MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Sat Sep 17, 2016 6:36 am

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MyEG to buy seven stories of office units for RM44.3mil

PETALING JAYA: My E G Services Bhd (MyEG), an e-Government services provider, has proposed to acquire seven stories of office units in Empire City@Damansara at a price tag of RM44.29mil.

In a filing with Bursa Malaysia, MyEG announced that it will be buying the seven-storey property from Cheerful Effect Sdn Bhd, Lee Hong Poh and Lim Wan Lee.

The 99-year leasehold units will be within Iconic Office, which is a 45-storey corporate office tower.

MyEG’s acquisition is due to the need for additional premises to house its daily operations and centralise its operations under one roof.

The deal also looks attractive in consideration of the future prospects of the property, which is in close proximity to established residential and commercial developments, as well as future project developments.

The purchase will be financed through internally generated funds of RM13.29mil and external borrowings of RM31mil.The acquisition is not expected to have any material effect on the net assets per share of MyEG.

Cheerful Effect is wholly owned by Tan Sri Lim Wee Chai (pic) and his spouse, Puan Sri Tong Siew Bee. Wee Chai is also the chairman of Top Glove Corp Bhd, the world’s largest glove manufacturer.

Empire City@Damansara is a mixed-development project by Mammoth Empire Holdings Sdn Bhd.

Source: The Star

http://www.thestar.com.my/business/busi ... -rm443mil/
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Oct 13, 2016 2:30 pm

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A New Phase Of Excitement

MyEG is expected to sustain its strong earnings growth momentum by broadening its services to the foreign worker market through: a) online processing for the legalisation of illegal workers under the government's amnesty programme,
b) Celcom services,
c) the recently-commenced accommodation services, and
d) remittances in the future.

Based on consensus forecasts, MyEG currently trades at 28.8x/21.3x FY17/18 PE and has been paying out at least 30% of its earnings.

Source: UOBKH

https://research.uobkayhian.com/content ... 88d6874c46
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Oct 14, 2016 10:26 am

Maintain OUTPERFORM

New report: Identifies new income stream

We caught up with MYEG's management recently, and we understand that the company intends to grow its foreign worker
hostel business and offer outbound remittance services at these premises as a complementary service. Full report

The existing project in Melaka (~5.1k beds) is not expected to lift our existing net profit substantially (+0.8% in FY17E), but the impact could be significant if MYEG continues to expands the business.

Based on our analysis, its FY17E net profit could double if it successfully attracts 573k foreign workers into its hostels

We raise our FY17-19E earnings estimate by 0.8-2.2%, as we conservatively assume that MYEG would expand its business into
five other locations, similar in size, by 2019E. As such, our DCF based target price is raised to RM2.70 (from RM2.50).

Given there is room for stock to further re-rate if government enforces the GST project on retailers in 4Q16, we retain our OUTPERFORM rating. Our revised TP of RM2.70 implies 18% upside.

Risks include, poor take-up rate for the legalisation of foreign workers, further delays in the implementation of the GST monitoring system.

Source: CS
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Nov 11, 2016 10:43 am

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Government identifies mechanism to track GST

The government has identified a mechanism to track traders not paying GST.

Should be positive for the stock as we believe the government is talking about MyEG’s GST monitoring project.

Remains an Add but there could be short-term technical weakness in share price.

Remains an Add

We are maintaining our EPS forecasts and target price, still based on an unchanged 25.2x 2017 P/E, a 20% premium over the sector target P/E, justified by our 52.3% 3-year EPS CAGR forecast.

Potential re-rating catalysts for the stock are strongerthan-expected registration of illegal foreign workers (IFW) and the successful launch of the GSTM.

Risks are weak registration of IFWs.


Source: CIMB

https://brokingrfs.cimb.com/Fz14DYITY0u ... ACO_Q2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Nov 30, 2016 9:16 am

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Growing, growing, growing…

At 18% of our full-year forecast, MyEG’s 1QFY17 net profit was in line with both the market’s and our expectations, as we expect 2HFY17 to be seasonally stronger.

Registration of illegal foreign workers is still ongoing.

Net cash RM49.6m or 2 sen net cash per share as at end-Sep.

GST monitoring project to finally start in 1Q17; parliament gave the ok last week.

Still Add, target price raised from RM3.22 to RM4.71 as we roll over to end-2017.

Maintain Add, TP raised as we roll over to end-2017

We maintain our EPS forecasts. As we roll over to end-2017, our target price is revised from RM3.22 to RM4.71, based on an unchanged 2018 25.2x P/E, a 20% premium over the sector target of 21x P/E; the premium is justified by its 52.3% 3-year EPS CAGR.

