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3Q21/9M21 results were below our expectations due largely to higher than expected prize payout ratios. More importantly, revenue was within our expectations. We cut our FY21E EPS and DPS estimates by 48% and 50% respectively but our FY22E and FY23E EPS and DPS estimates are unchanged. Our estimates have already included the Kedah state ban. Yet, MAG offers attractive dividend yields of >6.5% p.a. going forward. We like MAG as a laggard recovery play with high dividend yields.

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