MyEG / Wong Thean Soon

Re: MyEG

Postby winston » Fri Jan 09, 2015 6:02 am

CIMB Research ups MyEG target price to RM7.80

KUALA LUMPUR: CIMB Equities Research has raised the target price for MyEG Services from RM5.28 to RM7.80, after it was appointed by the government to compile and maintain database on the country’s foreign workers (both legal and illegal).

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.

CIMB Research pointed out that a successful launch of the proposed customer service tax monitoring system (CTSM) project and the new developments in the FWPR are potential re-rating catalysts for the stock.

Starting this year, it is compulsory for all employers of foreign workers to use My’s FWPR. This would help the company to continuously update and maintain the database.

“Our earlier forecast was only 15%-20% market share for MyEG’s PR in FY15-16. The negative surprise was the later start of end-Feb 2015 for nationwide operation of Phase 1 of the CSTM project. We were earlier looking for CSTM to start in early Jan-2015.

MyEG indicated that it is working with the Immigration Department to compile a database of the country’s legal and illegal foreign workers.

Starting this year, all employers of foreign workers must use My’s online service to renew their annual work permits for the foreign workers. This will allow MyEG to update and maintain the database as FWPR enables the company to keep tabs on whether existing legal foreign workers renew their work permits or have already left the country.

In addition, the company will be able to monitor which employer uses legal or illegal foreign workers. A penalty will be imposed on employers that hire illegal foreign workers.

MyEG charges a transaction fee of RM38 per foreign worker for its online services. The company is also an independent insurance agent selling the compulsory insurance for the foreign workers.

On average, My’s total revenue per foreign worker is around RM100. We estimate that there are currently around 2.5 million foreign workers in the country.

“Our earlier forecast assumed only 15%-20% market share for My’s PR in FY15-16 compared to full take-up starting in January 2015.

“Remain invested in the stock. With earnings kicking in from the CSTM and FWPR, we forecast a strong three-year EPS CAGR of 71%.

“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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Re: MyEG

Postby winston » Sun Jan 11, 2015 7:36 pm

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MyEG Services Bhd has clarified today that the RM38 fee it is imposing for the renewal of Foreign Workers Permit (PLKS) is due to the expanded scope of responsibilities that was tasked to it, by the Malaysian Immigration Department.

It said its role is not only to renew the permits, but also to compile, verify, maintain, update and analyse its database of legal foreign workers, illegal foreign workers, authorised employers of foreign workers, employers who unknowingly have foreign workers registered under their name, and employers of illegal foreign workers.

Its clarification today came on the heels of a slew of media reports, condemning what has been termed as a “sudden” decision by the government to outsource the foreign worker permit renewal job to MyEG, and the additional RM38 service charge that employers now have to fork out for each worker.

Source: The Edge
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Re: MyEG

Postby winston » Sun Jan 18, 2015 8:56 am

MyEG share performance not due to Putrajaya contract, director tells PKR BY ZURAIRI AR

KUALA LUMPUR, Jan 18 — A Penang Umno leader has come out to defend himself against allegations of cronyism over Putrajaya’s outsourcing of migrant worker permit registration to My E.G Services Bhd (MyEG), saying the firm was already performing well on the Malaysian bourse prior to the award.

Tanjung Umno division deputy chief Datuk Raja Munir Shah Mustapha who is MyEG’s executive director denied that he had benefitted from the contract and said none of the e-government services provider’s directors have cashed out their shares.

“How did he know that the share price rise was because of the award?” Raja Munir told Malay Mail Online over the phone yesterday, referring to PKR Semambu assemblyman Lee Chean Chung.

“MyEG’s share price has been on the upward trend for the last two years,” he said.

At a press conference yesterday, Lee claimed that Raja Munir will stand to profit some RM137 million on paper from the 19 per cent hike in MyEG’s share price, which he said rose after Putrajaya’s decision to outsource the registration of migrant worker permits to the firm.

Citing the firm’s announcement in Bursa Malaysia Friday, the PKR state assemblyman pointed out that Raja Munir now holds a 31.1 per cent stake in the company.

