keep going up like this can reach rm 5

where is the idi0t rr88 who said the price has peaked ?

wow limit up gogogo!!!

wow!

wow!

this is a good ipo

it is funny how people still believe this rr88 fellow

gogogo ?

malaysia is a joke country mah

equity market depends on the market makers, if they want it to go up they will push it up

society poisoned the minds of children, what can we do ?

Malaysian wont boycott their politician because they worshipped them.

hidden hands is one part of the problem, the other part of the problem is the people so eager to fight in the name of religion.

seriously, how long would it takes for the people to understand that politician and politics are destroying the country, economy and the people's lives systematically.

if they wish to find fault, they will find one, nothing you can do about it, apologise or not.

wow ytlp power going higher and higher where is that idi0t rr88 ?

MY E.G. Services
Remains underappreciated
■ We raise our EPS estimates following our conversation with management as
revenues from blockchain should grow with wider adoption of its applications.
■ Related development expenditure should fall as MyEG looks for greater
monetisation, which should bring down gearing levels and improve FCF.
■ Reiterate Add with a higher TP of RM1.15. Valuation at 11.8x FY24F P/E fully
reflects policy risks, in our opinion, but ignores EPS upside from other areas.
Blockchain revenue mix to continue to rise
We raise our FY24-25F EPS by 5-7% and introduce FY26F estimates, following our
conversation with the management. We raise FY24-25F revenue contribution from
blockchain but lower transportation revenues given the rapid market share decline for its
renewal services. We estimate that MyEG generated c.RM90m in total revenues (12%
revenue mix) from its blockchain segment in FY23, with majority anchored by Zetrix token
sales. Going into FY24F, we expect this to rise to RM143m, forming 18% of total revenue.
We understand that management aims to issue c.1m Zetrix tokens per quarter through the
two exchanges that the token is listed on. Management also guided that Malaysia-China
ZTrade (a blockchain-based cross-border customs trade solution) could go live in May
2024, coinciding with the 50th anniversary of Malaysia-China diplomatic relations. This
development is a key milestone that comes ahead of other governments’ efforts, i.e. the
Philippines and Indonesia are also looking to onboard the platform. Additionally, we expect
the group’s development cost to fall to c.RM150m in FY24F from c.RM460m in each of
FY22-23 as the current platform reaches operational readiness, likely leading to FCF
improvement and lower gearing level from 22% in FY23 to 10% in FY24F.
Immigration segment should still fare well in FY24F
We believe the immigration segment could continue to benefit from vibrant foreign worker
hiring activities in FY24F. The Malaysian government has set 31 May 2024 as the deadline
for employers to bring in foreign workers in the formal sector, with the aim to reach c.2.5m
total registered workers by mid-2024F, from 2.13m as of Feb 2024. This should expedite
further sourcing of foreign workers by employers with hiring quota, which we believe will
benefit MyEG’s permit renewal and job matching businesses and cushion the ongoing
decline in transportation segment revenue due to digitalisation of Road Transport
Department services, which has dented MyEG’s legacy renewal services.
Maintain Add; raise TP to RM1.15
We maintain our Add call on MyEG with a higher GGM-derived TP of RM1.15 (we lift our
sustainable ROE from 18.2% to 18.8%) due to its attractive valuation (11.8x FY24F P/E,
at close to 1 s.d. below its post-General Election 14 average of 16.2x) and potential EPS
upside from its blockchain business. Key downside risks are non-extension of its current
concession services, loss of market share in ancillary businesses, and new blockchain
solutions failing to materialise. Potential re-rating catalysts are sustained strong blockchain
sales and award of new concession services from both local and foreign governments.

heng ong huat ah !!!

yeah we must stop all these nonsense or else later will have religious wars.

if everyone bad mouth bursa how is bursa going to go up ?

politician class is the parasite class mah

everything is a joke in malaysia

all talk only

dlady is now d-rocket

rm 4 where is that idi0t rr88 ?

long green candle buy buy buy!

buy buy buy!

wow nice pump

d lady going back to rm 60 ?

@sslee yes correct, its time for "QE for the people".

we dont know what hidden hands are doing, we can only pray nothing bad comes from it.

politicians famous for promising A talking B and doing C.

i have said it many times best to put out the fire asap or else it will burn everything eventually.

someday the people will realize that their politicians are the problem and not the solution to their problems.

all these talk only no actions.

spsetia really going to the moon hahaha

see told you will gap up

funny where is rr88 ? normally he will pop out of his cave and shout shooting star.

he hoping to get brownie points

the fire must be put out or it will consume everything

going to new high ?

not bad today can go up so much

this fire if not stop early will continue to burn everything

yeah, bursa need more people to goreng, so dead now.

google already remove the chart for usd to myr. you go try if you dont believe

RHB is a good dividend stock

should break up BERNAS monopoly

wow ! spsetia going to the moon !!! hahaha

spsetia rocket

@MULTIEVER lets goooo. new counter new hope. lets goreng goreng

correct !