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  alextan5680 分析：银河国际证券 目标价：1.15令吉 最新进展： MyEG（MYEG，0138，主板科技股）有意继续推动Zetrix代币业务，其中放眼每季度推出100万个代币。 与此同时，公司放眼能在今年5月推出马中贸易平台ZTrade，而时间点也恰逢落在马中建交50周年。 尽管运输解决方案业务表现有所下滑，但是，伴随着外籍劳工招聘活动火热，相信会带动移民业务走强。 MyEG MYEG 行家建议： 在与MyEG管理层对话后，了解到公司的前景走势和目标。 进入2024财年，我们预计公司的Zetrix代币业务将增至1亿4300万令吉，占总营收的18%。 至于马中贸易平台ZTrade，无疑是个重要里程碑，因为超越其他国家率先推出平台。 此外，随着公司的当前平台已经开始营运，预计2024年的发展开销将降至1亿5000万令吉，有助于提振公司的现金流和改善债务水平。 另外，随着传统更新服务削弱，预计会拖累运输解决方案的表现，不过，移民业务将继续受益于活跃的招聘活动，推动许可更新和工作匹配业务。 我们将公司今明财年的每股净利预测，分别提高5%和7%，同时推出2026财年的每股净利预测。 综合以上，我们重申“增持”评级，目标价提高从原先的1.10令吉，提高至1.15令吉。 08/04/2024 10:14 PM charlie chia Anybody here who are CGS Cimb Member Can share out Myeg write out which CGS value Myeg at Rm1.15 09/04/2024 12:14 AM icecool 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. 09/04/2024 12:20 AM Tenka226 MyEG Services Bhd’s revenue from its blockchain business is set to grow and compensate for the fall in its transportation revenue https://www.thestar.com.my/business/business-news/2024/04/09/myeg-to-bank-on-its-growing-blockchain-business 09/04/2024 4:58 PM metaverse 许多市场参与者似乎忽视了金价飙升所传递的潜在信号。黄金作为传统避风港资产，其价格走势往往与美元呈反向关系。然而，近期美元和黄金价格却罕见地同步上涨，这表明市场情绪存在着深层次的担忧和避险需求。单纯的中东地区局势动荡难以解释金价如此大幅飙升。更合理的推测是，市场可能正在为一场更大规模的全球性风险事件做准备，例如：美国与主要地缘政治竞争对手之间的大规模军事冲突：美俄之间日益紧张的关系、中美在台海地区的博弈等，都有可能引发大规模军事冲突，进而导致全球经济和金融体系陷入动荡，推动避险资产价格飙升。 https://klse.i3investor.com/web/cube/blog/blposts/mindfullness/metaverse 15/04/2024 5:00 PM  paktua73 morning . paktua win bet at rm0.775.. tut tut always be back when time n price is right 16/04/2024 10:18 AM metaverse 黄金价格走势，东看西看，都不像是在反映中东地区局势动荡。因为基本上中东经济体系和世界经济结构已经脱钩，分道扬镳。只有《美中苏核战》或《南海终极战》才有这样的世界毁灭性破坏力。黄金价格暴涨，不像是对冲基金在操盘。比较可能应该是有国家队美中苏盟友在公开市场大量收购实物黄金布局备战。 巴菲特去年（2023年）收购台积电40亿美元的股份。可是仅仅几个月，就抛售了其持有的台积电。巴菲特说因为担心两岸地缘局势会出现变化。巴菲特是财经专家，对什么台湾海峡危机，应该是一窍不通。中港台已经打了半个世纪的口水战。南海局势其实也不是什么新闻。而且马英九也光宗耀祖，回老家拜祖先。巴菲特40亿美元的台积电投资，不是小孩玩泥沙，说买就买，说卖就卖。巴菲特应该是有情报局通风报信，才会来也匆匆，去也冲冲。美国出资116亿美元，要台积电在美国设厂。看起来巴菲特的南海局势情报应该是有根有据。 16/04/2024 11:04 AM paktua73 KUALA LUMPUR (April 16): E-government services providers MyEG Services Bhd and Heitech Padu Bhd have formed a partnership to collaborate on IT projects in Malaysia. According to separate bourse filings from both companies on Tuesday, MyEG and Heitech Padu have inked a teaming agreement for the collaboration. “The purpose of the agreement is to set forth the understanding of the parties with respect to their respective roles and responsibilities wherein the parties wish to collaborate in the marketing activities, sharing of related know-how and system integration of IT solution for identified projects to potential customers of the parties,” the filings read. MyEG is a substantial shareholder in Heitech Padu with a 15.9% stake via MyEG Capital Sdn Bhd. Via this same stake, MyEG co-founder and managing director Wong Thean Soon (better known as TS Wong), who owns a 28.9% equity interest in MyEG comprising both his direct interest and via his investment vehicle Asia Internet Holdings Sdn Bhd, is deemed a substantial shareholder in Heitech Padu. Meanwhile, MyEG non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah, who owns a 0.09% stake in the company, is also a non-independent non-executive director of Heitech Padu. MyEG noted that Mohd Jimmy and TS Wong will continue to abstain from all deliberation and voting at relevant company board meetings, while Heitech Padu noted the same for Mohd Jimmy in its relevant board meetings. Notably, Heitech Padu is reportedly one of the three companies shortlisted to take on the RM1 billion National Integrated Immigration System (NIISe) project after Iris Corp Bhd was dropped from the job. Previously, The Edge reported that MyEG’s interest in Heitech Padu goes beyond just the NIISe project. “Although both companies are involved in the provision of services to the government, there is no overlap, as each company is focused on completely different aspects of e-services. “Both companies will work together to explore opportunities to participate in projects that are in line with our competencies and objectives, and this will not be limited to the NIISe project,” a MyEG spokesperson told The Edge. At the time of writing, shares in MyEG were down half a sen or 0.64% to 77.5 sen, valuing the company at RM5.82 billion. Meanwhile, Heitech Padu shares were trading one sen or 0.41% lower at RM2.42, giving the company a market capitalisation of RM244.96 million. tut tut good new? 16/04/2024 11:16 AM paktua73 afternoon @Sailang_now.. paktua always make comeback when price so attractive haha tut tut let ride again 16/04/2024 11:55 AM paktua73 congrat too all who still stand fight on red sea.. tak kira sama ada anda baru loading today or holding since 2023.. you're the winner soon.. tut tut we fight on what we believe that we will win at the end 16/04/2024 4:56 PM metaverse 银河国际证券：目标价：1.15令吉。