MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Wed Sep 27, 2017 9:12 am

not vested

Takeaways From Melaka Visit

We recently hosted a site visit to MYEG’s foreign worker accommodation site in Melaka and felt reassured that the set-up and furnishing of the hostel will set a new standard for the country’s foreign worker accommodation needs.

Backed by its recent land acquisition in Johor, MYEG is on track to grow the new segment to
becoming the largest revenue contributor beyond FY19.

Maintain HOLD. Target price: RM2.29. Entry price: RM2.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 0871fa3570
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Sep 27, 2017 3:15 pm

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MyEG’s GST monitoring launch pushed to year end, says CIMB Research

by Syahirah Syed Jaafar

KUALA LUMPUR (Sept 27): My EG Services Bhd’s (MyEG) GST monitoring (GSM) project’s Phase 1 nationwide launch is taking longer than expected and the target launch has now been pushed to end of 2017, past its initial target of June 2017, according to CIMB Research.

In a note today, CIMB Research said MyEG had faced some teething problems in the past few months during the installation of dongles at the older cash registers in F&B outlets around Klang Valley.

“However, it said all issues have been resolved. MyEG has so far installed 5,000 dongles in Klang Valley in F&B outlets and is targeting to install nationwide by year-end (our earlier target was Jun 2017),” CIMB Research added.

On the plus side however, CIMB Research said MyEG had recently started a new service to match employers with unregistered illegal foreign workers (IFWs) under the rehiring programme.

This service will allow employers to source new foreign workers from the existing IFW base, of which MyEG will receive RM1,000 for matching an employer with an IFW. MyEG is targeting to place out 100,000 foreign workers.

“We also expect the company to benefit from selling the compulsory foreign workers’ insurance to the employers. MyEG said it will ensure the welfare of foreign workers, by making sure their salaries are paid and there is no worker abuse by the employers.

“In our earnings forecast, we assume a more conservative average of 5,000 foreign workers monthly or 60,000 foreign workers annually. This would help MyEG generate an average annual revenue of RM60 million.

We assume 50% net profit margin for the matching services (in line with the 50% net profit margin from existing foreign worker services) and an annual net profit of RM30 million,” CIMB Research said.

The research house maintains "Add" on the stock, with an increased target price of RM3.04, from RM2.68.


Source: The Edge

http://www.theedgemarkets.com/article/m ... b-research
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Re: MyEG / Wong Thean Soon

Postby winston » Sat Oct 21, 2017 7:59 am

MyEG exec chairman Norraesah gains 29.7% indirect stake

by M. Hafidz Mahpar

KUALA LUMPUR: My EG Services Bhd

(MyEG) executive chairman Datuk Dr Norraesah Mohamad (pic) has emerged as a substantial shareholder in the electronic government services provider with a 30.41% stake.

Based on filings with Bursa Malaysia, Norraesah, who already had a 0.73% direct stake in MyEG, increased her total stake (direct and indirect) to 30.41% after acquiring executive director Datuk Raja Munir Shah Raja Mustapha’s stake in Asia Internet Holdings Sdn Bhd.

Asia Internet is the single biggest shareholder in MyEG. Its 1.07 billion shares, representing 29.67% of MyEG’s issued share capital, are worth RM2.17bil based on the shares’ last traded price.

While Raja Munir Shah has ceased to be a substantial shareholder, he continues to hold a 0.71% stake in MyEG.

Norraesah, 68, is a former senator and was also chairman of Bank Kerjasama Rakyat Malaysia.

MyEG closed at RM2.03, down 1 sen, on Friday with 10.1 million shares changing hands.

Source: The Star

http://www.thestar.com.my/business/busi ... jqXS5WA.99
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Re: MyEG / Wong Thean Soon

Postby winston » Sun Nov 05, 2017 3:29 pm

TS Wong making waves

by Intan Farhana Zainul

Wong is well known for his position as the managing director and single largest shareholder of MyEG Services Bhd which has a market capitalisation of RM7.8bil.

Wong’s recent entry in companies such as Excel Force MSC Sdn Bhd and Palette Multimedia Bhd
in recent months has stirred much interest.

But is he also involved in Cuscapi Bhd?

Of interest is the fact that Datuk Jayakumar Panneer Selvam is taking up a placement of shares in Cuscapi.

His emergence in Cuscapi has piqued the interest of the market. This is because Jayakumar is also an investor in Excel Force, where Wong is a substantial shareholder. It has also been reported that Jayakumar has been a project director in MyEG, Wong’s mainstay.

