MyEG Services Bhd, which succumbed to heavy selldown pulling its share price to a 26-month low, bought back two million shares on the open market at RM1.44 million or 71.5 sen each.
Meanwhile, its major shareholder and managing director Wong Thean Soon also acquired five million shares on Tuesday (Feb 7), at 73.8 sen each or RM3.69 million.
Subsequent to the latest acquisition, Wong has a 12.4% direct interest and a 17.27% indirect interest in MyEG.
Even after excluding immigration services which are expected to contribute to about 18%-21% of MyEG Services Bhd's revenue and profit after tax for the financial year ending Dec 31, 2023 (FY2023) and FY2024, the resulting lower target price (TP) of 82 sen is still 17% higher than its last closing price of 70 sen, said CGS-CIMB.
The research house, which kept its "add" call on the counter but lowered its TP to RM1, based on a lower price-earnings ratio of 20 times from 22 times previously, said these services include the immigration services concession which contributes about RM70 million in annual revenue, based on the RM208 million three-year extension signed in 2020, as well as ancillary services related to foreign workers outside of the concession, which contribute a further RM70 million.
"We have also not factored in new earnings potential from its Zetrix blockchain despite the group expecting to see material earnings contributions from its Web3 development in FY2023," wrote analyst Mohd Shanaz Noor Azam in a note on Wednesday,
He added that the market had overreacted to news that immigration-related services, including those managed by external parties, could be reverted back to the Immigration Department by 2025 with the potential roll-out of the National Integrated Immigration System (NIISe) project.
"MyEG said it had not held any meetings with either the Ministry of Home Affairs or Immigration Department on the intention to converge immigration transactions under the NIISe. The company added that it expects to maintain its foreign worker and maid permit renewal [services] until at least 2025.
"In addition, we believe MyEG stands to receive another extension of its immigration-related services concession, which is due in May 2023, given that NIISe would not be ready anytime soon. We believe this is the optimal outcome in the near term, given that we do not expect the government to immediately replace the incumbent service providers and risk a public backlash if the new system fails to deliver," he wrote.
MYEG] Share Buyback (Immediate) on 09-Feb-2023 Stock [MYEG]: MY E.G. SERVICES BHD Announcement Date 09-Feb-2023 Date 09-Feb-2023 Share Ordinary shares Number of Shares 2,000,000 Shares Retained in Treasury 2,000,000 Currency MYR Price (per shares) 0.720 - 0.720 Total Amount 1,445,752.00 Total Treasury Shares 43,595,400
In a report, UOB Kay Hian (UOBKH) Research said it believes that MyEG would still have an important role in immigration-related services.
“We deem that MyEG will not be impeded from providing its current ancillary immigration services such as foreign worker insurance, job matching, accommodation or other bundle services such as doorstep delivery that the Immigration Department is not providing.
“Our view is that NIISe will serve as a government-related portal similar to the current MyIMMs portal, and will not be commercialised to upsell other ancillary products.
“We also understand that the current portal is not well-utilised,” said the research unit.
On the potential earnings downside following the Immigration Department’s move, UOBKH Research said the impact on MyEG is manageable.
The research unit noted that MyEG’s portal currently provides foreign worker (including maids) working permit renewal services, alongside the upselling of other ancillary products.
“If foreign worker renewal services are fully back under the Immigration Department’s control by 2025, the earnings impact to MyEG is about RM35 (inclusive of delivery fees) of processing fees per pax.
“This translates to about 5% in revenue downside for MyEG,” said UOBKH Research.
The research unit added that MyEG has potential catalysts such as listings and subsequent share distributions of successfully incubated (investee) technology companies through 2025, the launching of the Zetrix blockchain which facilities regional trades with China, the possible clinching of new government contracts (such as e-visa and goods and services tax or GST software) and e-testing module for car driving licences.
UOBKH Research also noted that MyEG had started the proof of concept for the automated driving test and training system (Road Transport Department’s e-testing) in November 2021, which could deliver RM50mil to RM60mil in annual profits on commercial rollout.
“However, given the delays in the launch (the latest guidance is March 2023 at the earliest), we conservatively forecast only modest contributions,” said the research unit.
UOBKH Research has maintained its “buy” call on MyEG with a RM1.30 target price, based on 25 times the 2022 estimated price-earnings (PE) and incorporates MyEG’s various investments such as Agmo Studios and S5 Systems.
“We advise accumulating the stock on potential irrational sell-downs.
“Valuations have also not priced in its potential role in the eventual revival of the government’s e-visa and GST initiatives,” said the research unit.
In urgent need of foreign workers for your business, but the process is too tedious and complicated? Don’t worry, we’re here to assist you from the start of the application process all the way until the arrival of your new employees.
