MyEG / Wong Thean Soon

[winston]

not vested

MyEG FY22 net profit rises to RM398.70mil, recommends 1.17 sen final dividend

Net profit for the financial year ended Dec 31, 2022 (FY2022) jumped 26.2 per cent to RM398.70 million from RM316.01 million in the previous year.

Revenue, however, fell 10.11 per cent to RM651.18 million from RM724.41 million previously due to lower demand for its quarantine services.

Zetrix has been integrated with China’s national blockchain platform, namely "Xing Huo” which will allow ease of cross-border trade to take place.

Source: The Star

https://www.thestar.com.my/business/bus ... l-dividend

[winston]

not vested

My EG Services (MYEG MK)
4Q22: Fourth Quarter Of Consecutive Record-high Core Net Profit

MYEG posted a record-high core net profit of RM91.1m (+13% yoy), anchored on a strong recovery in its road-transport and immigration segments as well as contributions from the sale of Zetrix tokens.

Meanwhile, there are plenty of catalysts like strong momentum of the foreign worker segment, Zetrix’s ongoing monetisation, listings of mature start-up investments and discounted valuations that offer appealing capital upside.

Maintain BUY. Target price: RM0.98.

Source: UOBKH

https://research.uobkayhian.com/content ... 3e77fef697

[winston]

not vested

Within expectations
Maintain BUY; TP RM 0.90

FY22 results were in-line as MyEG continued to benefit from rising immigration re-hiring activities and transport-related transactions.

Maintain BUY with a lower TP of MYR0.90 as we cut FY23-24E earnings by 6-12% to reflect declining JPJ-related services.

Near-term uncertainty on its concession businesses may weigh on the share price.

However we believe MyEG could be able to pivot through its new solutions i.e. JPJ etesting and blockchain, both of which have received ample investments and ready to be monetised from FY23E onward

source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/306005.pdf

[winston]

not vested

Banking on Zetrix blockchain platform

My E.G. Services’s FY22 core NP was in line at 102% of our and 100% of Bloomberg consensus full-year estimates. FY22 core NP rose 12% yoy.

We think MyEG stands to benefit from the government’s decision to roll out a new portal for managing foreign workers’ hiring process utilising blockchain.

Reiterate Add with a higher RM1.08 TP, still based on 20x CY24F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 09F0CAF11D

[winston]

not vested

My EG Services (MYEG MK)
Unchaining Its Blockchain Melody

MYEG is beginning to unleash the huge potential of the Zetrix blockchain, which could deliver mind-boggling revenues beyond being integral to the government’s foreign worker recruitment solution, and beyond powering the rollout of its China customs integration platform in mid-March.

MYEG has upsized its ICO of Zetrix issuance to 200m Zetrix coins, which could raise US$1b annually.

Maintain BUY with a higher target price of RM1.18.

Source: UOBKH

https://research.uobkayhian.com/content ... 3849837f23

[winston]

not vested

Govt cancels RM1bil NIISe contract with IRIS Information Technology Systems

Source: The Star

https://www.thestar.com.my/news/nation/ ... e-contract

[winston]

not vested

Govt undecided on fate of RM1.2 bil NIISe as project meets delay — report

His ministry had been given until next month to submit a memo on the project to the Cabinet.

He said Iris Corp Bhd was awarded the project in March 2021, with a deadline of August 2024 to deliver the project.

However, the project has not achieved adequate progress as at March 2023.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/658765

[winston]

vested

My EG Services (MYEG MK)
Pivoting to new solutions
Maintain BUY; TP unchanged

Despite recent developments that may impede MyEG's business prospects, we remain upbeat on the group’s ability to pivot and provide new solutions to the market, mostly from the investments it has made on Web3-based technology.

No change to our earnings forecasts.

Maintain BUY with an unchanged SOTP-TP of MYR0.90.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/309325.pdf

[winston]

vested

MyEG’s Web-3 based technology seen to boost earnings

Web-3 based solutions that entails the recruitment and registration of foreign workers, roughly 600,000 processed foreign workers per annum,

Malaysia-China customs following the pilot stage of supply chain financing.

MyEG’s roadtax and competent driving licence (CDL) renewal businesses may be affected. with the Transport Ministry’s plans to digitalise its system,

Source: The Star

https://www.thestar.com.my/business/bus ... t-earnings

[winston]

MyEG partners China Customs' agency to provide cross-border trade facilitation services

by Priyatharisiny Vasu

MyEG Services Bhd (MyEG) has signed a partnership agreement with the General Administration of Customs of China (GACC) to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on MyEG's blockchain platform, Zetrix.

"Other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading can also be issued on the chain.

The scope of the agreement covers international exports going into China, and MyEG will, via Zetrix, provide the digital service to connect to China's blockchain platform.

Source: theedgemarkets.com

https://www.theedgemarkets.com/node/661516