Jayakumar has bought into Excel Force with a 2.2% stake and is holding more than 50% the company’s warrants, the company’s annual report shows.

Meanwhile, Wong owns almost 20% stake in Excel Force.

Cuscapi’s placement

Last month Cuscapi announced a plan to raise RM79.8mil by selling new shares and warrants to fund its expansion plans.

Ultimate Quality Success Sdn Bhd (UQS), an investment firm controlled Jayakumar, is said to be taking up two-thirds of the new shares on offer. There were three other individuals who were lined up to take up part of the placement shares as well, namely Ong Chin Hui, Tan Sri Koh Kin Lip and Datuk Dr Tan Kim Heung.

In a filing with Bursa Malaysia on Thursday, Cuscapi said Jayakumar was concerned about the issuance of shares to the other three investors.

“Subsequently, UQS, being the largest investor, expressed concerns over the issuance of additional shares to the other three investors.

“After the engagement with UQS, Cuscapi held discussions with the other three investors who agreed to mutually terminate their respective subscription agreements with Cuscapi,” the company said.

As a result, the total gross proceeds would be reduced from RM79.8mil to RM53.2mil and the utilisation of proceeds has been revised.

Based on Cuscapi’s current issued capital of 482.92 million shares, UQS would end up with 29.3% of the company’s enlarged share capital and 40 million warrants.

Some market observers reckon that the new shareholder is planning to utilise Cuscapi’s expertise in software development for projects related to the goods and services tax (GST).

Shares in Cuscapi has been on the uptrend, rising more than 250% on a year to date basis.

The loss-making company was last traded at 42.5 sen a share, giving it a market capitalisation of RM207mil.

Clearly, the significant run in Cuscapi’s share price this year is not about the company’s business alone but the potential changes that could take place.

Investors buying into Cuscapi must be banking on the past successes of MyEG, which has done well in terms of its earnings and share price growth over the last decade.

The value of MyEG since its listing has risen by more than 100 times since its Ace Market listing in 2007 from RM69mil then to RM7.8bil currently.

MyEG started as a provider of e-government services with the provision of solutions that are related to the vehicle road tax and drivers’ license renewal among others and has been diversifying its businesses commercial solutions some three years ago.

In the case of Excel Force, Wong first emerged in the company after it acquired an 18.7% stake on April 26 via his vehicle Asia Internet Holdings Sdn Bhd.

A month after Wong’s entry into Excel Force, the stock hit a 52 week high of RM1.96.

On a year to date basis, shares in Excel Force has jumped more than 150%.

The company may be the beneficiary of the Alternative Trading System (ATS)that the Government announced during the tabling of Budget 2018 last week.

ATS is a market venue to bring together purchasers and sellers of securities. It originated in the United States as an alternative to traditional exchanges like the New York Stock Exchange and Nasdaq in trading of securities.

Since 2001, more than 50 countries have launched the ATS, providing investors with choices in execution venue.

Excel Force is the market leader in Malaysia for the provision of financial services business solutions where it currently has 90% of the stockbroking Public Gallery Display System and 70% of electronic client ordering system market share in Malaysia.

Wong was also reported to have 3.92% stake in broadband, networking and mobile health company Palette Multimedia Bhd, making him the fifth-largest shareholder in the company, according to Palette’s 2017 annual report.

Since September this year, shares in Palette has spiked up almost three-fold.

As if that weren’t enough, Wong’s name also surfaced this week in the shareholder list of Malayan United Industries Bhd (MUI).

MUI’s annual report showed that Wong has a smallish stake of less than 1% in the company. More interesting is that Jayakumar is also on the list, with 0.38% of the company. This week the share price of MUI rose almost 30%.

Source: The Star

http://www.thestar.com.my/business/busi ... V4d3SMb.99
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Nov 10, 2017 8:30 am

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MyEG expects hostels to generate big profit

PETALING JAYA: MyEG Services Bhd said its venture into the business of providing hostels for foreign workers could contribute more than a quarter of its future net profit.

The group has a long-term target of opening up to 200 such sites in Malaysia.

“The board proposes to seek the approval of the shareholders of the company for the diversification,” it said in a filing with Bursa Malaysia yesterday.

It said that the proposed diversification complements the group’s existing foreign workers permit renewal business.

Last year, the company established 55% owned MYEG Lodging Sdn Bhd to build, own and operate hostels for foreign workers. It had secured projects to provide such services from the Melaka State Development Corp and Johor Corp.

“MYEG Lodging has leased three sites in Melaka to operate as hostels, of which two sites are in operation and the remaining one expected to commence operations in financial year ending June 30, 2018.

