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[公司专区] 0138 MYEG 服務

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x 20
发表于 2011-3-9 22:30 | 显示全部楼层
RHB 28 July 2010 MYEG research report
里面有很多重点。


那个 testing phase 之前是讲 3月开始,现在是delay了?

Balance sheet
cash = 16,782  VS  Total liability = 11,208
净现金公司

投资那个 spv 40%
需付出 40mil,这里是有点不透明,另外 60% 股东是谁?

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发表于 2011-3-29 16:06 | 显示全部楼层
MYEG 赛车女郎
这样打广告是浪费钱吗?

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发表于 2011-3-29 16:09 | 显示全部楼层
MYEG 赛车女郎
这样打广告是浪费钱吗?
peng01 发表于 2011-3-29 16:06



   

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发表于 2011-5-10 15:25 | 显示全部楼层
MY E.G. shareholder halves stake

KUALA LUMPUR: MY E.G. SERVICES BHD [] substantial shareholder Ng Hong Sing halved his stake in the company to 5.58% to 2.74% on May 3.

A filing with Bursa Malaysia showed he disposed of 17 million shares on May 3.

After the recent disposal, he ceased to be a substantial shareholder as his stake was reduced to 16.48 million shares or 2.74%.

http://www.theedgemalaysia.com/b ... r-halves-stake.html

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发表于 2011-6-8 17:30 | 显示全部楼层
My EG inks MoU with Kazakhstan for e-govt services

KUALA LUMPUR: MY E.G. SERVICES BHD [] (MyEG) has inked a memorandum of understanding (MoU) with Kazakhstan’s  National Information Technologies JSC to embark on e-government services in that country.

MyEG said on Wednesday, June 8 it would leverage on its experience in delivering online government services in Malaysia to help the NIT build the country’s national information TECHNOLOGY [] infrastructure.

The signing was witnessed by Prime Minister Datuk Seri Najib Razak and his counterpart Karim Massimov in conjunction with the World Islamic Economic Forum.

MyEG executive chairman Datuk Dr Norraesah Mohamad said MyEG had developed its expertise and also had a track record in providing online public services which could be potentially be applied to other markets.

“We are excited by the opportunities presented by this collaboration, given that it marks our first venture overseas. We hope that this mutually-beneficial venture would result in a substantial source of additional revenue from overseas for MyEG and diversify our earnings base in the long run,” she said.

http://www.theedgemalaysia.com/b ... -govt-services.html

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发表于 2011-6-8 17:40 | 显示全部楼层
MyEG has good growth prospects long term

MyEG Services’, Malaysia’s dominant e-services player, latest earnings results for 3QFY11 ending June were slightly below our expectations due to high installation costs for the rollout of its customs tax monitoring service.

Revenue increased by 19.5% to RM19.8 million, while net profit rose 8% to RM6.3 million for the quarter. Net profit for the nine-month period ended March 31, 2011, however, declined marginally by 1% to RM14.9 million despite a 16.1% growth in revenue to RM52.2 million.

Top line growth was largely due to higher JPJ-(Road Transport Dept) related services for theory test taking, an increase in online payment of traffic summons due to the campaign by the police, which was extended to 3QFY11, and growth of its online road tax and insurance services.

However, the stronger revenue growth was offset by higher marketing related expenses as the company continued to build its brand.

Another significant cost factor this year, we understand, will be installation costs for the rollout of the customs tax monitoring service. MyEG has started its pilot programme of monitoring point-of-sales cash registers and has so far undertaken about 100 such installations.

We understand installation fees amount to RM500 per outlet, up from RM350 previously estimated. The company aims to have installations at 10,000 outlets by year-end.

MyEG’s JPJ-related revenue is seasonal as demand for new driving licences increases in the first half of the year (second half of MYEG’s financial year) due to the long school holidays after the government exams. As such, JPJ-related revenue from January to June has historically been 50% higher than that for July to December, although the other businesses are less cyclical.  

Reasonable valuations on longer-term growth prospects
We are reducing our forecasts for FY11/12 by 12% and 10% respectively, to take into account higher installation costs for the customs tax monitoring service. As mentioned above, MyEG is targeting 10,000 outlets by end-2011.

We expect net profit to rise by 6.7% to RM22.3 million in FY11 and 23.9% to RM27.6 million in FY12, with higher installation costs but assuming no contribution from the customs tax service during this period.

