RHB Research said it was trimming its FY2024F-25F earnings for Magnum and Sports Toto by 4-5% following the government’s plan to increase the SST by 2% to 8%.
They added the NFOS have been absorbing these taxes since the implementation of the goods and services tax in 2015 and also the SST following its re-implementation in 2018. “While the NFOs are eagerly awaiting stricter legislation against illegal NFOs and the legalisation of online gaming, we believe such policies are not on the top of the government’s list for now.