UOB Research reiterated its "buy" call on the electronic government solutions provider and considers the drop in share price a "great buying opportunity".
"We are unsure how much weight this present director general carries, but should MYEG lose it’s concession with the immigration, it would theoretically still be able to provide ancillary businesses within the eco system such as foreign worker matching, accommodation services, door-to-door and insurance services that’s the bulk of its immigration-related earnings," it said in a note.
The research firm also said there are plenty of catalysts in 2023 and beyond for the company.
These include a forecast of 16% earnings growth, the launch of the Zetrix blockchain relating to China customs, IPO and subsequent distribution in specie of start-up investments in China and Malaysia.
"We maintain our RM1.30 target price as we take the position that MYEG’s concession would not compromised in 2025," said UOB.
Zetrix Wallet is a mobile application used for accessing Zetrix enabled distributed applications, or Decentralized Application - "dApps" on your device.
Zetrix Wallet also lets the user create and manage their own identities with the ability to import/export wallet through the app.
Users are able to interact with the Zetrix blockchain by approving or rejecting a transaction via the apps secured interface.
dApps may perform a transaction and write data to the Zetrix blockchain through the app.
Lombong emas terjumpa, and Road Initiative (BRI) !!! :)
KUALA LUMPUR: Zetrix — a layer-1 public blockchain platform developed by MyEG Services Bhd — has entered into partnership with University of Malaysia (UM) and China Academy of Information and Communications Technology (CAICT) in a collaborative research on the commercialisation of blockchain.
The collaboration follows the selection of a UM-CAICT research paper entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” as part of the intergovernmental collaboration between Malaysia and China, Zetrix said in a statement on Tuesday.
The research is proposing a system that can prevent fraud in the supply chain processes using block chain technology for cross border trade, and comprises smart contracts collaboration supported by different parties involved in China-Malaysia trade, as well as the Belt and Road Initiative (BRI) countries.
WONG PASTI TAHU SESUATU YANG PIHAK LAIN TAK TAHU :)
KUALA LUMPUR (Feb 15): MyEG Services Bhd’s major shareholder and managing director Wong Thean Soon bought another two million shares in the group on Wednesday (Feb 15), raising his total stake to 29.73%. MyEG itself also bought back two million more of its shares.
Wong acquired the two million shares via his private vehicle Asia Internet Holdings Bhd, raising his indirect interest in MyEG to 17.588% while his direct interest stands at 12.138%, according to a bourse filing.
M'sia, China to collaborate on Xinghuo ... - Borneo Post Online www.theborneopost.com › Business 1 day ago — ... UM and CAICT's project entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” ... Missing: paper | Must include: paper
Malaysia, China to collaborate on Xinghuo-Zetrix blockchain headtopics.com › malaysia-china-to-collaborate-... 1 day ago — ... UM and CAICT's project entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” ...
Zetrix partners UM and CAICT for cross-border blockchain ... 1 day ago — UM and CAICT's project entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” was ...
M'sia, China to collaborate on Xinghuo Zetrix blockchain fmdailynews.com › business › msia-china-to-coll... 1 day ago — ... UM and CAICT's venture entitled “Research on Key Issues of China-Malaysia Transborder Blockchain Infrastructure and Pilot Applications” ...
Ia akan menolong myeg untuk mencapai harga sasaran RM1.30 yang diramalkan oleh UOB :)
MyEG announced its blockchain infrastructure – Zetrix – has been selected by the Chinese government as a component of its government-to-government collaborative research programme leading to commercialisation.
In a filing with Bursa Malaysia yesterday, it said that Zetrix, a layer-1 public platform developed by MyEG, is the international super node for China’s national blockchain, Xinghuo, and is fully compatible with it.
It said the collaboration also includes Universiti Malaya (UM) and the China Academy of Information and Communications Technology (CAICT) as strategic partners. This is expected to strengthen Malaysia-China trade and data interoperability, and further propel Malaysia into the Web3 era.
Initiated by China’s ministry of science and technology, Malaysia is one of the 14 countries participating in the programme, it added.
“The China-Malaysia government-to-government cooperation covers four sectors, namely public health such as vaccine research and development, artificial intelligence, information and communications technology (blockchain, big data, and others) as well as space remote sensing technology,” it said.
MyEG said that the research would involve proposing a system that could prevent fraud in supply chain processes using blockchain technology for cross-border trade.
“The system comprises smart contracts collaboration supported across the multiple parties involved in China-Malaysia trade including the Belt and Road Initiative countries.
“The system should enable all stakeholders to collaborate in cross-organisational information exchanges, all backed by a secure, unalterable audit trail,” it explained.
Iris dan kontraknya dah game over kot? :) checkmate!!!!!!!!!!!!!
Iris Corp jual 80 peratus saham dalam pemaju projek NIISe www.bharian.com.my › bisnes
KUALA LUMPUR: Iris Corporation Bhd (Iris Corp) memeterai perjanjian penjualan saham (SSA) dengan Tass Tech Technologies Sdn Bhd (Tass Tech) ...
