MyEG / Wong Thean Soon

[winston]

My EG Services (MYEG MK)
Connecting The Dots

MYEG’s prospects have been rejuvenated with the earlier extension of its e-government concessions, which allays previous scepticism on business continuity.

Plenty of catalysts are also emerging, such as the potential reinstatement of GST, roll-out of
JPJ’s E-testing, and NIISe re-tender.

Meanwhile, the upcoming commercialisation of the Zetrix blockchain will unfold unchartered earnings potential.

We retain our view that risk-reward is appealing on depressed valuations.

Maintain BUY. Target price: RM1.18.

Source: UOBKH

https://research.uobkayhian.com/content ... 183863f2be

[winston]

not vested

MyEG Services Bhd said it has received a two-year extension of its immigration-related services contract, but has to complete a system enhancement before being allowed to resume accepting applications for the services.

The group said it received the letter of acceptance from the Ministry of Home Affairs on Tuesday, and an agreement to formalise the extension will be signed at a later date.

The e-government services provider added that it will announce the commencement date of the system enhancement in due course.

MyEG said the estimated total value of the extension will be dependent on the number of transactions performed over the two-year period.

Source: The Edge

[winston]

Immigration services to resume soon

The latest LOA related to MyEG’s immigration concession comes with a system enhancement requirement, which we think can easily be addressed.

We also believe MyEG is moving closer to the official launch of ZTrade, which should be positive for the group’s earnings.

Reiterate Add with an unchanged GGM-derived TP of RM1.10.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 45E35B1492

[winston]

not vested

My EG Services (MYEG MK)
3Q23: DeFi delivers (again)

Strong momentum in blockchain biz; maintain BUY

MYEG delivered another strong set of results in 3Q23 as sales of its flagship Zetrix token continued to drive growth in the group’s blockchain solutions segment.

Despite lingering uncertainties in its concession businesses, we raise FY23-25E earnings by 3-10% and nudge our TP higher to MYR1.23 (+6%).

Our TP is pegged to 20x FY24E PER (unchanged), at its LT Mean.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/351672.pdf

[winston]

not vested

MyEG shares rise to two-month high on positive FY2023 earnings as analysts recommend ‘buy’

By Syafiqah Salim

MyEG’s net profit grew 22.32% to RM487.65 million in FY2023, from RM398.66 million a year earlier, mainly due to higher contribution from Zetrix.

Revenue increased by 20.57% to RM774.28 million against RM642.16 million in FY2022.

Fourth quarter net profit doubled to RM150.16 million from RM74.69 million a year earlier, on the back of a 42.4% growth in revenue of RM222.06 million against RM155.99 million a year ago.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/702855

[winston]

not vested

MY E.G. Services
Remains underappreciated

We raise our EPS estimates following our conversation with management as revenues from blockchain should grow with wider adoption of its applications.

Related development expenditure should fall as MyEG looks for greater monetisation, which should bring down gearing levels and improve FCF.

Reiterate Add with a higher TP of RM1.15. Valuation at 11.8x FY24F P/E fully reflects policy risks, in our opinion, but ignores EPS upside from other areas.

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 70A7A24A70