MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Tue May 12, 2020 2:12 pm

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MyEG to offer one-stop portal for Covid-19 screening of workers in Malaysia

by Yasmin Syazwina

KUALA LUMPUR (May 12): My EG Services Bhd (MyEG) announced today the electronic government services provider will begin offering a one-stop portal for employers in Malaysia to manage requirements related to Covid-19 screening for their workforce.

In a statement to Bursa Malaysia today, MyEG said employees, including foreign workers, who are contributors to the Social Security Organisation (Socso) are eligible to have the cost of testing covered by Socso’s Prihatin Screening Programme.

"MyEG’s portal is an option for companies that wish to streamline the process of getting workers tested, providing employers with the necessary tools to register and receive confirmation of the eligibility of their workforce for the Prihatin Screening Programme.

At the same time, through a partnership with a panel of Socso registered clinics, MyEG will also arrange for screening to be conducted on-site at employers’ premises by trained medical practitioners adhering fully to Ministry of Health guidelines.

For workers not covered by the Prihatin Screening Programme, the cost of testing can be paid out-of-pocket.

"Upon completion of the screening in accordance with the specified guidelines, individuals will be issued with a digital certificate by MyEG in the form of a dynamic QR colour code on a mobile application indicating their test status for the purposes of verification.

The digital certificate will be recognised by the Department of Labour as proof of testing. Employers with workers who have already undergone screening are encouraged to voluntarily declare their status on MyEG’s portal.

The self-declaration is important to enable MyEG to better assist the Ministry of Human Resources in updating the testing status of workers in the country,” it said.

At 10:27am today, MyEG’s share price rose six sen or 4.69% to RM1.34 for a market capitalisation of RM4.43 billion. The stock saw some 19 million shares traded. MyEG’s share trade was halted between 9am and 10am today in conjunction with the announcement.

Source: The Edge

https://www.theedgemarkets.com/article/ ... s-malaysia
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Re: MyEG / Wong Thean Soon

Postby winston » Wed May 27, 2020 10:25 am

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Securing concession agreements extension

My EG has been awarded an extension for its e-government concession until 30 Jun 2020, and its PLKS contract until further notice.

It expects to secure a long-term extension for both concessions over the next two months as the government look to finalise the terms of the agreements.

Downgrade from Add to Hold with unchanged RM1.46 TP in view of its recent share price outperformance -- up 86% since its year-low on 23 Mar

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 753151445E
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Jun 12, 2020 9:07 am

MY E.G. Services
High five to S5


MyEG is acquiring 10% stake in an immigration security control and systems provider, S5, for RM90m, implying 14.2x P/E, 32% discount to its FY20F P/E.

The exercise could strengthen MyEG’s position in the immigration space and potentially support its consortium bid for the upcoming e-visa project.

Reiterate Hold and RM1.46 TP, still based on 22.4x CY21F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 0A39607677
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Jul 02, 2020 7:47 am

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MyEG gets three-year extension to provide foreign worker pass online renewal services

by Adam Aziz

KUALA LUMPUR (July 1): My E.G. Services Bhd (MyEG) said today that it has received a three-year extension from the Government to provide the foreign worker temporary employment pass online renewal service worth an estimated RM208 million.

In a filing today, MyEG said it received a notification letter from the Ministry of Home Affairs today on the extension, which is effective from May 23, 2020 to May 22, 2023.

The provision is for renewal of the pass — known as pas lawatan kerja sementara (PLKS) — under the Immigration Department.

“The terms of renewal are not stated in the Letter and an agreement to formalise the Extension will be signed and announced by the Company in due course,” said MyEG.

The concession was first issued on January 5, 2017 and was temporarily extended by the Ministry on May 22, 2020 until yesterday (June 30) pending the final decision from Putrajaya.

MyEG also provides another e-government service for Jabatan Pengangkutan Jalan (JPJ) for services pertaining to vehicle registration, licensing and summons payment.

Talks with the Government on renewal for that concession have not been finalised, MyEG said yesterday, and it will continue to provide the service until further notice.

Shares of MyEG jumped 10 sen or 7.04% in the final hour of trading to close at RM1.52, valuing the group at RM5.25 billion.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ne-renewal
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Jul 03, 2020 9:10 am

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MY E.G. Services
My (E)xtension (G)ig


MyEG has secured a 3-year extension for immigration services until May 2023. It expects to secure the extension for e-government service by Aug 20.

MyEG is exploring new online services such as online road tax and insurance renewal for motorcycles and one-stop portal for Covid-19 health screenings.

Raise FY21-22F EPS by 16-19%. Upgrade to Add with a higher RM1.80 TP.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A28643D1BD
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Aug 28, 2020 8:08 am

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2Q 2020 Results

My EG Services Bhd reported a net profit of RM63.06 million in the second quarter ended June 30, 2020 (2QFY20) on revenue of RM124.34 million.