Potential re-rating catalysts for the stock are stronger-than-expected registration of IFWs and the successful launch of the GST monitoring project in 1QC17.

Risks are weak registration of IFWs.



Source: CIMB

https://brokingrfs.cimb.com/YQdTjlqXGpE ... PYDng2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Dec 01, 2016 8:20 am

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Bursa Securities reprimands MyEG and its MD

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded My EG Services Bhd (MyEG) and its managing director, Wong Thean Soon, for the late disclosure to Bursa on its appointment to implement the fully online renewal of foreign workers’ permit from 2015 onwards.

In addition, Wong has been fined RM50,000.

In a media statement, the regulator said the e-Government services provider was reprimanded for breaching the listing requirement that a listed company must ensure no disclosure of material information is made on an individual or selective basis to analysts, shareholders, journalists or other persons unless such information had previously been fully disclosed and disseminated to the public (i.e. to Bursa Malaysia Securities).

In the event that material information is inadvertently disclosed on the occasion of any meeting with analysts, shareholders, journalists or others, it must be publicly disseminated as promptly as possible.

Bursa Securities said MyEG had at the CIMB Conference on Jan 6, 2015, disclosed the Government’s decision for it to implement the fully online renewal of foreign workers’ permit from 2015 onwards as well as impact of the same to the company (e.g. market share and market potential).

However, the announcement on the arrangement was made to Bursa Malaysia Securities only on Jan 9 and 12, 2015, and even so, without any disclosure of details of its impact or implication on MyEG’s financials which was disclosed in its presentation to the fund managers at the conference.

The arrangement was material or significant to the company’s business and prospects as well as financials to MYyEG, particularly as the arrangement would increase MyEG’s market share on renewal of foreign work permits from 8% (based on MyEG’s representation at the CIMB Conference) to 100%.

“There was a significant increase of up to 26% in the company’s share price from Jan 6 to Jan 9, 2015 with high volume traded following MyEG’s presentation at the CIMB Conference on Jan 6, 2015, the CIMB Equities research report issued on Jan 7, 2015 which had, amongst others, stated that the target price for MyEG was to be RM7.80 (from RM5.28) and The Star article on Jan 9, 2015, which had reported on the new renewal of foreign workers permit arrangement,” Bursa Securities said.

Wong was publicly reprimanded and fined RM50,000 for selectively disclosing information on the new arrangement in making the presentation for MyEG at the CIMB Conference.

In addition to the public reprimand, MyEG is required to undertake or arrange for the necessary training programme(s) in relation to compliance with the disclosure obligation under the Main Market Listing Requirements.

Source: The Star

http://www.thestar.com.my/business/busi ... nd-its-md/
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Jan 06, 2017 7:58 am

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MyEG secures another big job

e-Government services provider gets mandate for online renewal of temporary permits for foreign workers

PETALING JAYA: Malaysia’s leading e-government services provider My E.G. Services Bhd (MyEG) landed another contract related to the foreign workers permit.

The company, which already has the mandate for the online renewal of foreign workers permit, was given the job to handle the renewal of temporary employment pass for foreign workers (PLKS).

In a filing with Bursa Malaysia, MyEG said the Immigration Department awarded the company the mandate to provide online renewal of PLKS documents for a period of five years starting May 23, 2015.

The estimated total value of the project is RM553.85mil and is expected to contribute positively to the company’s earnings for the financial year ended June 30, 2017 onwards.

“An agreement to formalise the acceptance of the project will be signed and announced by the company in due course,” MyEG said.

MyEG is easily Malaysia’s fastest growing company as the civil service embraces the digital way of providing services to the public.

Apart from providing online renewal of foreign workers permit and insurance, it also provides online renewal of vehicle road tax and ownership transfer.

The tie-up with the Immigration Department and Road Transport Department has resulted in the company recording euphoric growth in its top and bottom lines.

According to it latest annual report, MyEG recorded a 36.8% compounded annual growth rate in revenue for the five years between 2011 and June 2016 while its profit grew at 45.1% over the period.

For the financial year ended June 30, 2016, MyEG registered a net profit of RM142.52mil on a turnover of RM281.73mil, indicating a margin of about 50% on its business.

MyEG’s success in securing the latest PLKS contract was expected because the company was already handling the foreign workers re-hiring programme, which essentially is to legalise the illegal workers in the country.

According to analyst report, while the programme ended in June last year, MyEG was still pursuing the services for the government. This was despite no official announcement on further extension of the programme made by the latter.

CIMB Research in a report issued in November last year estimated that about one million illegal foreign workers would be registered between financial years 2016 and 2017 (FY16-FY17). About 300,000 illegal foreign workers have been registered under the re-hiring programme in FY16 alone.

