Since March 2020 many investors were bombard and amazed by MyEG's news when the Covid-19 pandemic started to haunt Malaysia ended up with the first MCO lock down. 

First MyEG tried the direct selling of Covid-19 testing kits to end customers and immediately brought down by DG or Ministry of Health.

Then MyEG trying to sell mass screening with impression holding the control of BP Lab and Perkeso on monopoly arrangement, later turns out it's not true.

Third MyEG giving impression again, as if Ministry of Health gave them monopoly to collect payment for government for swab screening and government cost. Ministry of Health in following months announced few more private payment partners also which is collecting payment on behalf of government.

MyEG further sign up with one of the Covid-19 vaccine manufacturer to distribute vaccines. If materialised, MyEG would be lucky if there is room left at the tail-end of National Immunity Program giving free vaccination to public.

On top of all these Covid-19 news, MyEG surprisingly lost the Immigration system project to Iris, while the JPJ project was reported just in time to cover the immigration news. However, market later found out that MyEG is not the monopoly service provider under The Malaysia Competition Commission (MyCC) governance and policies.

Fundamentally, MyEG seems to sustain very well with many news coming out everyday to support the share price and cover investors expectation, especially EPF.

With The Malaysia Competition Commission (MyCC) taken few actions on MyEG for perceived "monopoly" behavior and unfair competition practices, found guilty and punished MyEG few times on few incidences, the market suddenly aware that MyEG is not monopoly but close to oligopoly, worst of all, just an alternative to many other options, but rip off profits using misrepresentation to the public as if they are the one and only service provider for various government service payment collections.

If MyEG is not allowed to monopoly or even misleading public that they are "the only choice" to collect payment on behalf of government service, public now knew MyEG is just one of the service providers to collect government service payments, the lie is exposed, hell breaks. More and more competitors previously unfairly treated or maybe cheated, sidelined, trashed by MyEG in their respective government service payment collection segments will take action against MyEG for their opportunity losses, so as the consumers and companies being potentially fooled, cheated, misleaded, and forced to use MyEG for less superior services with the impression there is no other alternatives may go after MyEG one by one. 

The government of the day was also being misleaded as if MyEG can be shadow control by certain politician, and as if being cheated to give MyEG favor, most commonly told by related party that MyEG belongs to who and who or former politician, such as former Prime Minister Najib, then former First Lady Rosmah, followed by former minister Ahmad Zahid, and even Ministry of Health DG Noor Hisham. Others include Khairi Jamaluddin, Ismail Sabri, Hamzah Zainudin, M.Saravanan, and even Anwar Ibrahim was named several times. Other government servants said to be under MyEG pay roll includes MAHB airport CEO Mohd Shukri, Immigration Cheif Khairul, and dozens of government officers. If Donald Trump becomes prime minister of Malaysia, count MyEG as the first company self-proclaim Donald Trump is indeed long owned and having interest in MyEG.

MyEG was also count one of the questionable government service project company hired the most former SPRM (MACC) officers into the organisation. Does corruption cover up ring a bell, or it's just coincident? Fortunately there is independent agency The Malaysia Competition Commission (MyCC) which is not yet being totally covered by MyEG lobbyist.

In summary, MyEG is perceived monopoly but yet not monopoly, and the cover up and lie came to an end when suddenly current Prime Minister and KDN Minister did not hand over Immigration project to MyEG but Iris. Ministry of Health also did not provide any monopoly business to MyEG either in Swab screening or government operation fees collection for Covid-19. As for MyEG's spread of rumor they own BP Lab, there is no evidence BP Lab belongs to MyEG either.

With consumer gain access to more and more choices, and The Malaysia Competition Commission (MyCC) going after MyEG tail, how long will the illution and misrepresentation last is matter of art than science.

Now let's look at the technical side of MyEG.

MyEG substaintial shareholder, coupled with government investment arms EPF etc which top up of shares thanks to repeated market research published everyday promoting the shares, had technically pump the share price from below RM0.80 to stay above RM1.90 recently. With the increase of revenue but lower profit margin, growth itself does not justify the P/E ratio of 24 times (which is theoritically last for 24 years of unfair profits). If MyEG main income are those fake monopoly illution based on potential misleading marketing tricks and maybe corrupted practices, the market awareness which diluted MyEG "oligopoly" position cannot sustain 24 years of continuous government favourism, if not lies. Technically the recent chart shows a cross road to drive MyEG share price either continue to pump the baloon to new high maybe around RM2.45 or the bubble may burst and form the head and shoulder pattern to plunge below RM1.45.

With Top Glove, Supermax and even Pharmaniaga share price came down 30% to 70% from the Covid-19 short-term height, MyEG which ride on Covid-19 story, and non of MyEG Covid-19 offering is close to monopoly nor any specialty compared to other alternatives, can the current government guarantee a 24 years (P/E 24 times) unfair profit in favour of MyEG? Maybe MyEG needs to look at other business segment to prevent a total collapse when time comes, similar to Serba Dynamik's sudden shock due to over reliance on government contracts.

Government investment arm EPF which said to have the best brains in investments in Bursa Malaysia happens to be substantial shareholder of both companies.

Fundamental or technical wise, bet on MyEG is a matter of gambling in hope for extended illution and sentimental play. Looking for real winners in technology? Look no further than for example semiconductor shares, the fundamental difference between "Fake tech vs Real tech" will speak for itself in the long-run.