At 75 sen, its shares are trading at price earnings ratios (PER) of 20.2, 16.3 and 13.1 times for FY11 to FY13 earnings. While these PER valuations do not look very attractive, they are still reasonable relative to the company’s double-digit growth, high return on equity and net profit margin. More exciting is the potential wildcard from the customs tax monitoring service.

Drivers for future growth
MyEG’s earnings are poised to grow rapidly in the next few years, driven by continued growth of its road tax renewal service, new products and services (especially the immigration and customs service tax monitoring initiatives), as well as increasing market share and customer acceptance.

The underlying market for MyEG’s services is very large, with relatively resilient and recurring demand. Demand is also being supported by the growing popularity of online services and transactions for convenience and cost reasons.

In the near term, the company’s earnings will continue to be driven by the road tax renewal services, which are growing rapidly. The service currently attracts over 6,000 road tax renewals a day, up from 5,000 in February and March 2011 and about 3,000 a year ago. It has an estimated 30% market share.

We understand growth has been averaging around 8% month-on-month, which management expects to continue until the end of this year, where saturation may set in if it achieves 60% to 70% market share. Once the business matures, MyEG expects more steady income and growth to be driven by the immigration and customs initiatives.   

The number of ancillary motor insurance premiums sold daily has increased to 220 a day from 200 earlier this year and about 150 a year ago.

The market for road tax renewal services is supported by a large number of vehicles and drivers, with road taxes that need to be renewed annually, annual insurance premiums and drivers’ licences renewal due every five years. Other JPJ services in the pipeline include e-application for vehicle registration numbers and online vehicle ownership transfer.

The drivers’ licence theory tests and e-insolvency searches, meanwhile, continue to provide steady income.

Potential for earnings to surprise on the upside
More attractive is the ability for earnings to surprise on the upside from FY12 onwards due to the customs tax monitoring, immigration and other services in the pipeline.

MyEG is embarking on a new phase of growth as it expands its services to include those from the Immigration Department (for maid and foreign workers’ annual permit renewal), and most significantly, a customs tax-monitoring service with the Royal Malaysian Customs.

Under the customs tax monitoring scheme, MyEG has a 40% stake in a special purpose vehicle (SPV) that will link up point-of-sales (POS) terminals of businesses that are subject to customs service taxes, such as restaurants and entertainment outlets.

The SPV will undertake the programme and install software at each POS terminal for the link-up at its own cost, with capex of RM100 million for phase 1.

In return, the SPV will receive a 20% share of the taxes that were previously found to be under-declared, with 80% going to the government, with a base growth imputed. The service will also be compatible with a goods and services tax (GST) regime that is likely to be implemented at a later stage, giving the company a potentially wider earnings base.

This will give MyEG a potentially large wildcard from FY13 onwards. Earnings visibility for the new service, however, is uncertain at this juncture. It would depend on how much sales and service taxes were “under declared” in the past, which cannot be ascertained.

The potential market, nonetheless, is large. We understand the service tax base is about RM4 billion in 2010, of which about RM2 billion is for category C and D businesses, namely restaurants and entertainment outlets. The remaining RM2 billion is from professional services as well as gaming.   

Equally though, it is a high-risk return investment on the part of the SPV, given the sizeable capex needs. Total capex is estimated at RM100 million for the first phase. Substantially more may be needed for the later stages and when GST is eventually implemented.

Another key future earnings driver for MyEG is its e-immigration service for foreign worker permit renewals, which was soft-launched in April 2010. This involves the online renewal of foreign workers’ permits. At present, the service caters for domestic maids, but will be extended to cover other foreign workers at a later stage.

Once the service is fully in place, employers from factories, businesses and households (for domestic maids) can apply for the renewal of their foreign workers’ permits online at a minimal cost of RM50, compared with high charges of around RM200 by agencies.

With an estimated two million foreign workers in Malaysia, of whom about 250,000 are domestic maids, the potential for this service is large.

Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.

http://www.theedgemalaysia.com/i ... ects-long-term.html

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发表于 2011-6-9 19:49 | 显示全部楼层
MyEG ties up with Kazakhstan’s NIT

KUALA LUMPUR: MyEG Services Bhd has teamed up with Kazakhstan’s National Information Technologies JSC (NIT) to jointly introduce e-government services there. MyEG and NIT signed a memorandum of understanding for the collaboration yesterday. It marks MyEG’s maiden venture abroad.