Now, you can hire new foreign workers QUICKLY and EASILY without going through the preconditions of employment and quota eligibility.
This exemption through the Foreign Workers Employment Flexibility Plan will only be in effect until 31 March 2023. Don’t wait till it’s too late. Get in touch with us now for assistance via WhatsApp messages at +6012 2036529 or email us at corporatesales@myeg.com.my.
SPRM siasat bekas PM, menantu berkaitan kontrak kerajaan
Oleh Kalbana Perimbanayagam Februari 8, 2023 @ 9:08pm bhnews@bh.com.my
KUALA LUMPUR: Suruhanjaya Pencegahan Rasuah Malaysia (SPRM) sedang menyiasat seorang bekas perdana menteri dan menantunya berhubung kontrak kerajaan.
Sumber SPRM berkata, siasatan tertumpu kepada kemungkinan salah guna kuasa berlaku dalam pemberian kontrak bagi projek Sistem Imigresen Bersepadu Nasional (NIISe).
"SPRM sedang melihat proses pemberian kontrak itu diberikan dan kaitan syarikat berkenaan dengan mereka yang berkuasa pada masa itu," katanya.
Terdapat maklumat yang menyatakan NIISe, sebuah projek yang sedang dibangunkan untuk menggantikan mekanisme pendaftaran pekerja asing sedia ada oleh Jabatan Imigresen menjelang 2025 adalah projek yang bermasalah.
Semakan ke laman web jabatan itu menunjukkan 'Pasukan Projek Khas NIISe' dipertanggungjawabkan kepada seorang pegawai tadbir dan diplomatik, Ruslan Atan.
"SPRM mungkin akan memanggil anggota kanan pentadbiran terdahulu sebagai sebahagian daripada siasatannya," kata sumber itu.
Pada Isnin lalu, New Straits Times melaporkan Ketua Pengarah Imigresen, Datuk Khairul Dzaimee Daud berkata, NIISe akan diperkenalkan dalam masa dua tahun dengan semua urusan berkaitan imigresen, termasuk yang kini diuruskan pihak luar seperti MyEG, kembali kepada jabatan itu.
Beliau berkata, sistem baharu itu kini sedang dibangunkan oleh Iris Corporation Bhd.
Sebelum ini, Ahli Majlis Tertinggi UMNO, Datuk Dr Mohd Puad Zarkashi pernah berkata, menantu bekas perdana menteri itu mungkin saudara yang tidak dinamakan seperti disebut Perdana Menteri, Datuk Seri Anwar Ibrahim ketika beliau bercakap mengenai kroni dan saudara yang dianugerahkan kontrak yang lumayan.
Menantu pemimpin itu juga dinamakan dalam laporan media sebelum ini sebagai antara seorang pemain utama dalam kontrak untuk NIISe.
Beliau juga disebut secara meluas dalam Program Pengampunan 6P jabatan itu beberapa tahun lalu untuk mendaftarkan warga asing tanpa izin.
MyEG officially inked the international supernode co-operation agreement with China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) at the 2022 China Internet Conference today!
The international supernode will connect to MYEG’s layer-1 permissioned public blockchain, Zetrix, and develop blockchain infrastructure applications to increase the interconnectivity of infrastructure in various countries and enhance the capability of cross-chain operation.
Fun Facts:
Xinghuo BIF will provide blockchain services to Malaysia and other ASEAN countries,
Xinghuo BIF will assist in cross-border commodity-tracing, identity verification and supply-chain finance,
This agreement marks the commencement of Xinghuo BIF’s first international supernode,
Xinghuo BIF resolves approximately 100 million blockchain identifiers daily, placing it as the most actively used blockchain platform globally.
Photo Caption:
Wong Thean Soon, GMD of MyEG and co-founder of Zetrix believes that owning and operating Xinghuo’s first International Supernode will enable MyEG to connect the rest of the world to be part of the China Web 3 evolution.
Bought 500k at close..have faith in myeg, good system without any major issues..robust and stable, current hiccup is a classic opportunity to grab at discount price
Bought 500k at close..have faith in myeg, good system without any major issues..robust and stable, current hiccup is a classic opportunity to grab at discount price
PETALING JAYA: My E.G. Services Bhd (MyEG) has delivered robust growth in the Philippines with the value of annual transactions handled surging over three-fold to a new high of about PHP5 billion (US$91mil) in 2022.
“Underpinned by strong user reception towards its offerings, MyEG Philippines has seen a solid increase in annual transaction counts, registering volumes in 2022 that were up 40% from 2021 and more than double 2020 levels. That brought the total value of transactions processed in 2022 to about PHP5 billion, more than three times higher than the previous year's total.
