MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Thu Nov 07, 2019 9:22 am

not vested

My EG Services (MYEG MK)
Passport To Grow


MYEG’s share price plunged 16% since 16 Oct 19 as foreign fund selling evoked doubts over its various business opportunities.

Nevertheless, the group is ready to capitalise on the acceleration of foreign worker matching services and the upcoming visa concession.

The selldown is unwarranted as the company will see 20% earnings growth in FY20 even without contract wins as long as current concessions are intact.

Maintain BUY and target price of RM1.71.

Source: UOBKH

https://research.uobkayhian.com/content ... 47dfd96d23
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Nov 21, 2019 3:19 pm

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MyEG rises 3.42% on JV with Philippines' Land Bank for online services

by Nazuin Zulaikha Kamarulzaman

KUALA LUMPUR (Nov 21): My E.G. Services Bhd (MyEG) shares rose 4 sen or 3.42% to RM1.21 in morning trades today after it announced that its joint venture (JV) company MyEG Philippines Inc has commenced its online services in partnership with the Philippines' Land Bank yesterday.

MyEG said the launch of the service is the realisation of a partnership between MYEG Philippines and Land Bank, which entails the implementation and integration of MYEG Philippines' Electronic Payment and Collection System by Land Bank.

As the official depository bank of the Philippines and a fully government-owned entity, Land Bank has more than 400 enrolled merchants, comprising national government agencies, local government units, as well as private enterprises.

"Filipinos now have the convenience of being able to transact online through MyEG Philippines' portal with Land Bank's enrolled government agencies and merchants and pay through their preferred methods — be it electronically or physically at any of MyEG Philippines' over 40,000 over-the-counter locations," MyEG said.

The commencement of the new service is said to complement its other existing online services and allow the people of Philippines to easily access a broad range of commercial products and services, such as insurance coverage and personal loan.

"With 12 million users per annum and growing, the immense opportunity there means that Philippines is definitely an increasingly important market for us," MyEG group managing director TS Wong said.

Source: The Edge

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

Postby winston » Fri Nov 29, 2019 7:37 am

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MyEG Services posts 4Q net profit of RM60.42m

KUALA LUMPUR: E-government services provider MyEG Services Bhd posted net profit of RM60.42mil in the fourth quarter ended Sept 30,2019 on the back of RM119.14mil in revenue.

It announced on Thursday the increase in net profit of 3.20% amounting to RM1.87mil from the third quarter's RM58.20mil was primarily due to gains from foreign worker recruitment and placement related services and cost reduction in administrative expenses in 4Q. Its earnings per share were 1.7 sen.

For the 12-month period, its net profit was RM234.69mil on revenue of RM476.24mil.

MyEG said the contribution of revenue and net profit for the quarter and 12 months were mainly due to concession related services such as Immigration and Road Transport Department related and ancillary services.

Other contributers were commercial services such as motor vehicle trading related services, financing services, sale of tax monitoring system, foreign worker recruitment and placement related services.

MyEG said there was also contribution from Cardbiz Group which principally is involved in the deployment of payment solutions and hardware and merchant acquiring services. There was also gain on disposal of other investment.

It said that it would continue to introduce innovative services leveraging on new technology to drive its growth for FYE2019.

“We are also expanding our regional presence in Asia with the recent introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia.

“In view of abolishment of the Goods and Services Tax (GST) regime in September 2018, the board wishes to clarify that necessary impairments were made, in FY2018, on the investments as well as capital expenditure incurred on the tax monitoring system which were supposed to be rolled out under the GST regime.

“However, the board is confident that there will be opportunities available to the company to roll out similar systems in other countries which we are present and to re-deploy the system built and assets purchased (which the value had been impaired) in these countries, ” it said.

Source: The Star

https://www.thestar.com.my/business/bus ... LZB5k21.99
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Nov 29, 2019 3:10 pm

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4QFY19: Largely In Line; Matching Services Momentum Remains Slow

MYEG’s 4QFY19 core net profit came in at RM60.4m (+3.8% qoq, +11.2% yoy).

The yoy improvement is premised on the low base in FY18’s corresponding quarter as the
government started freezing intake of foreign worker during the quarter last year.

Nevertheless, matching services momentum has not met the guided run rate as the freezing of foreign worker intake was only lifted in July.

Operationally, MYEG’s various segments still remain intact.

Maintain BUY. Target price: RM1.71.

Source: UOBKH

https://research.uobkayhian.com/content ... 1a98fa2aba
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Re: MyEG / Wong Thean Soon

Postby winston » Mon Dec 02, 2019 10:03 am

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4QFY19: Low earnings from NFW business

12MFY19 net profit was RM235.3m, below our expectation at 85% of our fullyear 15M forecast due to low NFW earnings.

MyEG is still awaiting approval from the Bangladeshi government for the recruitment of new Bangladeshi workers into Malaysia.