“We are excited by the opportunities presented by this collaboration, given that it marks our first venture overseas. We hope that this mutually beneficial venture will result in a substantial source of additional revenue from overseas for MyEG and diversify our earnings base in the long run,” said Datuk Norraesah Mohamad, MyEG executive chairman.



The alliance marks MyEG's maiden venture abroad.

For 3QFY11 ended March, MyEg posted a net profit of RM6.28 million, up 8% from RM5.82 million the previous corresponding quarter. Revenue rose 26% to RM19.79 million from RM15.68 million a year ago. For the nine-month period, MyEG posted a net profit of RM14.9 million on the back of RM52.23 million in revenue.MyEG said in a statement that it intends to leverage on its experience in delivering online government services here and assist NIT in its mission of building Kazakhstan’s national information technology infrastructure. MyEG is a concessionaire for Malaysia’s e-government MSC flagship application and has a role as a service provider for the e-services component which essentially provides the electronic link between the government and citizens or businesses.

NIT is the national operator for the informatisation of Kazakhstan. It provides official registration and support to the domain names of Kazakhstan’s government agencies and to those affiliated with the implementation of the projects.
MyEG said that according to the United Nations e-Government Survey conducted in 2010, Kazakhstan is one of the top 50 countries on the e-Government Readiness Index.

“We believe this augurs well for a successful venture, given our experience and technology combined with NIT’s core competencies,” said Norraesah.

http://www.theedgemalaysia.com/i ... azakhstans-nit.html

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发表于 2011-6-9 20:47 | 显示全部楼层
有好消息股价不起而反跌, why?????

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发表于 2011-6-9 20:54 | 显示全部楼层
回复 29# hoga888

昨天已起了,也因为好消息并不能立时提供earning于MYEG,所以也被套利了。

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发表于 2011-9-10 14:33 | 显示全部楼层
MyEG: Defensive with strong growth prospects     
  
Despite its recent share price weakness — mirroring the broader market’s decline — earnings for MyEG Services, Malaysia’s dominant e-services player, are expected to retain their defensive qualities. At the same time, the company’s business model offers solid scope for growth through both existing and new businesses.

In short, MyEG offers investors a defensive yet high earnings growth exposure, which is particularly attractive under prevailing market environment.   

The company’s latest earnings results for 4QFY11 ended June were in line with our expectations. Net profit for FY11 rose 9.3% to RM22.8 million on the back of 27.8% growth in revenue to RM58.8 million.

Growth continued to be driven by higher JPJ-related (Road Transport Dept) services, particularly for the online road tax renewal and insurance services. The narrower margin was due, in part, to higher marketing related expenses to build the brand. Another significant cost factor was the installation costs for the trial rollout of the customs tax monitoring service.

MyEG’s balance sheet remained strong, with just some RM3.66 million in net borrowings, despite registering higher capital expenditure for the customs monitoring trial exercise.

We estimate net profit will expand to RM27.6 million in FY12 and RM39.1 million in FY13, assuming no contribution from the customs tax service yet. At the current price of 63 sen, its shares are trading at price earnings ratios of 13.7 times for FY12 and 9.7 for FY13.

Its valuations are reasonable relative to the company’s expected double-digit growth, high return on equity and net profit margin. More exciting is the potential wildcard from the customs tax monitoring service and immigration services.

MyEG’s earnings are poised to grow rapidly in the next few years, driven by continued growth for its road tax renewal service, new products and services (especially the immigration and customs service tax monitoring initiatives), as well as increasing market share and customer acceptance.

The underlying market for MyEG’s services is large, with relatively resilient and recurring demand, supported by the growing popularity of online services and transactions for convenience and cost reasons.

Road tax service
In the near term, its earnings will continue to be driven by the road tax renewal service, which is expected to post good growth and has not reached saturation point yet.

The market for road tax renewal services is supported by a large number of vehicles and drivers. Road tax needs to be renewed annually, drivers’ licence renewal is due every five years and annual insurance premiums present a large market.

The road tax renewal service currently attracts over 6,500 renewals a day, up from about 6,000 in 2QCY11 and 5,000 in 1QCY11. We understand growth for this calendar year continues to average around 8% month-on-month.

