Sports Toto ticket sales seen easing in Q4 after jackpot-driven boost
KUALA LUMPUR: Sports Toto Bhd is expected to see a moderation in ticket sales in the fourth quarter of the financial year ending 2025 (4QFY25), following a strong third quarter performance.
According to RHB Research, the robust results in the third quarter (3QFY25) were primarily driven by a prolonged jackpot run that extended until January, coupled with a seasonal lift from Lunar New Year celebrations.
"Illegal operators remain intense, while management is currently awaiting a decision on its appeal to resume operations in the northern states, which could help recover lost ground if approved.
"Meanwhile, HR Owen plc's sales are also expected to moderate after a seasonally strong 3QFY25, with margins likely to remain under pressure due to persistently high operating costs," it said in a note.
PublicInvest noted that the widespread presence of illegal operators will remain a persistent challenge for Malaysia's gaming industry.
"The illegal gaming market is estimated at two to three times the size of the legal market of around RM9 billion a year.
"The only way to tackle and deter the growth of the illegal operations is through stricter enforcement and penalties or by legalising online betting," it added.
However, PublicInvest pointed out that implementing the latter would be more challenging due to the social dynamics of Malaysian society.
Both RHB Research and PublicInvest have raised their FY25 earnings forecasts for Sports Toto Bhd, reflecting stronger-than-expected gaming revenue from the jackpot run.
However, they maintained their financial year 2026 and financial year 2027 projections, anticipating a normalisation of earnings by 4QFY25.
PublicInvest also upgraded Sports Toto to a 'Trading Buy' from 'Neutral', citing a 10 per cent upside potential to its unchanged target price of RM1.48.
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