“MYEG Lodging has also leased a piece of land in Johor Baru and is in the planning stage to set up two blocks of hostels,” it said.

Source: The Star

https://www.thestar.com.my/business/bus ... ig-profit/
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Nov 30, 2017 9:21 am

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1QFY18: Driven by registration of illegals

At 18% of our full-year forecast, MyEG’s 1QFY6/18 net profit was in line with our
expectations as 1Q is its seasonally weak quarter.

Registration of illegal foreign workers (IFWs) to finish by end-2017F. We project MyEG
to register IFWs in total 1m by then.

Started a new service in Sep: matching employers with still-unregistered IFWs.

GST Phase 1 nationwide installation completed this month.

Remains an Add. Successful nationwide launch of GST monitoring Phase 1 project a
potential re-rating catalyst.

Source: CIMB

https://brokingrfs.cimb.com/nEZa8zgXt6A ... cRL0A2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Dec 05, 2017 10:19 am

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Leasing: a new business venture

MyEG started a leasing business a few months back.

We believe this new service is to support its online used car business, mymotor.my.

We retain our Add call. The successful nationwide launch of the GST Monitoring
Phase 2 project is a potential re-rating catalyst.

Remains an Add
We maintain our EPS forecasts and target price, based on an unchanged 25.2x 2019F P/E, a 20% premium over the technology sector.

The premium is to reflect its large market capitalisation and 36% FY18-20F EPS CAGR.

The successful nationwide launch of the GSTM Phase 2 is a potential re-rating catalyst while further delays in the project are its downside risks.


Source: CIMB

https://brokingrfs.cimb.com/RnfRQyU0MKM ... RGN3g2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Dec 20, 2017 7:14 pm

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MyEG buys a stake in debt collection system provider for RM10.4mil

KUALA LUMPUR: MyEG Services Bhd said wholly owned unit MyEG Capital Sdn Bhd is buying a 23.5% stake in Stampede Holdings Sdn Bhd, a debt collection system povider, for RM10.4mil.

Stampede owns Volare, a debt collection system that automates and standardises key collection process.

“The investment is in the best interest of the company...and on terms that are not detrimental to the interest of the minority shareholders of the company,” it said in a filing with Bursa Malaysia.

Source: The Star

https://www.thestar.com.my/business/bus ... -provider/
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Dec 27, 2017 7:03 pm

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MY EG SERVICES BHD

Neutral (Maintain)
Target price: RM2.10

MYEG has acquired a 23.5% stake in Stampede Holdings Sdn Bhd for a total consideration of RM10.4mil.

Stampede is a provider of a debt collection system called “Volare”, that automates and standardises key collection process.

It also owned Telefonix Sdn Bhd, a Voice over Internet Protocol (VoIP) telecommunication service provider.

Volare is designed to automate and assist in bulk processing of debtor cases and to monitor each case transaction in a collection process.

It is deployed in over 90% of leading professional debt collection agencies and corporations such as Bank Islam Malaysia Bhd, Perbadanan Usahawan Nasional Bhd, Toyota Capital Malaysia, Universiti Putra Malaysia, and RCE Capital Bhd .

The investment will allow Stampede to strengthen its presence in maturing markets such as Philippines, Thailand, and Vietnam whilst exploring a potential venture into Indonesia, an emerging enterprise software market.

According to the management of Stampede, the global debt collection software market is expected to grow at compound annual growth rate (CAGR) of 5.85% from 2017 to 2021, and the Asia-Pacific market continues to be promising as organisations seek alternative solutions in the accounts receivables market.

MYEG’s cash reserve stands RM180.5mil as at Sept 30, 2017.

After taking short term borrowings of RM21.9mil into consideration, the group still has cash balance amounting to RM158.6mil.

Thus, MYEG would not have any issue funding the acquisition via internally generated funds.

MYEG has an attractive business model which reap a healthy profit margin of more than 50%, which will also be further supported by the foreign worker hostel accommodation business.

On another note, the dividend yield is expected to remain unattractive at 1%.

Source: MIDF Research
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Feb 20, 2018 7:54 am

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The first stock that comes to mind is easily MyEG Services Bhd.

Political connection is one thing but for this company that started out as a government concession, it now seems to offer every service under the sun.

Presently, commercial services, not government concessions, contribute 70% to its bottom line.

MyEG’s share price has also moved with that same sort of gusto.

On Jan 2, MyEG’s largest shareholder, Asia Internet Sdn Bhd, acquired another 8.5 million shares in MyEG, giving it a total of 1.09 billion shares or 30.12% stake in the company.

Source: The Star
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