(MYEG MK/HOLD/RM2.03/Target: RM2.29)

We recently hosted a site visit to MYEG’s foreign worker accommodation site in Melaka and felt reassured that the set-up and furnishing of the hostel will set a new standard for the country’s foreign worker accommodation needs. Backed by its recent land acquisition in Johor, MYEG is on track to grow the new segment to becoming the largest revenue contributor beyond FY19. Maintain HOLD. Target price: RM2.29. Entry price: RM2.00.

Source: UOB Kay Hian Research - 27 Sept 2017