MYEG (0138) - "SO MANY GOOD NEWS BUT CANT MOVE.." - YOU WANT TO KNOW WHY?

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DATE: 12 NOVEMBER 2017

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THE STOCK & TARGET

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 MYEG [ RM2.14 ] - 1st TP - RM2.25   /   2nd TP - RM2.50

CALL WARRANT : (Jackpot)



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"This stock purely laggard with so many good news and the reason we will now in a few weeks. I strongly believe this good company will turning to purely kaboom" - Kim Spartan

"So many good news, but cannot move. Why? : The answer's same to my INARI since laggard at 1.90 to cross RM2. Course it's too GOOD!!! This is the time for MyEG!" - Kim Spartan

Ref : https://klse.i3investor.com/blogs/spartan/134234.jsp



Kim 1st called INARI at RM2

Stockwatch  [21th June 17] :-

Stock :  INARI -  (RM2.03)
Target Price : - 1st (2.10) / 2nd (2.20)

logged at "Kim's Stockwatch channel" can be found.


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THE PROFILE

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My E.G. Services Berhad is engaged in the development and implementation of the electronic government services project; and the provision of other related services for the electronic government services project in Malaysia. It offers government to citizen (G2C) services comprising driving theory test bookings; issuance and renewal of licenses; electronic bill payment and payment; and online information services, which include traffic summons checking and electronic bankruptcy or liquidation status searches through its G2C portal, as well as through its kiosks. The company also provides government/enterprise solutions, such as software and enterprise solutions, system development, and maintenance services to various markets, including to driving schools, driving institutes, insurance companies, financial institutions, and law firms. In addition, it is involved in the provision of software solutions and maintenance services; e-insurance solutions and other insurance-related services; creating, implementing, and operating e-business activities, including electronic commerce delivery services, multimedia related activities, and other computerized or electronic services; and auto insurance intermediary services. The company was formerly known as My E.G. Dot Com Sdn and changed its name to My E.G. Services Berhad in April 2005. My E.G. Services Berhad was incorporated in 2000 and is based in Petaling Jaya, Malaysia.


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THE KEYNOTE

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MYEG (JAN) -  My EG Services Bhd (MyEG) has secured a contract with an estimated value of RM553.85 million to provide online renewal of temporary employment passes for foreign workers, also known as 'Pas Lawatan Kerja Sementara (PLKS)', for the Immigration Department. MyEG said the project is for five years, from May 23, 2015 to May 22, 2020. It received the Letter of Acceptance (LoA) from the Home Affairs Ministry today for the deal.

MYEG (JAN) -  My E.G. Services Bhd (MyEG) has received notification from the government to continue to manage the rehiring programme involving illegal foreign workers for another 16 months. MyEG said the company received the notification letter from the Ministry of Home Affairs. The company will continue to undertake the project until Dec 31, 2017, instead of Aug 15, 2016, and will be able to register all foreign workers, with the exception of foreign workers from Myanmar.

MYEG (JAN) -  MMy EG Services Bhd (MyEG) has incorporated a new subsidiary to provide management and consultancy services. The e-Government services provider said MY EG Management Services Sdn Bhd was set up with an authorised share capital of RM400,000.

MYEG (FEB) -  My EG Services Bhd (MyEG) has brushed aside notion that the bulk of its business activities were dependent on the Government. It said that commercial solutions and services now make up 70% of the group’s business activities, thus no longer rendering it just a concession for various e-government applications. According to MyEG managing director Wong Thean Soon, better known as T.S. Wong, the company intends to increase the percentage of its commercial business.

MYEG (FEB) -  My EG Services Bhd’s (MyEG) earnings for its second quarter (Q2) ended Dec 31, 2016, grew a strong 57% to RM47.6mil from a year earlier. The electronic government services provider told Bursa Malaysia that the improved profit achieved on 40% higher revenue of RM88.7mil were due mainly to two factors.

MYEG (MAR) -  My E.G. Services Bhd (MyEG) has confirmed that the five-year concession given by the Government to provide online renewal of temporary employment passes for foreign workers is valued at RM553.85mil. The group said it had signed the concession agreement on March 1 to provide the service from May 23, 2015 to May 22, 2020.

MYEG (MAR) -  My EG Services Bhd (MyEG) has joined forces with a Philippine company to develop electronic government services projects and provide electronic payment services in the Philippines. The company signed an agreement today with i-Pay Commerce Ventures Inc (IPCVI) to establish a joint venture company with MyEG holding a 40% stake and IPCVI 60%. IPCVI is a payment processing provider and a direct agent of Western Union in Philippines.

MYEG (MAR) -  My EG Services Bhd (MyEG) has inked a joint-venture (JV) agreement with I-Pay Commerce Ventures Inc (IPCVI) to set up a JV corporation (JVC) for the purpose of engaging in the business of development and implementation of electronic government services projects in the Philippines. This includes the provision of other services such as electronic payment in the Philippines.