The number of ancillary motor insurance premiums sold daily has increased to 250 to 300 per day, from 220 in 2Q11 and 200 earlier this year.

The management expects saturation for the road tax renewal service to set in once it achieves 60% to 70% market share, from around 35% at present. When the business matures, MyEG’s growth will be driven more by the immigration and customs initiatives.   

Immigration services
Immigration services will be another major driver of growth. Launched in April 2010, this involves the online renewal of foreign workers’ permits. At present, the service caters for domestic maids, but will be extended to cover other foreign workers at a later stage.

Employers of foreign workers — such as factories, businesses and households — can apply for the renewal of their foreign workers’ permits online at a minimal cost of RM50, compared with high charges of around RM200 by agencies.

After a slow start due to the long freeze on maids from Indonesia (as the business model involves renewal rather than application of new permits), the business has since gathered steam, with about 400 to 500 renewals per day.

It will receive a fillip from the ongoing registration of legal and illegal workers, which will set a larger base for renewals in the future.

In mid-July, the government embarked on an exercise to register both legal and illegal workers, which includes an amnesty programme for illegal workers. MyEG is also working on the registration exercise, along with the government and other agencies.

Following the registration exercise, renewals are expected to increase next year, including a boost from the legalisation of illegal workers. According to news reports, there are an estimated two million illegal foreign workers in the country and about 1.8 million working legally, excluding about 250,000 maids. This suggests a large market for this service.

Customs monitoring service
Under the customs tax monitoring scheme, MyEG has a 40% stake in a special purpose vehicle (SPV) that will link up point-of-sales (POS) terminals of businesses that are subject to customs’ service taxes, such as restaurants and entertainment outlets.

The SPV will undertake the programme and install a software at each POS terminal for the link-up — at its own cost. In return, the SPV will receive a 20% share of the taxes that were previously found to be under-declared, with 80% going to the government, with a base growth imputed.

This could boost earnings from FY13 onwards, although capex is also high at RM100 million for Phase 1. However, the quantum is difficult to assess at this juncture, as much depends on how much tax was under-declared in the first place.

The potential market, nonetheless, is large. We understand the service tax base is about RM4 billion in 2010, of which about RM2 billion is for category C and D businesses — restaurants and entertainment outlets. The remaining RM2 billion is from professional services as well as gaming.   

MyEG will initially focus on category C&D businesses. We understand some 1,000 POS terminals have so far been installed, about a quarter of the target under its pilot test phase.

The rollout of Phase 1, earlier targeted for next year, will depend on how fast the POS terminals are rolled out and compliance by businesses.

MyEG’s service is compatible with a GST regime that is widely expected to be implemented at a later stage, likely after the next general election. This will give the company a potentially wider earnings base, if it is given the rights to administer the system.

http://www.theedgemalaysia.com/i ... ngapore-and-ma.html

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发表于 2011-10-24 10:41 | 显示全部楼层
MYEG服务末季净利涨36%

•经济 •财经新闻 •2011-08-27 10:02 •点击数:99 •新闻由东方日报提供 •讨论 •顶

(吉隆坡27日讯)MYEG服务(MYEG,0138,主板贸服股)现财政年末季(截至6月30日)净利按年上升35.93%至791万令吉,上财政年同期为582万令吉。营业额从1330万令吉,按年上扬34.48%至1789万令吉。

该公司全年净利按年微涨9.30%至2281万令吉;营业额亦按年成长27.85%至5883万令吉。

该公司也建议派发每股0.6仙的终期免税股息。

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发表于 2011-10-24 11:09 | 显示全部楼层

0138 MYEG MYEG服务

本帖最后由 bubi 于 2011-10-24 11:10 编辑

一股作气:MYEG服务 营收4年翻倍
财经周刊 投资观点  2011-10-17 14:44








MYEG服务(MYEG,0138,主板贸服股)是我国主要的电子政府服务供应商,是一家专为大马政府开发线上服务的业者。
MYEG服务是大马电子政府多媒体超级走廊计划特许经营公司,主要两大策略业务:

1.政府—公民(G2C)服务G2C服务涵盖更新驾驶执照、缴付电子账单以及线上资讯服务,如检查交通传票,以及查询破产或清算状态。

2.政府/企业解决方案(GES)GES则是非网上服务,如软件与企业解决方案、系统开发与维修,以及提供电子服务中心(E-Services Centres)服务。


根据2010年报资料显示,MYEG服务独资子公司包括:

