanjong has two games (3D and 4D).

If either of them tries to play catch up, they will already have lost the first mover advantage.

Plus Lotto and non-4D games have a lower payout than the usual 4D games.

The number of new outlets have been frozen for all players. BToto has a better reach with 681 outlets (45% market share), Magnum has 485 outlets (32%) while Tanjong has 348 (23%). Plus BToto has more outlets in the Klang Valley than Magnum.

Dividend appeal

BToto pays a consistent 8%-9% dividend yield, which if viewed against the deposit returns, is rather impressive.

It continues to pay out almost 100% of earnings. If you were to include the annual RM100mil odd share buybacks, the payout ratio improves to 120%.

If the company were to declare that it will cancel the shares bought back, then the share price would move to a much higher platform.

Chances are, the accumulated shares will be declared as bonuses at the right time. Right now it has more than 96 million shares in treasury.

Berjaya Land, the biggest shareholder of BToto, has been buying more shares in the open market boosting its stake from 48% to nearly 50% in the last couple of months.

The biggest risk would have to be management’s track record.

BLand is the controlling shareholder. If the huge Vietnam property venture were to run into difficulty, could we see BToto borrowing funds to lend to BLand (again?)?

I assume that the management has learnt its lesson well in that regard. But even if they were to do that, there would be ample time to get out of the stock.

No-brainer traits

No-brainer stocks generally do not require complicated strategic directions from management to perform.

The business model is intact and by virtue of its position in the market place, it basically just reaps the rewards. With these kinds of stocks, one needs to have a long-term average cost investing attitude to reap the long-term benefits.

A no-brainer stock relies a lot less on management input. There should be a lot less execution risks, i.e. new projects or new ventures. Banks are left out of the running because of its dependency on the business cycle.

Not to mention, the “unknown risks” such as exposure in new-fangled instruments or exposure to counter-party risks.

It is not going to give you 50% capital return a year. The way to invest is to look at dividend yield relative to stock price.

One should accumulate if the dividend yield goes towards 9% or 10%.

One should take profit if the dividend yield goes down to 5%-6% (implying the stock price has risen).

Again, no-brainer stocks are not meant to give you outstanding returns, it is meant to give you a reasonable return year in year out (8%-10%) with comparable risk.


S Dali is a pseudonym. He is an ex analyst/fund manager and active blogger (malaysiafinance.blogspot.com) who says he is too young, too old, too sarcastic, too dark, too funny, too charismatic, too poor, too Cantonese, too Malaysian, too frank ...too bad ..


The comments above do not represent a recommendation to buy or sell

BJTOTO's Chairman: Tan Sri Dato' Thong Yaw Hong (Public Bank Co-Chairman)










[ 本帖最后由 ThermoFisher 于 25-9-2008 02:24 PM 编辑 ]

无花

楼上的你贴那么多鸡肠内容在讲什么?!??   很懒得看.....

tan81

很好的资料。
请问，投资Btoto 的风险是什么？

无花兄，也可以请回答，毕竟你是老屁股。

股友

看到那个＂点岁成金＂没有？给你灵感，叫你用家人的岁数凑成６个字下注。

今天又输了３０块钱给他。。。。。＆＄％＃＄％＠＃％

股友

...........................

[ 本帖最后由 股友 于 24-9-2008 08:19 PM 编辑 ]

无花

我不是说过吗??
我在5.00的时候抄掉VT了

风险?? 最大的风险就是VT 本人, 这两年就不知道拿了多少的Bonus.
以前他是BJTOTO的的CEO 兼 STM (sport toto Malaysia)  的CEO.
STM 的CEO 有特别的Bonus 的. 所以在BJTOTO的从前的年报里可以看到VT拿多少钱,因为BJTOTO的有列出CEO的总薪酬.现在那条水把CEO的位传给了儿子,自己又不在董事局里出任任何职务.只保留了STM 的CEO 一职. 一年Bonus 拿多少都没人知道.....

股友

....................

[ 本帖最后由 股友 于 24-9-2008 08:19 PM 编辑 ]

ThermoFisher

The biggest risk would have to be management’s track record.

BLand is the controlling shareholder. If the huge Vietnam property venture were to run into difficulty, could we see BToto borrowing funds to lend to BLand (again?)?

I assume that the management has learnt its lesson well in that regard. But even if they were to do that, there would be ample time to get out of the stock.