Remains an Add; change of FYE from Sep to Dec. MyEG could bid for the country’s ‘e-visa’ project, which could be a major earnings contributor.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 615A2B8A0D
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Re: MyEG / Wong Thean Soon

Postby winston » Mon Dec 02, 2019 10:17 am

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My EG Services

A moderate catalyst which is not beholden to government decisions, MyEG is expected to
soon rope in foreign investors to significantly jump-start its foreign worker accommodation
business.


Exciting opportunities in Malaysia’s immigration space, with the initial kick-off to see
potentially multi-billion ringgit contracts soon.

We remain bullish on MYEG clinching a sizeable e-government contract which would
ensure a re-energised growth period for the company – most prominently being the visa
project.

The foreign worker matching programme will see its full potential once the government
finalises the MOU with the Bangladesh counterpart, which will greatly lift MyEG’s worker
matching services. Malaysia has already implemented the MOUs on labour supply from
Nepal and Myanmar.

Share Price Catalyst

3Q19 was the first quarter of core earnings growth since the country’s general elections in
May 18, thanks to the momentum from the matching services.

The long awaited government tender exercise for the eVisa concession could materialise
soon as next year is Visit Malaysia Year 2020.

Malaysia to soon sign a bilateral agreement with Bangladesh.

Source: UOBKH
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Feb 18, 2020 4:55 pm

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What drives MyEG share price higher

by Muhammed Ahmad Hamdan

KUALA LUMPUR: The notion that My EG Services Bhd (MyEG) is politically linked to the previous administration no longer seems to dampen shareholders’ confidence over the electronic government service provider’s chances of securing new public contracts.

Buying momentum has been building up in MyEG, which analysts believe is driven by continued acknowledgement of the company’s successful expansion in Indonesia and its bright prospects for two government contracts at home, thanks to the firm’s proven track record.

MyEG’s share price has soared over 30% since early February, closing at RM1.37 last Friday.

“The keyword is a proven track record, barring everything else,” BIMB Securities Sdn Bhd analyst Afifah Abdul Malek told The Edge Financial Daily.

Afifah said the share price rally in the last couple of weeks is especially driven by shareholders’ optimism that MyEG could secure the contracts for the foreign visa system (VLN) and the Integrated Immigration System (IIS).

According to reports, the awarding of both contracts are expected to be announced in the first quarter. Afifah believes the announcement for the VLN would come sooner than the IIS.

“The climb on MyEG share price is perhaps due to the anticipation that the VLN contract could be announced as early as next week. Shareholders are anticipating that MyEG could win the contract given its partnership with a China-based travel agency,” said Afifah.

Based on the previous VLN contract agreement, the project could see its vendor receive a payment of RM100 per tourist. In 2018, Malaysia received 25.83 million tourists, of whom 11.2% or 2.9 million were Chinese nationals.

Tourism and Culture Minister Datuk Mohamaddin Ketapi recently said that Chinese nationals continued to make up about 11% of total tourist arrivals in Malaysia last year. This means that MyEG could rake in about RM290 million in revenue from Chinese tourists alone, should it be granted the VLN contract.

On the IIS contract, Afifah said there is a possibility that the project would be awarded to a consortium instead of a single company. Among the companies bidding for the project are Iris Corp Bhd, Scicom (MSC) Bhd and HeiTech Padu Bhd.

“If this is indeed true, it would definitely widen the chances of MyEG to be part of the project,” she added.

The Edge reported that bids ranging from RM1 billion to RM1.8 billion have been submitted by some 30 bidders for the IIS, which is replacing the now defunct RM3.5 billion National Immigration Control System awarded to Prestariang Bhd.

Meanwhile, MIDF Amanah Investment Bank Bhd analyst Martin Chuan Loong Foo said, the MyEG share price rally could be contributed by shareholders’ positive reaction towards the firm’s recent venture in Indonesia.

On Jan 13, MyEG announced that its Indonesian associate PT Cartenz Inti Utama had secured additional government mandates to roll out its tax monitoring system in seven provinces besides Jakarta. This followed the company’s successful commencement of the system implementation in Jakarta.

“The one in Jakarta was a pilot project done free-of-charge. But the new contracts secured for the other provinces are chargeable. This development still has a positive effect on the stock price although it was announced about a month ago,” said Martin.

On the technical front, Malayan Banking Bhd stock dealer Muhammad Rafiq Jajuli said MyEG has ended its seven months long downtrend after showing signals of strength since Feb 3.

“There’s a breakout from the downtrend line which indicates that the downward trend is over. The stock has seen a consolidation phase and the price now settles above the Ichimoku Cloud which suggests that the uptrend is intact,” he said.

The Ichimoku Cloud is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction.