“As a testament to its track record, MyEG Philippines has recently secured the agreement to deliver services for the National Bureau of Investigation for another three years,” MyEG said in a statement.
MyEG kicked off its overseas expansion in 2017, starting with the formation of its Philippine joint venture MyEG Philippines Inc.
“Within a span of five years, the group has gone on to firmly establish itself as the market leader in the Philippines, bringing to the Filipino public the ease and convenience of being able to transact online with a growing list of key government agencies and entities,” it said.
As government digitalisation gathers pace at a global level, MyEG is looking ahead with optimism, ready to continue playing its role as a key enabler of innovation, not only in the Philippines and its home market of Malaysia but also in the rest of the region.
"We are particularly excited about the potential for Web3 to transform the technology landscape in the region and look forward to pioneering its adoption through the variety of decentralised applications which we will be progressively rolling out to the market soon," MyEG group managing director TS Wong said.
Muhyiddin said he was never involved in the awarding of the National Integrated Immigration System (NIISe) contract to IRIS Corporation Berhad, of which there had been an open tender.
He went on to say that he believed this claim is among the series of allegations by the current unity government.
Entitlement subject Dividend in specie Entitlement description Distribution of 69,750,000 ordinary shares in Agmo Holdings Berhad ("Agmo"), representing MY E.G. Services Berhad's ("Company") 21.5% equity interest in Agmo, held through MY E.G. Capital Sdn Bhd (a wholly-owned subsidiary of the Company), to the entitled shareholders of the Company by way of dividend-in-specie Ex-Date 17 Feb 2023 Entitlement date 20 Feb 2023 Entitlement time 5:00 PM Financial Year End 31 Dec 2023 Share transfer book& register of members will be to closed from (both dates inclusive) for the purpose of determining the entitlement a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers 20 Feb 2023 b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange. Number of new shares/securities issued (units) (If applicable) Entitlement indicator Ratio Par Value (if applicable)
Securities Entitlement Company Name AGMO HOLDINGS BERHAD Entitlement Ordinary Shares Ratio (New : Existing) 0.0093 : 1.0000 Securities Crediting Date 10 Mar 2023 Available / Listing Date Fractional Entitlement
Registrar or Service Provider name, address, telephone no BOARDROOM SHARE REGISTRARS SDN BHD 11th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13 46200 Petaling Jaya Selangor Malaysia Tel:03-78904700 Fax:03-78904670
Remarks : We refer to the announcement dated 23 December 2022 in relation to the dividend-in-specie ("Dividend-in-Specie") as well as the circular to shareholders of the Company in relation to the Dividend-in-Specie dated 4 January 2023 ("Circular"). Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcement and the Circular.
The shareholders of the Company whose names appear in the Record of Depositors of the Company as at 5:00 p.m. on Monday, 20 February 2023 ("Entitlement Date") shall be entitled to the first tranche of the Dividend-in-Specie ("Entitled Shareholders"). The Entitled Shareholders will receive their entitlements at no cost.
Based on the total issued share capital of the Company of 7,437,975,678 Shares (excluding 39,595,400 treasury shares), the Distributable Shares are expected to be distributed on the basis of approximately 0.0093 Agmo Share for every 1 Share held by Entitled Shareholders on the Entitlement Date. For illustrative purpose, an Entitled Shareholder holding 10,000 Shares will be entitled to receive 93 Agmo Shares from the Dividend-in-Specie.
This announcement is dated 19 January 2023.
Announcement Info Company Name MY E.G. SERVICES BERHAD Stock Name MYEG Date Announced 19 Jan 2023 Category Entitlement(Notice of Book Closure) Reference Number ENT-19012023-00003 Corporate Action ID MY230119DVSE0001
Of the nine analysts tracked, MyEG showed that there are seven rated “buy” calls, while two had “hold” recommendations for the stock. The average 12-month target price rated by analysts is RM1 — 39.9% lower than MyEG’s closing price of 71.5 sen on Thursday.
For its latest financial performance, MyEG posted a net profit of RM150.7 million for the third quarter ended Sept 30, 2022 (3QFY2022), almost double the RM78.46 million recorded in the previous year, propelled by the resumption in full operations of its e-service centres nationwide.
The group saw a 3.7% revenue growth year-on-year to RM162.6 million for 3QFY2022, from RM156.8 million, supported by higher contribution from its foreign worker job matching service, as well as the sale of Zetrix tokens from MyEG’s new venture in the Zetrix blockchain platform.
For the cumulative nine-month ended Sept 30, 2022 (9MFY2022), its net profit jumped 37.6% to RM324 million from RM235.4 million previously, although its revenue was nearly flat at RM486.18 million versus RM489.99 million in the corresponding period last year.
