MyEG / Wong Thean Soon

[winston]

not vested

On the road to a healthier future

We see strong earnings from the healthcare division and increased online penetration for digital services driving MyEG’s net profit growth in FY21F.

Reiterate Add with an unchanged RM2.50 TP, based on a higher 26x P/E.

Potential tax incentive extension, implementation of e-testing services and Covid-19 vaccine commercialisation are key re-rating catalysts for the stock.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... EB68CE64B4

[winston]

not vested

My EG Services (MYEG MK)
Diving Deeper Into Healthcare; Venturing Into The Crypto Domain

The e-conference reinforced our view that MYEG’s earnings growth will be boosted by
its healthcare segment beyond a possible 2Q21 earnings lull.

Meanwhile, new transport and immigration related services will also provide steady earnings contributions.

MYEG’s impending entry into the blockchain and cryptocurrency business could also
meaningfully uplift long-term earnings, although we have yet to impute an option value for this business.

Maintain BUY and target price of RM2.65.

Source: UOBKH

https://research.uobkayhian.com/content ... c527506970

[winston]

not vested

Major G2C software player; Initiate BUY

MYEG is the largest listed software services player in Malaysia, and primarily provides electronic channels that deliver services from various government agencies.

Agile management in coping with uncertainties, coupled with strong financials, we believe MYEG is best positioned in the e-government services space.

We take a contrarian view and look to the long term and through the temporary political noise.

Initiate with a BUY and TP MYR2.29 pegged to 24x FY22E PER (in line with its 5-year mean).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/229927.pdf

[winston]

not vested

MYEG's 2Q profit strengthens q-o-q despite lockdown, on contributions from new Covid-19 screening and quarantine services

by Syafiqah Salim

MY EG Services Bhd's (MYEG) net profit rose 5.77% to RM80.68 million for the second quarter ended June 30, 2021 (2QFY21) from the RM76.28 million it made in the immediate preceding quarter, 1QFY21, despite a dip in revenue, as it saw higher transaction volumes from its Covid-19 screening and quarantine services under MySafeTravel and MySafeQuarantine.

Quarterly revenue slipped 5.68% quarter-on-quarter (q-o-q) to RM161.73 million from RM171.46 million.

On a year-on-year basis, the group's net profit grew 27.95% from RM63.06 million in 2QFY20, as revenue climbed 30.07% from RM124.34 million.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... eening-and

[winston]

not vested

My EG Services (MYEG MK)
2Q21: Fourth Consecutive Quarter Of Record-high Net Profit

MYEG posted another quarter of record-high earnings, with the impressive yoy
improvement anchored on overwhelmingly-received healthcare-related initiatives and
concession-related services.

Moving forward, MYEG remains as a major economic reopening beneficiary, with imminent catalysts such as the likely extension of its tax incentive status and recovery of foundation businesses, as well as introduction of a suite of blockchain-related innovations.

Maintain BUY. Target price: RM2.65.

Source: UOBKH

https://research.uobkayhian.com/content ... ed62beb22c

[winston]

not vested

My EG Services (MYEG MK)
2Q21: A Splendid Quarter

Maintain BUY, TP of MYR 2.30

MYEG’s 6MFY21 core net profit was ahead of ours / in-line with consensus estimates, at 57%/49% of FY21E forecast, respectively.

We maintain our BUY call and marginally raised TP to MYR2.30, based on an unchanged 24x FY22E P/E target (which is in-line with its 5Y mean).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/231626.pdf

[winston]

not vested

My EG Services (MYEG MK)
Timely Entry Into The Blockchain And Tokenisation Domain

MYEG is making an opportunistic venture by developing a comprehensive digital
assets ecosystem and introducing DeFi to the Malaysian market.

The group has ambitious plans to create a blockchain platform that can facilitate cross-border trades, set up crypto-based marketplaces and tokenise physical assets, while integrating existing services into the platform.

Maintain BUY and target price of RM1.32.

Source: UOBKH

https://research.uobkayhian.com/content ... 1d5b60ecec

[winston]

not vested

Setting up a Zetrix blockchain network

MyEG has entered into an MOU with CAICT to develop an international extension of China’s Xinghuo BIF through Zetrix backbone and supernodes.

The Zetrix network will be targeting trade flow between RCEP member countries, which is valued at nearly US$2.5tr annually.

This is an exciting new growth strategy for MyEG to prepare for a borderless
future. Reiterate Add, with an unchanged RM1.25 TP (26x CY22F P/E).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 36269C3802

[winston]

not vested

Steering Towards Blockchain
Maintain BUY, revise TP to MYR 1.34

Following a meeting with the management, we have gained some insights on MYEG’s existing business and its expansion strategy, especially with regards to the blockchain space.

On the back of its expeditious development of an innovative product line-up and a +2% earnings adjustment, we maintain our BUY call and revise TP to MYR1.34 (from MYR1.15 previously, adjusted for a 1-for-1 bonus issue), based on 28x FY22E P/E target, which is +0.5x standard deviations above its 5Y mean (24x or mean previously).

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/238195.pdf

[winston]

not vested

MYEG gets green light from JPJ to set up automated training and driving test system

by Syafiqah Salim

The POC has no contract value and will run from Dec 1, 2021 to February 2022, according to MYEG's filing with Bursa Malaysia on Monday.

"The POC will allow JPJ to evaluate the specifications and suitability of the e-Testing system for commercialisation.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... est-system