MYEG (MAR) -  My E.G. Services Bhd’s (MyEG) first successful overseas venture is expected to be positive for the e-government services provider, as it could benefit from the anticipated rising revenue from the venture’s concessions, moving forward. CIMB Research was optimistic of MyEG’s exploration of different markets via partnerships with local companies. MyEG’s entry into the venture will be helpful for its Philippines-based partner to grow further, backed by MyEG’s infrastructure capacity to set up electronic government services.

MYEG (MAY) -  My E.G. Services Bhd (MyEG) confirmed that it is in negotiation to acquire a stake in popular food review website Eat Drink KL. The company said the negotiation between its board of directors and existing shareholders of Eat Drink KL is currently ongoing and has not been finalised. However, the board will release further announcements once an agreement has been entered with all relevant parties pursuant to the ongoing negotiation.

MYEG (MAY) -  My EG Services Bhd (MyEG) is buying a 67% stake in the EatDrinkKL digital platform that provides reviews and news on the food and beverage businesses. The e-Government services provider said its unit My EG Capital Sdn Bhd had entered into a shareholders agreement with Essential Reviews Sdn Bhd - the sole owner of the EatDrinkKL’s intellectual property rights - and its only shareholder Sean Cornelius Yoong Wan Yen to purchase the stake.

MYEG (MAY) -  MY E.G. Services Bhd saw its third-quarter net profit rise 62.8% on higher transaction volumes from the online renewal of foreign workers’ permits, foreign workers rehiring programme services and foreign workers’ insurance from both FWP and FWR services. MyEG also attributed the improved quarterly earnings to higher revenue contribution from its motor vehicle trading related services. Net profit grew to RM53.9 million or 1.5 sen per share in the third financial quarter ended March 31, 2017 (3QFY17) from RM33.1 million or 0.9 sen per share in 3QFY16. Quarterly revenue increased 41.5% to RM99.22 million from RM70.13 million a year ago.

MYEG (JUN) -  My E.G. Services Bhd (MyEG) is going to lease a plot of land in Johor for RM10.76 million from state investment entity Johor Corp to build its own hostel facilities. The plot measures 8.89-acre, and that it has accepted the offer yesterday from Johor Corp for the 30-year lease, which comes with an option to renew for another 30 years.

MYEG (AUG) -  MY E.G. Services Bhd (MyEG)'s net profit grew 17% year-on-year to RM59.48 million in its fourth quarter ended June 30, 2017 (4QFY17), from RM50.95 million, as topline improved. Quarterly revenue came in 20% higher at RM105.11 million from RM87.37 million a year ago, its Bursa Malaysia filing showed. It proposed a final dividend of 1.2 sen for the financial year ended June 30, 2017 (FY17), which would bring its FY17 payout to 1.7 sen against 1.8 sen in FY16.

MYEG (SEP) -  My EG Services’ GST monitoring (GSM) project’s Phase 1 nationwide launch is taking longer than expected and the target launch is now set for end-2017 versus June 2017 previously, according to CIMB Equities Research. MyEG faced some teething problems in the past few months during the installation of dongles at the older cash registers (more than five years old) in F&B outlets in Klang Valley.

MYEG (OCT) -  My EG Services Bhd (MyEG) has been appointed by the Home Affairs Ministry to undertake the voluntary repatriation of illegal foreign workers for the Immigration Department. The tenure of the job, offered via a letter dated Oct 10, is valid for the period from Oct 10 to Dec 31. The project has no fixed value, as it is dependent on the number of foreign workers successfully repatriated. Nonetheless, the board of directors is of the view that the project is in the best interest of the company and is expected to contribute positively to the earnings of the company for the financial year ending June 30, 2018.

MYEG (OCT) -  MyEG Services Bhd executive chairman Datuk Norraesah Haji Mohamad has emerged as a substantial shareholder of the company, after having acquired a 29.67% indirect interest. MyEG said Norraesah acquired the stake from its executive director Datuk Raja Munir Shah Raja Mustapha via Asia Internet Holdings Sdn Bhd.

MYEG (NOV) -  My E.G. Services Bhd (MyEG) is planning to add the provision of foreign workers accommodation to its core business, which it expects can potentially contribute 25% or more to its bottomline as a new source of recurring income. The new venture, via what it termed its Foreign Worker Accommodations Programme (FWAP), entails the setting up and management of centralised and integrated living quarters or hostels for the purpose of housing foreign workers.

MYEG (NOV) -  MyEG Services Bhd said its venture into the business of providing hostels for foreign workers could contribute more than a quarter of its future net profit. The group has a long-term target of opening up to 200 such sites in Malaysia.
The board proposes to seek the approval of the shareholders of the company for the diversification. The proposed diversification complements the group’s existing foreign workers permit renewal business.


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THE FINANCIAL

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