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

not vested

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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