●mySPEED.com(主要业务:开发与执行电子政府服务项目,以及提供其他相关电子政府服务项目)
     ●Gale Vector(主要业务:提供软件解决方案和维修服务)
     ●My E.G. Commerce


此外,该公司也在MY E.G. Integrated Networks(主要业务:提供软件和硬件解决方案和相关服务)持有40%股权。


MYEG服务网站显示,未来计划包括:

●商业化签发“P”牌(试用期)驾驶执照服务
     ●商业化车卡申请
     ●商业化电子车险中介服务
     ●商业化国民登记局服务,如申请更换身份证(大马卡)、载入驾驶执照和大马护照资料至大马卡
    ●商业化更新路税服务
    ●商业化车主转移服务
    ●扩展GES服务至东南亚市场


本财年派息1.1仙

MYEG服务的业绩自2007年上市以来,一直呈增长趋势,并于2009年,从当时的自动报价股转至主版。

数据显示,其2007年6月30日财年的净利从1477万8000令吉,攀高至2011财年的2281万4000令吉。

营业额则从2548万令吉逐年提高,在短短的4年期间,已劲扬超过1倍至5883万3000令吉。

截至2011财年,MYEG服务的总贷款为1034万9000令吉,从其盈利表现来看,这批贷款仍在控制范围,半年的净利就可偿还。

该公司现金与银行余款,合计达533万4000令吉,比2010财年的882万5000令吉,跌349万1000令吉。


现金下滑

现金与银行余款下滑,主要是因投资活动和融资活动各别出现3765万令吉和3618万9000令吉的现金流流出,而营运活动的现金流仅流入3432万2000令吉。

在2011财年,MYEG服务共派发两次股息,共达1.1仙,而2010财年为0.5仙,派息提高令人鼓舞。


【SWOT分析】


●优势(Strengths)
在我国约1000家上市企业中,只有两家公司提供政府相关电子服务,另一家为世纪软件(Century Software),后者的服务偏向政府—企业型。

通过网上办理证件,对于无法在工作时间抽空又不想东奔西跑的一族,无疑是非常便利,可省却时间和外出的麻烦。


●劣势(Weaknesses)

在去年年终至今年初交通传票大优惠期间,特别是在期限逼近之际,因通过其网站缴付传票的人次激增,导致其网络服侍器瘫痪。

避免涌进交警柜台服务的民众,都趁“大促销”清还手上的交通传票,惟因网络服侍器不足以应对,导致难以登入该网站,可能流失潜能客户。

另外,公司也缺乏作出宣传,特别是新服务的推出,导致大众无法知晓其最新服务,可能包括早前的6P漂白计划。


●机会(Opportunities)

随着平面电脑的崛起与趋势,以及智能手机的普及化,如今,随身上网更是轻而易举的事。

为此,公司或可考虑推出应用程序(Application,或简称App),为客户带来更大的方便。


●威胁(Threats)

外资高盛集团也是MYEG服务的主要股东之一,一旦资金全面撤离,可能影响该公司股价。

数据显示,高盛集团在近期内已减持其股权,从今年8月8日最后一次增持至7.86%股权后,自9月20日逐渐减至10月4日的7.58%。

此外,更新驾驶执照等服务也可通过分行网络庞大的邮政局办理,如果日后亦提供网上服务,可能会流失部分客户。

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发表于 2011-10-24 11:11 | 显示全部楼层
外資入股激勵‧MYEG服務走高
2010-08-02 09:58

讀者小胡想問有關MYEG服務(MYEG, 0138, 主板貿服組)的情況,這間公司最近的走勢,從半年前的46仙,升到約80仙價位,已經起了80%。

請問,這間公司核心業務是甚麼?公司最近會有些甚麼活動嗎?值得持有嗎?

