MyEG / Wong Thean Soon

MyEG / Wong Thean Soon

Postby winston » Thu Oct 23, 2014 1:42 pm

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MyEG extends gains after analysts raise target price
26 September 2014

KUALA LUMPUR: Shares of MyEG Services Bhd continued to rise at midday on Friday after CIMB Research maintained its Add rating on the group.

At 12.30pm, MyEG rose two sen to RM3.85. Turnover was 3.45 million shares traded between RM3.76 and RM4.02.

The FBM KLCI was down 6.21 points to 1,836.90. Turnover was 1.43 billion shares valued at RM872.68mil. There were 211 gainers, 475 decliners and 325 counters unchanged.

CIMB Research had kept its Add call on MyEG with a raised target price of RM5.28.

The research house said MyEG's medium-term focus was to kick off the Customs service tax monitoring project (CSTM) and further progress for the proposed road safety diagnostic project (RSDS) in 2015.

CIMB Research cut the FY15 EPS forecast for MyEG but maintain FY16-17 numbers.

"As 4Q14 is approaching, we roll forward our 21 times target P/E (peer average) to CY16, which raises our target price to RM5.28," it said.

Source: The Star
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Re: MyEG

Postby winston » Thu Oct 23, 2014 1:53 pm

CIMB Research ups MY EG target price to RM5.28
Thursday, 25 September 2014

KUALA LUMPUR: CIMB Equities Research is maintaining its Add recommendation for MY EG Services and raised the target price to RM5.28, as it rolls forward its 21 times target price-to-earnings (peer average) to CY16.

The research house said on Thursday it maintained its Add recommendation. The potential catalysts include government final approval for its custom service tax monitoring (CSTM) and further developments in the road safety diagnostic system (RSDS) project.

CIMB Research recently organised a visit to MyEG for a small group of domestic fund managers. The management’s medium-term focus was on the start of the CSTM project and further progress for the proposed RSDS in 2015.

“MyEG’s RSDS is already at the pilot testing phase for commercial buses. If all goes well, this service will go live in January 2015. We understand that the authorities have made it mandatory for commercial buses to install a road safety diagnostic kit (RSK) over the next 12 months.

“The next stage will see the participation of commercial lorries. MyEG is looking to fund the bus companies’ capex for the RSK through savings in insurance premiums and monthly income from value-added services,” it said.

As for the CSTM, MyEG is targeting Oct 1 for it to go live and is awaiting final approval from the government.

“However, we believe there could be further delays (earlier assumption was Oct 1) and expect the CSTM to only start in January 2015. Instead of revenue sharing, MyEG will get a fixed fee,” it said.

CIMB Research said Phase 1 involves monitoring the 6% service tax from restaurants, pubs and massage parlours with annual revenue above RM3mil (around 60,000 outlets) nationwide.

The 6% service tax will be replaced by 6% GST in April 2015, which will also be extended to F&B outlets with annual revenue of RM500,000 to RM3mil. This will add 40,000 outlets to MyEG’s Phase 1 coverage.

MyEG’s Phase 2 CSTM will involve the retail sector from April 2015 onwards and should cover around 500,000 retail outlets nationwide from FY2016 onwards.

Source: The Star
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Re: MyEG

Postby winston » Thu Oct 23, 2014 2:04 pm

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MyEG concession agreement with Govt extended
24 July 2014

PETALING JAYA: MyEG Services Bhd has obtained an extension of its E-Services Concession Agreement with the Government via an extension letter from the Malaysian Administrative Modernisation and Management Planning Unit.

The extension will see its concession period extended for another five years from May 23, 2015 to May 22, 2020, it said in an announcement to Bursa Malaysia.

The services covered under this agreement are the electronic delivery of driver and vehicle registration, licensing and summons services, utility-bill payments and the Health Ministry’s online information system.

Source: The Star
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Re: MyEG

Postby winston » Tue Nov 04, 2014 8:12 am

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MyEG buys major stake in Car X
Tuesday, 4 November 2014

PETALING JAYA: MyEG Services Bhd has acquired a substantial stake in Car X Services Sdn Bhd as part of its aim to penetrate the automotive classified business.

MyEG said its wholly-owned subsidiary My E.G. Capital Sdn Bhd, had subscribed for 800 ordinary shares of RM1 each in Car X Services, representing 80% of the issued and paid-up share capital of the company, for RM800.

“The subscription is to provide a new platform for the group to operate and manage an automotive classifieds web portal and other value-added services for the automotive classifieds webportal,” sai MyEG in a filing with Bursa Malaysia yesterday.

Source: The Star
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Re: MyEG

Postby winston » Mon Dec 01, 2014 8:38 am

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Growth story continues

At 64% of our forecast when annualised, MyEG’s 1QFY6/15 net profit was in line with our expectations as 1Q is a seasonally slow quarter and CSTM’s
contribution is only expected to kick in from 2HFY15.

MyEG is waiting for final government approval for the CSTM project.

We maintain our EPS forecasts and Add recommendation.

Our target price is based on an unchanged CY16 21x P/E (in line with its peers).

Government’s final approval for the CSTM project and further developments on the road safety diagnostic system project are potential re-rating catalysts for the stock.

Source: CIMB

https://brokingrfs.cimb.com/nZBPBCC-yxW ... 0vB4E1.pdf
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Re: MyEG

Postby winston » Sat Dec 06, 2014 6:56 am

MY EG bags revised project from Customs valued at RM180m

KUALA LUMPUR: MY E.G. Services Bhd has accepted a revised letter of award to undertake the Customs online tax reporting (electronic monitoring system) project valued at RM180mil.

It said on Friday it had accepted the revised letter to implement the project for the Customs Department. The tenure of the EMS project is six years and will started from Dec 1, 2014.