Research houses including MIDF Investment, BIMB Securities and CGS-CIMB Securities Sdn Bhd have a buy call on MyEG with target prices between RM1.49 and RM1.96, citing its promising geographical diversification as one of the factors, compared with last Friday’s closing of RM1.37.

Apart from its Indonesia venture, MyEG recently announced that its Philippines subsidiary MYEG Philippines Inc has launched its first phase of digital electronic government services in the Philippines, thanks to its partnership with a state-owned firm in the country.

MyEG posted a net profit of RM60.43 million on revenue of RM119.14 million for the quarter ended Sept 30, 2019. Earnings per share (EPS) was 1.7 sen for the quarter.

For the 12-month financial period ended Sept 30, 2019, MyEG posted a net profit of RM235.31 million on a revenue of RM476.25 million. EPS stood at 6.7 sen.

There are no comparative figures for this period as the group has changed its financial year end from Sept 30 to Dec 31. As such, the next set of audited financial statements will be for a period of 15 months.

Likewise, Datasonic Group Bhd share price has also fared well. The stock has leaped over 60% since December last year from RM1 to slightly above RM1.60 last month. It retreated to RM1.51 last Friday.

Which is the better bet? It is not known as yet, but one thing is for sure one’s success could be at the expense of the other.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ice-higher
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Feb 28, 2020 9:38 pm

vested

My EG Services (MYEG MK)
5QFY19: Seeking Visa For Re-rating


5QFY19 core net profit of RM61m (+0.9% qoq) is commendable despite the long gridlock in the government’s many policy decisions and implementations.

However, we cut our FY20-22 net profit forecasts by 8-10% as we reduce our contribution forecast
for matching services by 25% (G2G negotiation hold-up).

We expect MYEG to rerate on good prospects to clinch the e-visa contract and renewing of its e-government contract.

Maintain BUY with a lower target price of RM1.57.

Source: UOBKH

https://research.uobkayhian.com/content ... 1d4d00d106
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Mar 25, 2020 10:03 am

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My EG Services (MYEG MK)
Too Many Potential Catalysts To Ignore


MYEG’s operations are still carrying on out as usual amid the current MCO.

Nevertheless, some of its businesses have encountered slight delays while others are seeing increased demand.

Rerating catalysts include clinching of the e-visa contract and renewal of the e-government contract.

Maintain BUY but conservatively cut target price to RM1.17 as we lower our PE valuation from the mean to -1SD of 15x.

Nevertheless, clinching a key contract would significantly lift our target.

Source: UOBKH

https://research.uobkayhian.com/content ... 5fa12e3d7a
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Re: MyEG / Wong Thean Soon

Postby winston » Thu Apr 30, 2020 8:29 am

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MyEG benefits from MCO

UOB Kay Hian Malaysia Research said other positive factors for My EG, include the likely renewal of an e-government master concession which expires on May 20 and new profit streams, which will come from new online services introduced.

PETALING JAYA: Online services provider MyEG Services Bhd has seen a demand for its core businesses during the current movement control order (MCO), given that it benefits from the absence of over-the-counter government services.

UOB Kay Hian Malaysia Research said other positive factors include the likely renewal of an e-government master concession which expires on May 20 and new profit streams, which will come from new online services introduced.

“Nevertheless, we reduce earnings after incorporating a higher effective tax rate for financial year 2021 (FY21)-FY22, ” it said in a report to clients yesterday.

The research house also said MyEG was expected to receive an official concession renewal after the MCO.

“The group does not expect any major changes in concession terms (such as pricing), except that the new concession tenure could be shortened to three years instead of five, which MyEG is seeking.”

UOB Kay Hian Research remained confident that MyEG will be able to extend its concession this round, riding on its “undisputed efficiency” and the “lack of other alternatives” so far.

“We understand that there have been no visible attempts by other companies to offer similar e-government services.”

It also pointed out that MyEG has introduced additional online services to bring conventional services to the digital platform.

It has, nevertheless, cut MyEG’s FY20-FY22 earnings forecasts by 4%, 12% and 16% respectively. This is taking into account a higher effective tax rate of 24% (from 2%) in 2021 and 2022.

That said, the research house thinks that potential earnings upside from a visa project and its foreign worker matching service following the resolution with its Bangladesh counterpart “should be more than enough” to offset the increase in taxes.

At the close of yesterday’s trade, MyEG saw its shares ending one sen higher to RM1.17.

Meanwhile in a filing with Bursa yesterday, MyEG said that its unit MyEG Philippines Inc has launched a contact tracing and digital health profiling smartphone app known as MyEGuard, which enables authorities to carry out contact tracing to contain the Covid-19 pandemic.

MyEG Philippines started implementing the MyEGuard for cities such as Paranaque City, NCR, Kidapawan City, North Cotabato and Ilagan City, Isabela (Central Luzon) in the Philippines.

Source: The Star

https://www.thestar.com.my/business/bus ... o#cxrecs_s
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