Bekas PM, menantu disyaki disiasat SPRM berkaitan kontrak www.utusan.com.my › 2023/02 · Bekas PM, menantu disyaki disiasat SPRM berkaitan kontrak kerajaan ... sistem baharu itu kini sedang dibangunkan oleh Iris Corporation Bhd.
Muhyiddin nafi dakwaan pemberian kontrak NIISe kepada www.astroawani.com › muhyi... · Translate this page 6 days ago — ... Imigresen Bersepadu Nasional (NIISe) kepada syarikat IRIS Corporation Berhad. ... PM beri bayangan akan ada pemimpin disiasat SPRM.
Korupsi Membunuh Negeri by Natania Nainggolan - Prezihttps://prezi.com › korupsi-membun... ·
Tanamkan dalam hati kita bahwa korupsi itu perbuatan jahat dan bertentangan dengan nilai-nilai yang kita anut · Hindari hal atau situasi yang bisa mendorong kita .
'Ia tidak dihebahkan begitu rupa kalau tidak benar' - Anwar www.sinarharian.com.my › ia-... · KUALA LUMPUR - “Ia tidak dihebahkan begitu rupa kalau tidak benar,” Itu respons Perdana Menteri, Datuk Seri Anwar Ibrahim terhadap Pengerusi ...
“Semoga kes menantu Muhyiddin tidak terlepas dari ...malaysiapost.com.my › semog... · Katanya IRIS guna konsortium (S5) melobi projek NIIS itu. ... kes terbabit disiasat mengikut Seksyen 16 (a) Akta SPRM 2009. – Malaysiapost ...
Bank Islam juga mencadangkan myeg, harga sasaran RM1.20 :)
My E.G. Services Berhad - Hit by Speculation; Fundamentals Remain Intact Date: 2023-02-08 Firm: BIMB Stock: MYEG Price Target: 1.20 Price Call: BUY Last Price: 0.695 Upside/Downside: +0.505 (72.66%) My E.G Services Berhad (MYEG) management clarified that there has never been a discussion or meeting being held with either the Ministry of Home Affairs (MoHA) or Immigration Department of Malaysia regarding the intention to converge all immigration transactions under the National Integrated Immigration System (NIISe) as reported in the media yesterday. In the event of MYEG’s immigration services being replaced by NIISe by 2025, we foresee only its foreign worker renewal permit services that would be affected where this is equivalent to only 5-7% of MYEG’s total revenue. Reiterate our BUY call on MYEG at a TP of RM1.20, pegged at 22x to 2023F EPS of 5.5 sen. The sharp decline in MYEG’s share price offers an opportunity for investors to accumulate the stock given its attractive total return of >70% No Discussion to Converge all Immigration Services under the NIISe
MYEG’s share price has taken a significant beating yesterday following news article that appeared on Free Malaysia Today (FMT) and New Straits Times (NST) which stated that all MYEG immigration processing services would be replaced by the National Integrated Immigration System (NIISe) by 2025. MYEG management however clarified that has never been a discussion or meeting being held with either the Ministry of Home Affairs (MoHA) or Immigration Department of Malaysia regarding the intention to converge all immigration transactions under the NIISe.
Minimal Impact on MYEG’s Earnings If It is the Case
Notwithstanding that, in the event of MYEG’s immigration services being replaced by NIISe by 2025, we foresee only its foreign worker renewal permit services that would be affected, where this is equivalent to only 5-7% of MYEG’s total revenue. While its concession services might be affected, we believe its ancillary services offered under Immigrationrelated services i.e., foreign worker insurance (RM100/worker), accommodation (RM100/bed/month), job matching and placement (approximately RM2,000/successful job matching) would remain solid given MYEG’s ‘first mover advantage’. Note that, MYEG is no longer heavily dependent on the government’s concession services for its ancillary services and commercial business. In any case, MYEG’s concession segment contributes only 13-15% of MYEG’s total revenue
Reiterate BUY at a TP of RM1.20
Reiterate a BUY call on MYEG at unchanged TP of RM1.20, pegged at 22x to 2023F EPS of 5.5 sen. The sharp decline in MYEG’s share price offers an opportunity for investors to reaccumulate on the stock. MYEG is a BUY with total return >70%.
TOP BLOCKCHAIN APPLICATIONS TO KNOW Money transfer Smart contracts Internet of Things (IoT) Personal identity security Healthcare Logistics Non-fungible tokens (NFTs) Government Media
Compare Zetrix Bitcoin Ethereum Cardano Zetrix Transaction per second ~7 ~15 270 10,000 Avg. Fee Per Transaction (USD) 2.12 15 0.25 0.01975 Transaction Latency ~60 min ~5 min 10 min 1.5 sec Number of Validators 10,000+ 11,000+ 2,000+ 221
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