进入2024财年，我们预计公司的Zetrix代币业务将增至1亿4300万令吉，占总营收的18%。至于马中贸易平台ZTrade，无疑是个重要里程碑，因为超越其他国家率先推出平台。 博主评语：银河国际证券的目标价1.15令吉看起来不是很靠谱。加密货币（除了比特币），都是昙花一现。新加坡淡马锡控股，耗资2.75亿美元，投资FTX加密货币。结果被 Sam Bankman Fried 搞到血本无归。马云的阿里巴巴淘宝是马中贸易最好的平台。可是我们的政府又搞一大堆的网购税，ZTrade应该也是没有康头。MYEG是前朝政府推行的《官商模型》。新官上任三把火，现在是火箭当家，这些官商模型，今非昔比，已经被时代淘汰。 https://klse.i3investor.com/web/cube/blog/blposts/mindfullness/metaverse 17/04/2024 11:39 AM  JJPTR To MyEg die hards, i have one question to ask. If you look at MyEg qtrly result. Very beuatiful. But before that , Short term loan is 142m rgt . Long term loan is $704m rgt. Assuming effective loan interest is 7%, that means interest charges per year is about $59.2m. Now if you take a look at MyEg last 4 qtrs profits, PBT and PAT are pratically the same. Dont MYEG have to pay tax? Do I miss something? 18/04/2024 12:00 PM  EngineeringProfit Nothing. You're 100% correct. I've warned them not to waste time here 18/04/2024 12:11 PM 1pingpong This respond from ISrael is still pending - Any firing of rockets in reply will cause another tank in Bursa. By then - its the real Black Friday. 18/04/2024 12:15 PM 1pingpong And some more we all see KWAP and EPF big buy in...if we follow these 2 track record...you will want to do the contrary from them. 18/04/2024 12:16 PM 1pingpong And not be deceived by false breakout of small push as to lure buy in and then sudden tank...which is too common.. 18/04/2024 12:18 PM EngineeringProfit No, they support the price to escape high price- maximising profits. Yes, don't be gullible 18/04/2024 12:29 PM benykp Jjptr: Pbt. Before that is PBIT. (11m last quarter) Tax was 551k last quarter. 18/04/2024 2:32 PM 1pingpong When the push is real, the stat will appear net selling. When the dump is real, the net will show buying. The art of Flushing. 18/04/2024 3:11 PM 1pingpong One tend to learn more when loosing than winning. especially in the hundred of thousands. 18/04/2024 3:14 PM 1pingpong 4.45pm - 5.00pm is the window for magical intervention and revelation of clear direction 18/04/2024 3:16 PM swimvshark pingpong really match your words... talk = no talk= talk cock. roti canai is your nick name. i can tell you it will go up before it go down. Y? bcos kwsp and epf bought too much to support it. if i were in thier shoe, sure frie up and sell slowly. nobody sell at floor price... mark my words 18/04/2024 4:35 PM ignissimia @JJPTR and @benykp@ MYEG is very shrewd in its tax management and is able to enjoy a lot of tax incentives offered by the government, so much that the effective cummulative tax rate paid for the financial year 2023 is only 0.29% compared to the standard 24%. Read Note B5 in the latest Qtr Report on Taxation. 18/04/2024 4:36 PM swimvshark as for JJPTR, some time earn money is not follow on facts. u see JJPTR scam so big also earn alot of money. no logic inside. just pure tactic only. 18/04/2024 4:38 PM 1pingpong Hey long time no see Tan Sri swimvshark. Hows your 1000 pax strong company? Hope you doing well as usual. Ya, my apology, Tan Sri, I dint know u are buying this counter also. 18/04/2024 5:33 PM metaverse 赖清德5月20日就职典礼。北京在台湾选前曾警告，赖清德的当选将引发两岸冲突的“极端危险性”，将使台湾“离战争、衰退越来越近”。 https://www.tradingview.com/chart/XAUUSD/9tbwrAZg-Time-Cycle-Analysis-Gold-Spot-USD/ 18/04/2024 6:03 PM ignissimia It may be note worthy to know that both EPF and KWP made their last disposals of MYEG shares 2 days apart on 18 and 20 March 2024 respectively. On 18 March 2024 EPF actually ceased to be a Substantial Shareholder of the counter after unloading 4,535,000 shares but regained the SS status on 27 March after acquiring 3,500,000 new shares. So far, EPF has made new share acquisitions on 1 day in March and 3 days in April totalling 14,257,000 units. KWP has acquired new shares on 2 days in March and 4 days in April totalling 9,274,800 units. 18/04/2024 6:20 PM Tenka226 This time is MOA? https://www.thestar.com.my/business/business-news/2024/04/17/myeg-signs-teaming-agreement-with-heitech 18/04/2024 8:36 PM  | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