On a quarter-to-quarter basis, its net profit was 7.16% higher against RM58.84 million in 1QFY20 while revenue also increased 2.13% compared with RM121.74 million.

It attributed the better profitability to introduction of new services such as COVID-19 health screening and online grocery platform “Nak Beli”, increase in transaction volume as well as cost reduction in administrative expenses in the 2QFY20.

Source: The Edge
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Sep 02, 2020 11:18 am

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Analysts see MyEG as hidden gem poised to soar

KUALA LUMPUR (Sept 2): While healthcare stocks are hogging investors’ attention amid the ongoing COVID-19 pandemic, some analysts have expanded their focus to other stocks with strong upside potential.

Foremost among them seems to be MyEG Services Bhd, the electronic government services provider.

Among the most bullish is CGS-CIMB Securities Sdn Bhd, which expects MyEG share price to rise by another 25 per cent within the next few months, with a RM1.80 target on a continued strong revenue stream from its foreign worker-related services.

Especially notable is how MyEG’s stock price has doubled from this year’s low of 76.5 sen when the Movement Control Order (MCO) was imposed on March 18, to RM1.48 on May 20 despite a sharp drop in the processing of new foreign worker permits and renewals during these two months of lockdown.

CGS-CIMB is also looking towards MyEG stock possibly retracing its five-year high of RM2.90 should the firm widely seen as a frontrunner, win some or all of the National Integrated Immigration System (NIISe) project valued at about RM5 billion.

Other analysts positive towards MyEG include MIDF Research, Kenanga Research and Rakuten Trade Research, indicating the stock “is on the verge of a potential breakout”.

Even without NIISe, there have been some recent positive developments for MyEG, the latest being a partial lifting of the freeze on foreign workers recruitment till year-end following the extension of the recovery movement control order (RMCO).

The government is now allowing employers to rehire foreign workers who have lost their jobs recently but are still residing in Malaysia with a legal working permit within the same sector, thus restoring a key revenue stream for MyEG.

CGS-CIMB further noted the MyEG group had indicated the increase in online service market share transactions for Road Transport Department and Immigration-related services should offset the decline in recruitment service processes.

Interestingly, MyEG recently started a data-sharing collaboration with the Department of Labour for the purposes of monitoring and enforcement related to the COVID-19 screening of foreign workers.

This will boost the potential for MyEG to leverage its one-stop COVID-19 portal, which is an alternative channel for employers to register and arrange for testing of their workers for RM150 per test.

“We learnt that MyEG has approximately completed 100,000 COVID-19 tests booked through its portal.

“MyEG targets to carry out 500,000 COVID-19 test screenings in 2020,” CGS-CIMB added.

Source: The Edge

https://www.theedgemarkets.com/article/ ... oised-soar
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Re: MyEG / Wong Thean Soon

Postby winston » Sun Sep 20, 2020 8:17 am

Controlling shareholder TS Wong mops up more shares in MyEG

by Kathy Fong

Wong is the single largest shareholder of the e-government service provider, with a 31.43% stake, including an indirect 20.87% held via Asia Internet Holdings Sdn Bhd.


Source: The Edge

https://www.theedgemarkets.com/article/ ... hares-myeg
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Re: MyEG / Wong Thean Soon

Postby winston » Sat Oct 03, 2020 8:15 am

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CGS-CIMB raises target price for MyEG on higher expected EPS with new RTD services

by Tan Siew Mung

KUALA LUMPUR (Oct 2): CGS-CIMB has reiterated its 'add' call on My EG Services Bhd (MyEG) today, with a higher target price of RM1.96 compared with RM1.80 previously, following the latter's expansion of service offerings for the Road Transport Department (RTD), with the introduction of online renewals for motorcycle road tax and competent driving licences (CDLs).

Assuming that MyEG captures up to 20% of its yearly estimated 10 million motorcycle road tax renewal per annum, at a potential RM30 average revenue per user, MyEG could fetch up to RM60 million revenue per annum from this new service, it said in a note today.

The bigger monetisation potential, however, lies in MyEG's Covid-19 screening service, following the government's new regulations that require returning Malaysians and travellers from overseas to pay for their Covid-19 screenings since July 20, it said.

"We understand that the fee for the polymerise chain reaction (PCR) test is set at RM150 for Malaysians and RM250 for foreigners. To recap, MyEG has conducted 150,000 Covid-19 test screenings, booked through its one-stop portal, since it was launched in early-June," it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... d-services
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Re: MyEG / Wong Thean Soon

Postby winston » Mon Oct 05, 2020 9:39 am

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Riding the digitisation wave

MyEG is expanding its service offerings for RTD with the introduction of online renewals for motorcycle road tax and competent driving licences.

Assuming a 20% market share of motorcycle road tax renewals, MyEG could fetch RM60m revenue/year. We raise FY20-22F EPS by 6-8%.

Reiterate Add with a higher RM1.96 TP, still based on 24x CY21F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D3F26084C0
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