The earliest data available on Bursa Malaysia’s website showed MyEG’s shares closing on January 18, 2010, at just 48 sen per unit.

Since then, it has risen on a steady trend and achieved its highest price on January 7, 2015, closing RM4.70, two days after the outsourcing award.

The day after, MyEG issued bonus shares on a one-to-one basis to raise more funds, halving its price to RM2.70 at closing time.

“The alleged profit for me is just on paper. If something happens to the global economy, the RM137 million can turn into negative figures,” Raja Munir said.

He also claimed that the share price increase is a sign of the market’s trust of the company as a well-managed firm.

“We’re not using government’s money. We’re a privately-funded initiative, be appreciative of that.

“We’re public listed… We’re not letting people down, and we give good returns on investment,” the former Penang Umno information chief added.

The Umno leader also reminded his accusers that MyEG has been in existence since 1999 and has been handling government services from 2000.

“MyEG was not registered two days ago, just to handle the immigration permit,” he said.

The government had on January 5 announced a new policy that requires employers to register details of their foreign employees through MyEG instead of doing it manually at the Home Ministry’s offices nationwide, compelling employers to pay the RM38 in fees the portal charges for each worker.

Counter registrations were previously free of charge.

Two days after the policy change, PKR leaders demanded that Putrajaya explain its decision to outsource the registration of migrant workers to MyEG, which they claimed will rake in an estimated annual profit of nearly RM100 million.

But in response, Raja Munir insisted that MyEG was providing a service to benefit both employer and employee.

“People only see the RM38, they don’t see what we’re trying to do, we’re doing something for the country,” he said.

“We’re trying to care for both sides of the fence, the employers and the workers. If too many employers are mistreating the workers, then it gives a bad image to Malaysia.”

Following public outcry over the RM38 fee, MyEG explained on January 10 that the payment is also used to fund the compilation, verification, maintenance, and analysis of a database on migrant workers.

The information generated will be used to generate intelligence on trends causing the proliferation of illegal foreign workers as well as employers who have a disproportionate number of foreign workers absconding, the service provider said in a statement.

Additionally, MyEG said it was liable for the deportation of migrant workers who are wrongly issued work permits without the necessary insurance and indemnities, which it stressed was available for purchase from any insurer.

Source: The Star

http://www.themalaymailonline.com/malay ... JmEOs.dpuf
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Re: MyEG

Postby winston » Sun Jan 03, 2016 9:31 am

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NIGEL FOO
Senior analyst of CIMB Research
Stock pick: MyEG Services Bhd


OVER the next one to two years, foreign workers working permit renewal services are expected to be the MyEG Services Bhd’s main earnings contributor.

Currently, there are some 2.5 million legal foreign workers in the country, whereby MyEG makes about RM100 in revenue per foreign worker – RM35 for processing fees paid by the government and RM65 from commission selling compulsory foreign workers insurance.

MyEG is expected to register 1 million illegalsin the financial year 2016 (FY16), which is a conservative figure given that there are an estimated 5 million illegal foreign workers in the country.

If the company could register 2 million illegal foreign workers, FY16 and FY17 earnings per share could be boosted by 18%-22%.

For the financial year ended June 30, 2015, MyEG posted revenue of RM141.52mil compared to the RM109.87mil the year before.

The improved revenue translated into a 35.8% increase in profit after tax to RM68.05mil from last year’s RM50.11mil.

Overall, potential catalysts for the stock include stronger than expected revenue from the foreign worker permit renewal services and undemanding stock valuations.

Source: The Star
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Re: MyEG

Postby winston » Thu Feb 04, 2016 7:23 am

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MyEG gets courier service licence

KUALA LUMPUR: My EG Services Bhd (MyEG) has received a courier service licence from the Malaysian Communication and Multimedia Commission (MCMC).

The company, which delivers Government-related e-services to Malaysians and businesses, told Bursa Malaysia that the licence was for a period of three years effective from Jan 1, 2016 and was subject to yearly renewal with the MCMC.