Shares in MyEG settled unchanged at 71.5 sen on Thursday (Feb 9), valuing the group at RM5.35 billion. It was the second most actively traded counter on Bursa Malaysia, with a total volume of 166.55 million shares traded.
KUALA LUMPUR (Feb 9): Investors shorted 28.8 million shares in MyEG Services Bhd over the past two days when heavy selldown had wiped off RM1.79 billion in its market capitalisation.
Some 11.51 million shares worth RM8.43 million were shorted on Tuesday (Feb 7), which accounted for 43% of total short selling volume of 26.58 million shares based on Bursa Malaysia’s Regulated Short Selling (RSS) data.
Meanwhile 17.31 million shares worth RM12.47 million were also shorted on Wednesday (Feb 8). The short selling volume of MyEG was equivalent to 53.7% of total volume on that day. In terms of value, MyEG accounted for 36% of the total short selling value of RM34.50 million.
0138 MYEG MY E.G. SERVICES BHD OTHERS OTHERS MY E.G. Services Berhad ("MYEG" or "the Company")- Press Release: MYEG Philippines Delivers Solid Growth in 2022 to cement its position as the leading e-Govt service provider You are advised to read the entire contents of the announcement or attachment. To read the entire contents of the announcement or attachment, please access the Bursa website at http://www.bursamalaysia.com
Berani shortsell lagi ke? Intraday Short Sell (IDSS) Stock List Bursa Malaysia had implemented the Intraday Short Selling (IDSS) framework for all investors starting April 2018 for certain stocks. Traders can now short sell a stock that he/she did not own, and buy back the stock later within the same day before market close. A robust compliance requirement and safeguards have also been put in place to allow for IDSS trades to take place.
How to short sell Bursa? Investors interested to short-sell any of the RSS Approved Securities would need to open a designated RSS trading account with their brokers. All trades have to be executed via this designated RSS trading account. https://www.bursamalaysia.com › ...PDF Frequently Asked Questions on the Regulated Short Selling (“RSS”)
Behavioural finance attempts to explain how decision makers take financial decisions in real life, and why their decisions might not appear to be rational every time and, therefore, have unpredictable consequences. This is in contrast to many traditional theories which assume investors make rational decisions.
Maybank Uncertainty casted over its immigration biz; TP cut We had a conversation with the management following the news implying MyEG will no longer be involved in the nation’s immigration system by 2025. The related concession business comprises c.10% of MyEG’s FY23E revenue, and its ancillary business could also be impacted. We make no change to our earnings forecasts, though our TP is cut to MYR1.01 (-26%) as we change our valuation methodology to SOTP (PER previously). Maintain BUY; its new businesses could grow to fill the void by then.
UOBKH
UOBKH Research has maintained its “buy” call on MyEG with a RM1.30 target price, based on 25 times the 2022 estimated price-earnings (PE) and incorporates MyEG’s various investments such as Agmo Studios and S5 Systems.
“We advise accumulating the stock on potential irrational sell-downs.
“Valuations have also not priced in its potential role in the eventual revival of the government’s e-visa and GST initiatives,” said the research unit.
Dengar rumour bagawa founder jemput sykt china ni menjadi shareholder myeg. Jadi ia boleh sapu syer myeg terus dari open market kini :)
MyEG officially inked the international supernode co-operation agreement with China’s national blockchain, Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF) at the 2022 China Internet Conference today!
The international supernode will connect to MYEG’s layer-1 permissioned public blockchain, Zetrix, and develop blockchain infrastructure applications to increase the interconnectivity of infrastructure in various countries and enhance the capability of cross-chain operation.
finance.yahoo.com finance.yahoo.com › news China's state blockchain infrastructure Xinghuo BIF partners Malaysian ... 17 Nov 2022 — Xinghuo BIF has been expanding overseas and aims to offer services in Malaysia and other Southeast Asian countries for blockchain applications, ...
businesstoday.com.my Xinghuo BIF Appoints MyEG As Infra Partner Connecting China Blockchain ... 21 Nov 2022 — China's national blockchain, Xinghuo Blockchain Infrastructure, and Facility have inked an agreement with MY E.G. Services Bhd for
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Good123
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MyEG Services Bhd, which succumbed to heavy selldown pulling its share price to a 26-month low, bought back two million shares on the open market at RM1.44 million or 71.5 sen each.
Meanwhile, its major shareholder and managing director Wong Thean Soon also acquired five million shares on Tuesday (Feb 7), at 73.8 sen each or RM3.69 million.
Subsequent to the latest acquisition, Wong has a 12.4% direct interest and a 17.27% indirect interest in MyEG.