waht gs jb were say

The key points from 5 pages reports on 21/11/05 after the AGM are listed below (note [1] the last dot point, it is ASX 100 not ASX 200 when it is included in the index. many people still confuse wthther ut is ASX 100 or Asx 200.[2] the rating for short term is market perform):

• TTS is “on track” to achieve its FY06 forecast profits. TTS’ Managing Director, Mr Duncan Fisher, commented that the company was on track to
achieve its forecast FY06 profits despite the gaming division’s soft start to the year. He is expecting average Victorian EGM revenue of $251 per
machine per day over FY06 – this is unchanged from the prospectus and in line with our forecast of $252.

• No real news on licence renewal issues. TTS expects that the Victorian Government will announce the 2007-2017 Victorian lottery licence holder(s) in mid 2006. TTS also expects that the post-2012 Victorian Gaming Licence review will commence in CY06.

• FY06 dividend guidance was confirmed. TTS still expects to pay a fully-franked dividend of 8.75¢ per share for the seven months to 31 December 2005 and a fully-franked dividend of 7.5¢ for the six months to
30 June 2006. It expects to pay the first dividend around the end of the first quarter in CY06 and the second dividend in October 2006.

• Technical support from likely index inclusion will be the main driver in the near term. S&P is due to announce its new S&P/ASX100 index weightings on 2 December, with the new weightings to be effective
from 16 December. We are of the view that there is a 95% chance that TTS will be included in this review, and buying from passive managers in particular should provide share-price support in the near term.

Cheers,
BL


DYOR before buy/hold/sell