MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Mon Feb 13, 2017 8:29 am

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MyEG diversifies portfolio

BY TEE LIN SAY

PETALING JAYA: My EG Services Bhd (MyEG) has brushed aside notion that the bulk of its business activities were dependent on the Government.

It said that commercial solutions and services now make up 70% of the group’s business activities, thus no longer rendering it just a concession for various e-government applications.

“On the domestic front, we are experimenting with vehicle leasing and online TV commerce and investing in a slew of start-ups,” said Wong.

Wong is the single largest shareholder of MyEG with a direct stake of 7.21%. He has an indirect stake of 31.95% via Asia Internet Holdings Sdn Bhd.


The contribution to its commercial revenue consisted of solutions such as automobile insurance, foreign worker insurance, advanced credit and debit payment solutions, the sale of telecommunications services and the provision of hostel accommodations for foreign workers.


At this price, it is trading at a price earnings ratio of 37.91 times.

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.




Source: The Star

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

Postby winston » Tue Feb 28, 2017 8:29 am

MyEG posts another solid set of results

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: My EG Services Bhd’s (MyEG) earnings for its second quarter (Q2) ended Dec 31, 2016, grew a strong 57% to RM47.6mil from a year earlier.

The electronic government services provider told Bursa Malaysia that the improved profit achieved on 40% higher revenue of RM88.7mil were due mainly to two factors.

These are higher transaction volumes from the online renewal of foreign workers’ permits and insurance (FWP) and foreign worker rehiring programme services, and an increase in revenue contribution from its motor vehicle trading-related services.

The company posted a 49.9% boost in earnings in the first six months of the financial year to RM88.1mil. Revenue advanced to RM167.3mil from RM124.2mil in the same period of 2015.

On its prospects for the full financial year ended June 30 (FY17), MyEG said while concession services continued to be its core business, non-concession-related services, such as the road safety diagnostic services, sale of prepaid top ups for Celcom mobile lines and provision of hostel accommodation to foreign workers, were expected to contribute to its growth for FY17.

“Barring any unforeseen circumstances, the directors of MyEG are cautiously optimistic that the results for FY17 will continue to be satisfactory as more Malaysians adopt online government services as a convenient and cheaper alternative to transact with the Government,” the company said.

Over the last five financial years, MyEG had seen double-digit earnings growth and profit margins annually, with the figures increasing each year. Its income climbed 91% in FY16, while net profit margin hit 50.6%.

The board declared a first interim dividend of 0.5 sen per share (2016: 0.5 sen) amounting to RM18.03mil (2016: RM12.02mil) for the current financial year ending June 30, 2017, payable on May 24.

Source: The Star

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

Postby winston » Fri Mar 03, 2017 7:15 am

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MyEG's 5 yr concession for foreign workers valued over RM553m

BY JOSEPH CHIN

KUALA LUMPUR: My E.G. Services Bhd has confirmed the five-year concession with the Government to provide online renewal of temporary employment pass for foreign workers at RM553.85mil.

It said on Thursday it it had signed a concession agreement with the Government to provide the service from May 23, 2015 to May 22, 2020.

MyEG said the concession was renewable upon expiry subject to the Government's approval.

It expected the concession to contribute positively to the earnings and net assets per share of the company for the financial years ending June 30, 2017 onwards until the expiry of the project.

“At this point in time, the board does not foresee any risks in relation to the project,” it said.

Source: The Star

http://www.thestar.com.my/business/busi ... er-rm553m/
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Mar 16, 2017 3:30 am

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MyEG to expand to the Philippines in first overseas venture

BY M. HAFIDZ MAHPAR

MyEG managing director Wong Thean Soon told StarBiz last month that the company was ready to expand its operations beyond Malaysia.

KUALA LUMPUR: My EG Services Bhd (MyEG) is making its first overseas foray, forming a partnership to develop and implement electronic government (e-government) service projects in the Philippines.

The e-government services provider told Bursa Malaysia that it had on Wednesday entered into a joint-venture (JV) agreement with I-Pay Commerce Ventures, Inc (IPCVI), a payment processing provider and a direct agent of Western Union in the Philippines.

The aim is to establish a JV corporation to undertake e-government and e-government-related services there, including electronic payment services in accordance with the terms and conditions of the agreement.

The JV company, which will have its office and principal place of business in Pasig City, Metro Manila, will only be incorporated after the agreement is formalised.

MyEG will have a 40% stake in the JV and will invest up to US$2mil (RM8.9mil) in three tranches subjrect to certsain milestones being achieved by the JV company. IPCVI will contribute US$400,000 (RM1.8mil).

IPCVI is backed by investors such as IP Ventures Inc (a leading technoloby and retail conglomerate in the Philippines), Kaikaku Fund (a Softbank-affiliated fund), JJ Atencio (founder and CEO of 8990 Holdings Inc) and Derrick Chiongbian.

“The JV corporation will enable MyEG to expabd its geographical presence in the Asean region and open new frontier where MyEG will be able to offer its expertise to operate government services and government-related services through the Interney,” MyEG said.

“Furthermore, MyEG will be able to continue to grow its business organically and continue with its expansion plans to offer its services to a new market.”

Source: The Star

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

Postby winston » Thu Mar 16, 2017 8:44 am

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CIMB Research retains Add for MY EG at RM3.14 on Manila JV

It said on Thursday that it was maintaining its earnings per share (EPS) forecast and target price, based on an unchanged 25.2 times 2018 price-to-earnings (P/E), a 20% premium over its 21 times P/E target for the technology sector.