“It is expected that the EMS project would contribute positively to the earnings of the company for FY ending June 30, 2015 onwards. The source of funding for the EMS project is expected to be obtained from internally generated funds and bank borrowings,” it said.

MY E.G. said with the acceptance of this letter of award, the government and the company agree the letter of award dated Feb 13, 2014 relating to the award is cancelled.

Source: The Star
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Re: MyEG

Postby winston » Mon Dec 08, 2014 11:14 am

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More upside for MyEG after CSTM contract

KUALA LUMPUR: CIMB Equities Research is maintaining its RM5.28 target price for My EG Services after it finally received government approval for the Customs service tax monitoring project (CSTM) project.

“We believe this is crucial for the company as the project is expected to be its main earnings growth driver over the next few years. We maintain our EPS forecasts and Add recommendation,” the research house said on Monday.

CIMB Research said its target price was based on an unchanged CY16 21 times price-to-earnings (P/E), which is in line with its peers.

“The project and further developments on the road safety diagnostic system project are potential rerating catalysts for the stock,” it said.

Last Friday, MyEG announced that it has finally secured the letter of award (LOA) from the Customs Department to undertake the CSTM.

“The CSTM project should start full commercial service within one month, in-line with our earlier forecast that CSTM starts full commercial service by January 2015.

“Although this approval announcement was not a complete surprise, it was nevertheless a relief that the LOA has finally been received after such a long delay,” it said.

CIMB Research said its earnings forecasts from the CSTM are conservative.

“We are looking at 60,000 outlets in FY2015 (Phase 1), 100,000 outlets in FY2016 (Phase 1) and rising to 200,000 outlets in FY2017 (Phase 1 and part of Phase 2). We have only assumed a conservative additional 100,000 outlets from CSTM phase 2 (retail sector) in FY2017.

“If CTSM phase 2 takes off faster than expected, FY2016/2017 net profit could be much higher than expected. MyEG targets a total 500,000 outlets under CSTM Phase 2 (retail sector),” it said.

CIMB Research said with the final CSTM approval in hand, MyEG’s share price should see an upward rerating over the next few weeks. Its proposed road safety diagnostic system (RSDS) project could also positively surprise in 2015.

To recap, in July 2014, the authorities made it mandatory for all commercial buses to install a road safety diagnostic kit (RSK) over the next 12 months.

“If MyEG can capture 25%-30% market of both the commercial bus and lorry industry insurance premiums, it could collect around RM58mil to RM75mil insurance commission annually. Assuming a 40% net profit margin, RSDS could contribute RM23mil-RM30mil net profit annually to MyEG’s bottom line. We have not assumed any potential earnings from RSD,” it said.

Source: The Star
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Re: MyEG

Postby winston » Wed Jan 07, 2015 8:57 am

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Foreign worker renewal service gets a major boost

It was a positive surprise to hear that MyEG was appointed by the government to compile and maintain database on the country’s foreign workers (both legal and illegal) during our Corporate Day.

The database will come from employers of foreign workers that must use MyEG’s online foreign workers work permit renewal services (FWPR) from 2015 onwards.

We bump up our EPS forecasts by 38-63% to reflect higher earnings mainly from the FWPR.

This raises our target price, which remains pegged to its peers’ 21x CY16 P/E.

Successful launch of the CSTM project and the new developments in the FWPR are potential re-rating catalysts for the stock.

Source: CIMB

https://brokingrfs.cimb.com/m3ZBL1hgQcT ... hEdLM1.pdf
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Re: MyEG

Postby winston » Wed Jan 07, 2015 8:57 am

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Foreign worker renewal service gets a major boost

It was a positive surprise to hear that MyEG was appointed by the government to compile and maintain database on the country’s foreign workers (both legal and illegal) during our Corporate Day.

The database will come from employers of foreign workers that must use MyEG’s online foreign workers work permit renewal services (FWPR) from 2015 onwards.

We bump up our EPS forecasts by 38-63% to reflect higher earnings mainly from the FWPR.

This raises our target price, which remains pegged to its peers’ 21x CY16 P/E.

Successful launch of the CSTM project and the new developments in the FWPR are potential re-rating catalysts for the stock.

Source: CIMB

https://brokingrfs.cimb.com/m3ZBL1hgQcT ... hEdLM1.pdf
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Re: MyEG

Postby winston » Wed Jan 07, 2015 11:27 am

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MyEG shares jump after Government contract

KUALA LUMPUR: Shares of MyEG Services surged at mid-morning on Wednesday after it was appointed by the government to compile and maintain database on the country’s foreign workers.

At 11.12am, it shares rose 14 sen to RM4.41 with some 1.14 million shares traded between RM4.29 and RM4.42.

The FBM KLCI was down 8.72 points to 1,707.86. Turnover was 613.2 million shares valued at RM564.3mil. There were 214 gainers, 284 decliners and 265 counters unchanged.

CIMB Research in a note said that it has raised MyEG's target price from RM5.28 to RM7.80.

It said the database will come from employers of foreign workers that must use MyEG’s online foreign workers work permit renewal services (FWPR) from 2015 onwards.

“We bump up our EPS forecasts by 38%-63% to reflect higher earnings mainly from the FWPR. This raises our target price, which remains pegged to its peers’ 21 times CY16 price-to-earnings (P/E),” it said on Wednesday.

It added that MyEG’s current valuation of 11.7 times 2016 P/E looks attractive and this does not include potential earnings from the proposed road safety diagnostic kit project (RSDS).

"We also note that the stock will go ex of its 1:1 bonus issue on 8 Jan (this Thursday),” it said.

Source: The Star
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