MyEG / Wong Thean Soon

Re: MyEG / Wong Thean Soon

Postby winston » Sun Jul 29, 2018 7:38 am

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Can MyEG bounce back?

by Ganeshwaran Kana

Examples of the new projects include a reporting system for the yet-to-be-launched sales and services tax and a new module for foreign workers.

“We are leveraging on what we have done locally and replicating it in different markets. Hence, we believe we have a competitive edge in these foreign markets,” says the company.

While government contracts contribute only about 20% to its top line, MyEG has marked its presence as Malaysia’s leading government services provider since its founding in 2000, covering many services including road tax renewal, foreign worker permit renewal, summons checking and zakat payments.

Besides, it handles over 50% of the car road tax renewals in Malaysia and almost all the foreign workers’ working permit renewal services.

The stock has continued to slide since then, amid foreign fund withdrawal from the market and unexciting stock exchange performance. On June 4, MyEG hit a multi-year low of 69 sen.

These potential competitors may include established players such as Datasonic Bhd and Prestariang Bhd, or even lesser-known yet upcoming companies such as Nova MSC Bhd

“One area which we are very excited about is Augmented and Virtual Reality (AR/VR), and so, we are starting to ramp up our investment in this segment. At MyEG, we believe AR/VR is truly disruptive and over time will totally change how everyone will experience life,” it says.

Source: The Star

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

Postby winston » Fri Aug 24, 2018 9:17 am

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My E.G. Services (MYEG MK)
The Waiting Period; A Whiff Of Fresh Air


MYEG’s share price has recovered to a three-month high in reaction to the entry of a new strategic investor who had taken up an estimated 1.1% stake and the planned reactivation of its foreign worker matching service which can lift earnings materially.

We maintain our HOLD call until there are clear signs of the government loosening up related policies on migrant intake, which has slowed significantly in the past few weeks.

Target price: RM1.27. Entry price: RM1.14.

My E.G. Services’ (MYEG) earnings growth could be lifted, underpinned by various potential services, namely:-
1. a revitalised foreign worker amnesty programme
2. remittance services
3. e-bidding services for vehicle plates and
4. foreign ventures at the Philippines


Source: UOBKH

https://research.uobkayhian.com/content ... 16c2dffdfd
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Sep 04, 2018 9:19 am

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4QFY18: A better year ahead

At 97% of our full-year forecast, MyEG’s 12MFY6/18 net profit was in line with our and market expectations.

The company has submitted a proposal for a new module related to foreign workers to the government, which could be a major revenue generator if successful.

We raise FY18F EPS by 7.2% to reflect the 15-month FY18F financial year.

Maintain Add and raise target price from RM1.47 to RM1.72.

Source: CIMB

https://brokingrfs.cimb.com/BgA99dlaUT4 ... 36Cnw2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Oct 19, 2018 9:47 pm

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MACC not investigating MyEG over charges against Zahid (updated)

KUALA LUMPUR: My EG Services Bhd said the anti-graft agency has confirmed the company and its directors are not being investigated over corruption charges against former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi.

“The board of directors of MyEG wishes to further announce that the company had on Oct 19 received a letter from the Malaysian Anti-Corruption Commission (MACC) confirming and clarifying that MyEG and its board of directors are not under the investigation and are not a party to the investigation leading to the charges against the former Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi,” it said.

Shares in MyEG plunged in morning trade on Friday after the company’s name was mentioned in the chrages against Zahid Hamidi.

The stock was last traded at RM1.13, down 37 sen or 25% ower from its previous close before trading of the shares was suspended in the afternoon session at the company’s own request.

The company said it has no knowledge of or contact with Mastoro Kenny IT consultant & Services, the company alleged to have made payment to Zahid for help in securing MyEG contracts.

It added that it has no knowledge of the dealings between Mastoro and Zahid and has never appointed any vendors or contractors in its dealings with the Home Ministry.

Source: The Star

https://www.thestar.com.my/business/bus ... v4Q7RMI.99
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Re: MyEG / Wong Thean Soon

Postby winston » Mon Oct 22, 2018 9:16 am

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Reasons why its share price plunged today

MyEG’s share price took a nosedive this morning due to concerns that the company would be implicated in the charges against former Deputy PM.

However, Malaysian Anti-Corruption Commission (MACC) clarified that MYEG and its board are not under the investigation.

Opportunity to accumulate; the stock remains an Add.

We maintain our EPS forecasts and target price, based on 21x 2019F P/E (40% premium to our technology sector 2019F P/E target of 15x).

The stock is only trading at 13.0x 2019F P/E after this morning's decline.

Potential re-rating catalysts are stronger-than-expected registration of NFWs and securing the Sales and Services Tax (SST) monitoring contract.

Downside risks to our call include the failure to win any new projects and weaker-than-expected earnings.


Source: CIMB

https://brokingrfs.cimb.com/rpteuGeQvlw ... iLFew2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Mon Oct 29, 2018 9:25 am

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My E.G. Services (MYEG MK)
Still Remains Relevant In The Foreign Worker Domain


A slew of new policies relating to foreign workers, which were recently implemented, sees the new government keeping to MYEG’s provision of foreign worker services.

Separately, Asia Internet made a second tranche of placement (also 50m shares) last Friday, and clarified that the placements were pursuant to a financing arrangement.

Upgrade to BUY as the expected commencement of matching services outweighs a likely one-off impairment.

Target price: RM1.62.

Source: UOBKH

https://research.uobkayhian.com/content ... 290314c22e
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Oct 30, 2018 9:57 am

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Overreaction to issues over pledged shares?

MyEG’s largest shareholder pledged 50m MyEG shares to a bank to raise funds to subscribe to an initial coin offering (ICO) issued by a developer.

The coins can be used to rent space in the developer’s shopping mall when completed.

We believe recent price weakness offers an opportunity to accumulate; we retain our Add rating.

Source: CIMB

https://brokingrfs.cimb.com/zfXGn1PlBrG ... JCoSA2.pdf
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Re: MyEG / Wong Thean Soon

Postby winston » Tue Oct 30, 2018 9:57 am

not vested

Overreaction to issues over pledged shares?

MyEG’s largest shareholder pledged 50m MyEG shares to a bank to raise funds to subscribe to an initial coin offering (ICO) issued by a developer.

The coins can be used to rent space in the developer’s shopping mall when completed.

We believe recent price weakness offers an opportunity to accumulate; we retain our Add rating.

Source: CIMB

https://brokingrfs.cimb.com/zfXGn1PlBrG ... JCoSA2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: MyEG / Wong Thean Soon

Postby winston » Fri Nov 30, 2018 7:39 am

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MyEG writes off GST investment, redeploys assets to other countries

The company, in a filing with Bursa Malaysia Thursday, said it made a net loss of RM97.5mil on revenue of RM138.3mil.

For the financial year ending Sept 30, 2019, MyEG said it will deploy these assets to other countries.
Earlier this week, MyEG Services Bhd has signed a memorandum of understanding to buy a 40% stake in Indonesian-based e-government service provider PT Cartenz Technology Indonesia for US$10mil (RM42mil).

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



Source: The Star

https://www.thestar.com.my/business/bus ... q4CSSQU.99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: MyEG / Wong Thean Soon

Postby winston » Wed Dec 12, 2018 3:53 pm

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MYEG TEMPORARY FOREIGN WORKER RENEWAL SERVICE UNDER GOVERNMENT REVIEW

By Kiran Kaur Sidhu

December 9, 2018

Many complaints on the poor quality of services
MyEG says has no authority to approve printing of permit

https://www.digitalnewsasia.com/busines ... ent-review
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