“The premium is justified by its 53.6% 3-year EPS CAGR (FY17-19F).

A successful launch of the GST monitoring project and this Philippines venture are potential re-rating catalysts.

Risks include weak registration of illegal foreign workers (IFWs)”


Source: The Star

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

Postby winston » Wed May 31, 2017 8:04 am

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MyEG on track for another record year with strong growth

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: MY EG Services Bhd (MyEG) looks set for another record financial year with a double-digit growth, having delivered a 63% increase in earnings to RM53.9mil for the third quarter ended March 31, 2017.

That raised its nine-month earnings to RM142.03mil, up 55% compared to the same period in the preceding financial year, according to the e-Government service provider’s latest interim financial report to the stock exchange.

MyEG’s year-to-date earnings were already close to its earnings for the entire last financial year ended June 30, 2016 (RM142.52mil).

Over the last five years, MyEG’s annual earnings had increased by a double-digit percentage, with the growth becoming progressively higher with each new year. Last year its earnings were up 91%.

On the better profit for the third quarter, MyEG said this was due to higher transaction volumes from its foreign worker-related services and an increase in revenue contribution from its motor vehicle trading-related services.

The firm’s foreign worker-related businesses include the online renewal of foreign workers’ permits (FWP), foreign workers rehiring programme services (FWR services) and foreign workers’ insurance from both FWP as well as FWR services.

The improved performance for the year was also attributed to the above, as well as to increase in revenue contribution from our Road Transport Department-related services.

However, the better results were offset by higher personnel related expenses and operating expenses to support the growth in FWP and related services, higher marketing expenses and higher interest cost from the term loan to finance MyEG’s newly acquired building.

On its prospects for the year, MyEG said the continued growth in volume of its existing services, especially the online renewal of foreign workers’ insurance and foreign worker services, were expected to contribute to the group’s revenue and profit.

“While concession services continue to be our core business, non-concession related services, such as the road safety diagnostic services, sale of prepaid top ups for Celcom mobile lines and provision of hostel accommodation to foreign workers, are expected to contribute to our growth for FY17,” it said.

Source: the Star

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

Postby winston » Wed May 31, 2017 10:28 am

MY E.G. Services

3QFY17: IFWs not being registered fast enough

9MFY17 net profit below expectation at 63% of our full-year forecast, due to delay in GST project and lower registration of illegal foreign workers (IFW).

We estimate it registered only 0.5m IFWs so far in FY6/17 vs. our 1m forecast.

GST project Phase 1 (F&B sector) has started in Klang Valley, going nationwide soon.

Our FY17-19F EPS cut by 10.9-18.6%. Maintain Add, but with lower TP of RM2.68.

Source: CIMB

https://brokingrfs.cimb.com/3DkJ3YZ2xxv ... yWsRQ2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Aug 02, 2017 10:09 am

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The Stars Align

A range of new government legislations has significantly lowered the execution risks for MYEG’s various new ventures and further underpins our 31.5% earnings CAGR in FY16-19.

These legislations include:
a) retailers to install the GST EMS devices,
b) employers to provide basic minimum standard housing for foreign workers by 2018, and
c) illegal foreign workers to take up insurance services upon their legalisation.

Maintain HOLD. Target price: RM2.29. Entry price: RM2.06.

Source: UOBKH

https://research.uobkayhian.com/content ... 8dfc4c00d6
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Aug 30, 2017 7:51 am

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MyEG revenue and profit higher

The e-government services provider’s higher earnings and revenue were attributed to higher transaction volume from the online renewal of foreign workers’ permits (FWP), foreign workers rehiring programme services (FWR Services) and foreign workers’ insurance from both FWP and FWR Services.

PETALING JAYA: My EG Services Bhd’s (MyEG) net profit for the fourth quarter rose 16.7% to RM59.48mil while revenue jumped 20.3% to RM105.1mil.

The e-government services provider’s higher earnings and revenue were attributed to higher transaction volume from the online renewal of foreign workers’ permits (FWP), foreign workers rehiring programme services (FWR Services) and foreign workers’ insurance from both FWP and FWR Services.

The group also saw an increase in revenue contribution from its motor vehicle trading-related services for the quarter ended June 30, 2017.

In its filing with the stock exchange, My EG Services said this, however, was offset by higher personnel-related expenses and operating expenses to support the growth in FWP and FWR Services, higher marketing and sponsorship expenses and higher interest cost from the term loan to finance its newly acquired offices, among others.

For the full year, the group’s net profit soared by 41% while revenue for the period came in at RM371.6mil, 31.9% higher than a year ago.

The board has recommended a final dividend of 1.2 sen per ordinary share for the full year.

Source: The Star

http://www.thestar.com.my/business/busi ... iJiBkE7.99
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Aug 30, 2017 9:14 am

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4Q17: Rehiring to continue till year-end

At 101% of our full-year forecast, MyEG’s FY6/17 net profit was within the market’s and our expectations.

The rehiring programme has been extended from Aug 2016 to end-2017.

MyEG is negotiating with government to lease 50 sites nationwide to build foreign
workers’ hostels.

Remains an Add; recent share price weakness offers an opportunity to accumulate.

Source: CIMB

https://brokingrfs.cimb.com/pvVOK7qzQme ... STbrw2.pdf
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