Elevator Pitch
Malaysia-listed Berjaya Sports Toto Berhad (BJSAF) [BST:MK] is a defensive yield play, thanks to its status as the largest legalized number forecast operator or NFO in Malaysia and a relatively high consensus forward FY2020 dividend yield of 6.2%. Berjaya Sports Toto currently trades at 13.4 times consensus forward FY2020 (YE June) P/E, representing a slight discount to its historical five-year average forward P/E of approximately 15 times.
I assign a "Neutral" rating to Berjaya Sports Toto. Although the company is a potential beneficiary of harsher penalties and crackdown on illegal NFO operators, Berjaya