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Author: HLInvest   |   Latest post: Tue, 2 Jun 2020, 3:13 PM

 

MyEG Services - Covid-19 Test Kits May Boost Earnings Moving Forward

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MYEG has tanked 46.5% to from the recent peak of RM1.42 (14-Feb-2020) to RM0.765 (19-Mar-2020). On Monday, MYEG commented that its Covid-19 rapid test kit has been qualified for emergency use by the US FDA, paving for the sale of the kit in the US. We view this positively and anticipate further rebound on the share price towards RM0.94-1.00, followed by a LT target of RM1.07. Support is located around RM0.81-0.83, with a cut loss point set around RM0.79.

MYEG’s Covid-19 rapid test kit approved by US FDA. According to the news on Monday, we noticed that MYEG’s test kit is approved in the US and had already been approved by health authorities in China and Europe, where they are already being used widely. It will be on sale with a price tag of RM99 (basic test kit) and RM149 (advanced test kit) this is definitely a solid catalyst for MYEG at least for 1HCY20. Currently, it is still pending for approval by the ministry of health (MoH).

Due for further rebound after a steep plunge. The stock has delinced more than 40% over the course of more than 4 weeks and we believe this is a decent range to accumulate and trade for a rebound. Indicators are recovering with the MACD Histogram turning green as well as both the RSI and Stochastic oscillators hooking upwards. We anticipate further rebound of the share price towards RM0.94-1.00, with a LT target of RM1.07. Support is set around RM0.81-0.83, with a cut loss level pegged around RM0.79.


 

Source: Hong Leong Investment Bank Research - 31 Mar 2020

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Labels: MYEG

Related Stocks

Chart Stock Name Last Change Volume 
MYEG 1.30 +0.01 (0.78%) 15,260,500 

  Be the first to like this.
 
EatCoconutCanWin this is funny
31/03/2020 6:29 PM
Targeted Lol
31/03/2020 7:30 PM
godisblind haha
01/04/2020 1:42 PM
ov123 If so good, why is MOH importing test kits?
02/04/2020 11:56 AM
DreamKentut Covid-19 test kits?

Not a good reason for investing.

This is just one time, flash in the pan if this counter is involved.

What happens when Covid-19 is over? What happens to the inventory? Throw to Alam Flora?

Only idiots will be excited with this.

Junk will remain a junk.
02/04/2020 12:01 PM


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