Thursday, January 17, 2013

Malaysia’s Berjaya Sports TOTO (IPO)

Upcoming IPO: Malaysia’s Berjaya Sports TOTO (BST MK) would like to spin off their subsidiary Sports ToTo Malaysia SDN BHD into a business trust to be listed in Singapore, known as Sports TOTO Malaysia Trust (STM-TRUST). STM is principally engaged in the business of operating Toto pool betting. STM is licensed to operate its Number Forecast Operation (“NFO”) nationwide. It currently offers 7 games which are drawn 3 days in a week, namely Toto 4D, Toto 4D Jackpot, Toto 5D, Toto 6D, Mega Toto 6/52, Power Toto 6/55 and Supreme Toto 6/58. STM offers the most number of games in Malaysia and has the largest domestic network of 680 outlets in Malaysia. Berjaya Sports Toto plans to raise about $500m from the IPO (somewhere in Jan 2013) in Singapore. Reports say the trust might offer investors a yield of 6% to 7%. According to investmentmoats.com, STM did a competitive analysis of listed gambling businesses and came to the conclusion to list it at a P/E of 17x and EV/EBITDA of 12x. Post listing, the debt to asset ratio is expected to fall to 25% from the current 56%.

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