MyEG / Wong Thean Soon

[winston]

My EG Services (MYEG MK)
3Q21: Broadly In Line; Plenty Of Catalysts Ahead

MYEG’s 3Q21 core net profit rose 11% yoy, anchored by overwhelmingly
well- received healthcare-related initiatives and concession-related services.

With the emergence of several new revenue streams such as JPJ’s e-test,
COVID-19 breath test, civil servants’ motor vehicle takaful, as well as private quarantine services which will continue to drive earnings growth in coming
quarters, we raise our 2022 net profit forecasts by 20%.

Maintain BUY with a higher target price of RM1.53.

Source: UOBKH

https://research.uobkayhian.com/content ... 265baea968

[winston]

not vested

3Q21: Another solid quarter
Maintain BUY, and TP of MYR 1.34

MYEG’s 9MFY21 core net profit was ahead of / in-line with our/consensus estimates, at 84%/72% of FY21E forecast, respectively.

On the back of its expeditious development of an innovative product line-up, we maintain our BUY call and unchanged TP of MYR1.34 based on 28x FY22E P/E target,
which is +0.5x standard deviations above its 5Y mean.

Source: KE

https://mkefactsettd.maybank-ke.com/PDFS/244107.pdf

[winston]

not vested

Full Steam Ahead With Business Expansion Blitz

Briefing with management on Monday reinforced our view that MYEG’s 2022F PBT will
record a >45% yoy growth, supercharged by recently-revealed new initiatives in the
pipeline, including:
a) private quarantine service for inbound travellers,
b) COVID-19 breath test,
c) COVID-19 travel insurance,
d) vaccine verification system,
e) BNPL for civil servants’ road transport services, and
f) Automated Driving Test and Training System (e-Testing).

Maintain BUY with a higher target price of RM1.58.

Source: CIMB

https://research.uobkayhian.com/content ... 64c3cb5004

[winston]

not vested

My EG Services (MYEG MK)
To Realise Hidden Value In Start-up Investments

MYEG is poised to deliver supercharged earnings in 2022 premised on its previously
revealed new initiatives in the healthcare and road transport segments.

The group is also carrying out a steep monetisation programme from now till mid-23 for its start-up investments in Malaysia and China.

MYEG’s opportunistic ventures into the blockchain and tokenisation domain are also paving way for robust mid- to long-term growth.

Maintain BUY with a target price of RM1.58.

Source: UOBKH

https://research.uobkayhian.com/content ... f7c8d70b14

[winston]

MyEG's 4Q profit up 6.7% amid higher commercial services contribution, higher transaction volumes

by Izzul Ikram

MySafeTravel and MySafeQuarantine

For the full year (FY21), MyEG posted a 17.84% increase in net profit to RM316.01 million from RM268.16 million in FY20, while revenue jumped 36.15% to RM724.41 million from RM532.06 million.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... on-volumes

[winston]

not vested

My EG Services (MYEG MK)
4Q21: Largely In Line; Plenty Are Superfluous

MYEG’s 4Q21 core net profit rose 7% yoy, premised on well-received
healthcare-related initiatives and concession-related services.

In the coming quarters, we expect the emergence of several new revenue streams, such as JPJ’s e-test, COVID-19 breath test, civil servants’ motor vehicle takaful, launch of China’s digital yuan supernode Zetrix, and monetisation of various start-up investments, to continue to drive the group’s earnings growth.

Maintain BUY. Target price: RM1.58.

Source: UOBKH

https://research.uobkayhian.com/content ... 0227fe53af

[winston]

not vested

Ending on a high note
Maintain BUY

MyEG’s full-year results came in in-line with consensus but exceeded ours at 110% of full-year forecast, driven by higher demand for its healthcare screening/quarantine
and e-government services.

The growth momentum in 4Q21 may continue on the back of rising inbound travellers, return of foreign workers and higher e-Govt service activities.

Maintain BUY on MyEG with a higher TP of RM1.47 as we roll forward our valuation to 28x FY23E EPS, still based on +0.5SD its 5Y mean.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/253738.pdf

[winston]

not vested

MY E.G. Services
Charging ahead with new services

My E.G. Services’ (MyEG) FY21 net profit was in line, at 98% of ours and Bloomberg consensus full-year estimates. FY21F net profit grew 18% yoy.

We see new services, such as E-Testing and BNPL scheme, and a recovery
in job matching service for migrant workers to drive MyEG’s FY22F net profit.

Reiterate Add with a lower RM1.20 TP, based on a lower 23x CY23F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... B99302F6D0

[winston]

not vested

Maintain BUY

MyEG’s immigration and healthcare segments stand to benefit from the reopening of international borders.

Moreover, we believe the market may have underestimated the potential earnings growth from its decentralised finance (DeFi) segment, which is gaining traction.

At 22.1x FY22E PER, its risk-reward appears attractive.

Maintain BUY with an unchanged TP of MYR1.47, based on 28x FY23E EPS (+1SD its 5Y mean).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/257814.pdf

[winston]

not vested

My EG Services (MYEG MK)
Positive developments outweighs earnings forecast rationalization

We remain upbeat on MYEG’s earnings prospects in 2022-23, anchored on a
meaningful recovery for the immigration segment, the road transport segment’s
e-Testing’s launch,
Zetrix’s launching, and the potential to clinch new government contract.

However, we cut our 2022F PBT forecast by 16% to reflect lower volume
assumptions for COVID-19 tests and e-Testing due to potential travel policy
changes and commercialisation delays.

Maintain BUY with a lower target price of RM1.35.

Source: UOBKH

https://research.uobkayhian.com/content ... 2445feb5ab