For every illegal foreign worker registered, MyEG is entitled to a RM100 fee and an additional RM70 per person if the employers purchase the compulsory foreign workers insurance from MyEG.

On top of that, MyEG receives 7% of the proceeds in a revenue-sharing scheme with Celcom, in which the joint venture between MyEG and Celcom Axiata supplies Celcom SIm cards to all registered foreign workers.

The joint venture has been ongoing since April 2016.

CIMB Research projected a commendable financial performance for MyEG, going forward, as its net profit for FY17 is expected to surge by nearly 58% to RM142mil on the back of a 60% higher revenue at RM450mil.

Source: The Star

http://www.thestar.com.my/business/busi ... r-big-job/
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Jan 20, 2017 9:27 am

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Earnings growth trajectory intact

We recently hosted MYEG's management team at our flagship ASEAN conference in Singapore. MYEG was represented by its
Group Managing Director, Mr T S Wong, and Head of Corporate Finance and Investor Relations, Ms Chong Mei Yee.

Following the event, we gather two things.
(1) The Immigration Department of Malaysia remains serious about legalising illegal foreign workers (it recently froze RM125 mn worth of assets from 15 suspects hiring illegal workers – link to article); and
(2) the GST monitoring project should kick start in 1H17 as planned.

Key catalysts for the stock.
(1) Pick-up in take-up rate for legalisation of illegal foreign worker program,
(2) faster-than expected roll out for foreign worker hostels, and
(3) faster-than expected roll out for MYEG's GST monitoring project.

All in, our earnings growth trajectory remains intact, although we now see upside to our estimates for total number of signups for
illegal foreign workers. For now, we leave our 500k estimate unchanged and reiterate our OUTPERFORM rating on the stock.

Key risks to our call:
(1) further delays in MYEG's GST monitoring project; and
(2) unfavourable outcome on MYEG's on-going litigation case related to its GST monitoring device.


Source: CS
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Jan 24, 2017 8:01 am

MyEG’s contract to register foreign workers extended till year-end

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: My EG Services Bhd’s (MyEG) contract to manage the registration of illegal foreign workers under the rehiring programme has been extended until Dec 31, 2017.

In a filing with Bursa Malaysia, the e-Government services provider said it received a notification letter on Monday from the Home Affairs Ministry regarding the extension.

The project was originally scheduled to run from Feb 15, 2016, to Aug 15, 2016.

MyEG said it would be able to register all foreign workers except those from Myanmar.

The company said the project had no fixed value as it depended on the number of illegal foreign workers successfully registered.

“It is expected to contribute positively to the earnings and net assets per share of the group for the financial years ending June 30, 2017 and 2018 respectively.

MyEG said none of the directors and/or major shareholders and persons connected with a director or major shareholder had any interest, direct or indirect, in the project.

Recently the Immigration Department gave MyEG the mandate to provide online renewal of temporary employment pass for foreign workers for a period of five years, backdated to start from May 23, 2015.

Source: The Star

http://www.thestar.com.my/business/busi ... -year-end/
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Re: MyEG / Wong Thean Soon

Postby winston » Sat Feb 04, 2017 5:35 pm

WONG THEAN SOON
Flagships: Excel Force MSC Bhd and My E.G. Services Bhd
Net worth: RM2.2bil

NEWCOMERS to the world of Malaysia’s wealthiest, Raja Munir Shah (left) and Wong have a combined wealth of RM2.185bil.

They are deemed shareholders in MyEG and Excel Force, holding interest in the two listed companies via Asia Internet Holdings, Asia Internet E-Services Holdings and Radio Port Ltd.

Munir Shah, 54, has been the executive director of MyEG since 2004, while Wong has been the managing director and also executive director of MyEG since March 6, 2000.

Wong, 42, graduated from the National University of Singapore with a bachelors degree in electrical engineering. He has over 20 years of experience in the ICT industry, with his involvement in designing, implementing and the maintenance of communication applications on the Internet in various technology companies, both local and abroad.

Last year, MyEG bought an 18.7% stake in Excel Force for RM38mil.

MyEG had a market capitalisation of RM5.4bil or RM1.51 a share last year, while Excel Force’s market cap was RM246mil with a share price of RM1.19. MyEG’s compounded annual growth in net profit was 45% the past five years.

The companies have seen their share prices rise last year. MyEG is an e-Government services provider that recently had its contract to manage the registration of illegal foreign workers under the rehiring programme extended until the end of this year.

Excel Force, set up in 1994, is into the development, provision and maintenance of computer software application solutions for the stockbroking industry. It has expanded into Thailand and Vietnam.

Source: The Star
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