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[BJTOTO (1562) – AGM 2019 Detail]

 Q: Why must Philippine Gaming Management Corporation (PGMC) do the Repair of Goodwill?
A: This is adjusted in accordance with accounting standards because we sold a portion of the PGMC equity, and those Goodwill were remained from the past.
 Q: Will there be impairment in the future?
A: There will be no impairment.
 Q: The company's turnover has grown from 2011 to 2019, but its profit has declined. why?
A: We started with GST in 2015, and we absorb all the GST, and it leads to a decline in profits. Second, we owned a company - H.R.Owen. This company sells premium cars with a high price, but Margin is very low, so it also leads to high turnover and a decline in profits.
 Q: What's so attractive about 4D Zodiac games?
A: This new game adds elements of the zodiac sign. Compared with the ordinary 4D gameplay, the zodiac sign is also a Chinese culture.
 Q: How to fight 4D underground?
A: We have work with the police department. They have captured a lot of people in the past six months. Our business volume has also grown. There will be a new law in control coming on March 2020.
 Q: Did you ask the minister to solve this problem? Because the police can't help much.
A: We have been cooperating with the police and they are really doing a good job. We often meet with them to discuss this issue, and of course we also work with the minister. In the past, illegal 4D shops opened directly next to our shop, but nowadays they are gone.
 Q: Why is management's salary so high?
A: Director has many important positions in the company, such as Remuneration Committee, Risk Committee, Audit Committee, Reporting Committee, etc.
 Q: Does the company invest in Vietnam? Will there be any Impairment?
A: We are having 20% equity of Lottery Vietnam, and they are our Associate, there will be no Repairing for the time being.
 Q: Have you considered online lottery?
A: We have spoken with MOF (Ministry of Finance) and they were very keen with it.
 Q: You have 17 Dormant Companies (non-operating companies), why should you keep them? How much do you spend at these companies?
A: 7 companies are preparing to close. The cost of retaining the company is low, just need some of the fees for Filling.
 Q: Can you let us know your Market Share?
A: Damacai is a small company, about 20%. The remaining 80% are Sport Toto & Magnum. At of now we are the highest.
 Q: Have you ever thought of selling 4D at 7-11?
A: In fact, these are controlled by the government, hence the store has not increased over the years. We cannot do business outside the store.
 Q: There are Magnum, Damacai and Sport Toto in the gambling industry. How do you make others prefer Sport Toto?
A: Damacai is a very small company. Magnum is almost the same as us. In fact, they are not our competitors. We have a good relationship with Magnum. We will discuss our store location with Magnum and with the 2 stores opening together, it will drive the sales up.
Team Opinion:
Several shareholders asked questions throughout the general meeting, but they were avoiding answering them. For financial issues, most of them are answered by auditors. But when asked about future prospect of the company, we felt that management had reservations.
For the new law in March next year, this is to strengthen activities to suppress the 4D underground. When thousand of illegal lottery group been suppressed, and consumer will buy lottery from Sport Toto, and it will help the business performance.
Our favorite is that they are working with Magnum to open two stores next to each other. This is a good plan, as it will convenient for customers, and allows customers to buy lottery from both companies. This is a win-win strategy.
Louis Yap
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