MyEG / Wong Thean Soon

[winston]

vested

MyEG reports higher earnings in third quarter

Net profit for the third quarter ended Sept 30, 2024, rose to RM195.05mil from RM120mil a year earlier.

Revenue grew to RM248.13mil from RM194.12mil previously.

Basic earnings per share stood at 2.60 sen versus 1.60 sen previously.

Source: The Star

https://www.thestar.com.my/business/bus ... rd-quarter

[winston]

vested

My EG Services (MYEG MK) 3Q24: Blockchain Exposure Paying Off

MYEG delivered another record-high core net profit of RM170m (+3% qoq), reflecting robust Zetrix coin sales and growing services’ revenue.

The strong earnings were also complemented by the e-government segment’s steady momentum.

Positively, cash flow and balance sheet also turned healthier with further disposal of digital assets.

We remain optimistic on Zetrix’s unfolding potential which will continue to elevate MYEG’s profitability.

Maintain BUY with a higher target price of RM1.46.

Source: UOBKH

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://39646150.fs1.hubspotusercontent-na1.net/hubfs/39646150/Research/My%20EG%20Services%20(MYEG%20MK)%20241121.pdf?utm_medium=email&_hsenc=p2ANqtz-_dQwyQgygEPSo9tsz1nwGO1Fe-TqWTCO2OKi7Jrm20EdlVYwMNS1OHgi0NM5G0-Z1O8Gh-XYWjMi6JSjjIDYDtD-dOAQ&_hsmi=334954063&utm_content=334954063&utm_source=hs_email

[winston]

not vested

3Q24: Steady as she goes

Expecting to end FY24E on a high; BUY maintained

Despite forex volatility, MYEG’s decentralised finance (DeFi) segment’s continued to outperform in 3Q24 with robust growth momentum and encouraging contribution from its non-Zetrix token sale ventures.

Pending a results briefing today, we maintain our earnings for FY24-26E.

Given its attractive valuation (10.5x FY25E PER) and compelling DeFi growth, we reiterate BUY with an unchanged MYR1.68 TP (20x FY25E PER @ LT mean).

Source: Maybank

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://mkefactsettd.maybank-ke.com/PDFS/420447.pdf

[winston]

not vested

4Q24: Plenty Of Room For Blockchain Growth

MYEG delivered another record-high core net profit of RM190m (+12% qoq), reflecting robust Zetrix coin sales and growing services’ revenue.

The strong earnings were also complemented by the e-government segment’s steady momentum.

Positively, cashflow and balance sheet also turned healthier in 2024.

We remain optimistic on Zetrix’s unfolding potential which will continue to elevate MYEG’s profitability.

Maintain BUY and target price of RM1.46.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

4Q24: DeFi-ing expectations

Stellar delivery; BUY maintained

Notwithstanding stellar FY24 earnings delivery, we maintain our FY25-26E earnings forecasts pending briefing updates later today.

We introduce FY27E and roll-forward valuations, nudging our TP marginally higher to MYR1.70 (+2sen).

Our TP is still pegged to 20x FY26E PER, at its LT mean.

Maintain BUY, on compelling valuations (trading at c.12x FY26 PER), as we expect MYEG’s share price to play catch-up with its fundamentals in 2025.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/437177.pdf

[winston]

My EG Services (MYEG MK)

Bringing Forward Domestic Blockchain Adoption

MYEG’s deployment of resources into its Zetrix blockchain venture is spearheading domestic Web3 development.

Such a timely adoption has since achieved several essential milestones and translated into sequential quarters of earnings accretion.

The recent commercial launch of Zetrix cross-border services also provides assurance on stable recurring revenue and healthy cash flows moving forward.

Maintain BUY with a target price of RM1.46.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

not vested

1Q25: Scaling Blockchain Visions

MYEG delivered another solid quarter with a core net profit of RM182m (+22% qoq), reflecting robust Zetrix coins sales and growing services’ revenue.

The strong earnings were also complemented by the e-government segment’s steady momentum.

The recent commercial launch of Zetrix’s cross-border services will continue to elevate MYEG’s profitability.

Maintain BUY and target price of RM1.46.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email