Paying out in cash Macquarie rate TABCorp outperform following first half results

Paying out in cash Macquarie rate TABCorp outperform following first half results. 1H14 results in line with expectation. Operationally the core wagering division was soft but overall NPAT was boosted by a lower tax rate. 8cps div. FY14 outlook remains solid. TAH set to deliver 2.0% rev and 4.6% EBITDA growth, driven by international growth, Keno ramp up and the FIFA World Cup. Maintain O/P, TP +15cps to $3.75/sh. Improving cash flow profile in coming years will support increased returns to shareholders.