“The licence would enable MyEG to expand its e-fulfillment service which uses its own proprietary biometric verification technology and it is expected to contribute positively to the future earnings and net assets of MyEG and its subsidiaries,” it said.

MyEG shares fell 1 sen to close at RM2.26 on Wednesday, with 7.464 million shares being traded.

Source: The Star
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Re: MyEG

Postby winston » Fri Feb 12, 2016 7:08 am

MyEG appointed to handle foreign worker rehiring

KUALA LUMPUR: My EG Services Bhd (MyEG), which last September received a Government contract to register illegal foreign workers, has been appointed to take part in the programme to rehire foreign workers without permits.

As announced by the Prime Minister under the recalibrated 2016 Budget, foreign workers without permits, will be given valid work permits. The registration will start on Feb 15.

The e-Government services provider told Bursa Malaysia that it had on Thursday received a letter of appointment from the ministry in relation to the management of illegal foreign workers for the rehiring programme.

“All terms and conditions as stated in the earlier letter will be replaced with the new conditions as stated in the letter dated Feb 11, 2016,” MyEG said.

The latest project, it said, would take effect from Feb 15 till Aug 15, 2016. The tenure of the previous agreement had been Sept 4, 2015 to March 4, 2016.

“The project has no fixed value as it is dependent on the number of illegal foreign workers successfully registered,” MyEG said.

According to reports, the Government is targeting to register the estimated two million illegal workers in the country under the rehiring programme, whose first phase will span three months.

MyEG shares shed 1 sen to close at RM2.24 on Thursday, with 3.42 million shares changing hands.

Source: The Star
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Re: MyEG

Postby winston » Mon Feb 22, 2016 7:43 am

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CIMB Research ups MyEG target price to RM7.80

Source: The Star

http://www.thestar.com.my/business/inve ... get-price/
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Re: MyEG

Postby winston » Thu Feb 25, 2016 8:59 am

WONG THEAN SOON, only 44, is a cofounder of My E.G. Services, a listed e-services provider for immigration, vehicle registration, licensing, tax monitoring, utility payments and other government services.

He spotted the opportunity in 2000 and used his technology skills, entrepreneurial experience and background as an Internet product developer to design an e-government portal that is leading the country’s push into the digital economy.

The company generated $23.1 million in net profit on $41.1 million in revenue for the year ended last June 30 and boasts a market cap of nearly $1.3 billion.

Source: Forbes
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Mar 09, 2016 9:37 am

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Just a small confusion

MyEG’s share price has fallen 7% over the past three trading days.
We think this was likely due to confusion about processing of illegal foreign workers.
Is involved in processing of all illegal foreign workers, regardless of nationality.
Current share price weakness offers investors an opportunity to accumulate.

Maintain Add

We maintain our FY16-18 EPS and target price, based on an unchanged CY17 P/E of 21x (in line with the average of its peers). MyEG’s share price has fallen 7% over the past three trading days, providing investors with an opportunity to accumulate.
Potential re-rating catalysts include higher-than-expected registration of illegal foreign workers.

Source: CIMB

https://brokingrfs.cimb.com/S_dfoLFzUEI ... LuFGQ2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Thu May 12, 2016 1:03 pm

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MY E.G. Services
Signs business agreement with Celcom

MOU with Celcom Axiata terminated and replaced with a business agreement.

Investors might misunderstand the news, focusing only on the MOU termination.

One of the projects both parties are working on is the supply of Celcom sim cards to
registered illegal and legal foreign workers.

MOU terminated and a new business

Remains an Add

We believe most of the short-term negative news has already been reflected in its share price, which has fallen 20% since the Jan peak.

The stock remains an Add and our target price basis is unchanged at 21x 2017 P/E.

Potential re-rating catalysts are strong registration of illegal foreign workers in the next two months.

MyEG’s weekly price chart shows the stock consolidating in a downtrend channel, support at RM1.78.

Source: CIMB

https://brokingrfs.cimb.com/t-dy1Up9MQA ... M4UMQ2.pdf
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