答:MYEG服務的核心業務,主要通過政府頒予的特許權,為公眾提供電子政府服務,而涉及的政府部門,包括陸路交通局、大馬皇家警察部隊、馬來西亞破產局、國家能源、馬電訊及吉隆坡市政局等的网上電子服務。

高盛購入5.04%股權

這間公司的最近動靜,包括今年5月21日的股權變動,即全球知名金融財團―高盛購入這間公司的5.04%股權,或是3030萬股的股票。

這使這間公司的外資持有權達到近18%水平。之後是買是賣,則不得而知。相信半年來至今的股價表現,料與外資購股,以及這間公司本身也積極進行股票回購行動有關。

這間公司提供的服務是長期及循環性質,每當公司推出新服務產品,皆對業務前景有利。這間公司曾表示每年會至少推出1項新服務產品。

30%淨利充股息回饋股東

據泛馬證券於今年5月間的報告指出,這間公司計劃將公司至少30%淨利,充當股息回饋股東。預測這間公司截至2010年6月30日為止財政年的淨利可達1950萬令吉,2011年進一步增至2350萬令吉。

至於是否值得持有,這間公司最新業績表現可作為參考資料之一。截至2010年3月31日為止,這間公司的首9個月淨利為1504萬6000令吉,前期為1307萬5000令吉。每股淨利為2.50仙,前期為2.20仙,而每股淨有形資產為13.6仙。

若是將首9個月淨利年度化,預測全年每股淨利為3.33仙。若是以這間公司目前股價約80仙為准,預測本益比則為24.20倍。(星洲日報/投資致富‧投資問診室)




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发表于 2011-10-24 11:12 | 显示全部楼层
MYEG服務漂亮登場 首開溢價逾100%       
2007-01-16 03:28:13       

  (吉隆坡16日訊)作為首家在2007年上市的自動報價市場新秀,電子政府服務供應商MYEG服務有限公司(MYEG,0138,自動報價市場)成功創下佳績,開盤取得超過100%的溢價。

  甫一開市,MYEG服務即以1.20令吉成交,比其發售價55仙溢價高達65仙,漲幅高達118%,較後更一度攀升至1.34令吉的最高價位。

  不過,截至閉市時,該股走勢回軟,挂1.10令吉,上揚55仙,共1256萬9100股轉手。

  在此間出席上市儀式後,MYEG服務執行主席拿督諾拉莎告訴記者,開市價屬預料之中。

  她說:“這是一項循環業務,每次我們推介新產品,即將推高我們的收益。”

  在其未來計劃方面,諾拉莎表示,該公司將加強其成長潛質和發展新產品,以在市場上推介。

  她指出:“我們將探討可帶動我們最大成長的產品。”

  MYEG服務的部份計劃包括于1年內倍增MYEG電子服務單位至60個,以及建立對MYEG電子政府線上服務的認知。

  談及MYEG服務進軍海外市場時,諾拉莎稱,該公司已初步洽商在2至3年內投資于巴基斯坦和阿聯酋。

  MYEG服務是一家多媒體超級走廊地位公司,從事發展和履行電子政府服務。

  在其截至2007年6月止的現財政年,MYEG服務已預測錄得700萬令吉淨盈利以及2200萬令吉收益,分別取得75%和29%漲幅。

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发表于 2011-10-24 11:13 | 显示全部楼层
MYEG靠政府合約壯大
黃義傑

MYEG服務(MYEG,0138,主板貿服股)是大馬主要的電子服務業者,前身是成立於2000年的I.T.Marvel私人有限公司,隨後改名為MyE.G.DotCom私人有限公司,2005年再轉而成為公共公司,並於同年在大馬交易所自動報價市場(MESDAQ,創業板前身)掛牌。2009年,該公司轉板至主要交易板。

MYEG服務2011財政年(截至6月30日)全年淨利按年增長9.3%,至2280萬令吉,略高於InsiderAsia研究分析員預估的2230萬令吉。該公司的業績成長主要源於更頻繁的陸路交通局相關服務,尤其是在線路稅更新及保險服務。

回顧MYEG服務過去的記錄,該公司的淨利成長向來標青。5年來,該公司每年平均取得41.43%的淨利成長。

該公司2007財政年淨利達708萬令吉,2009財政年轉主板時淨利為1716萬令吉,其2011財政年淨利比2年前增長33%,比4年前增長222%。

無論如何,基於在市場營銷方面的開銷增長,以及網絡服務稅監督系統的試驗安裝成本,與之前比較,MYEG服務2011財政年的成長已有所放緩。儘管如此,該公司的資產負債表依然保持強勁。

分析員指出,在目前全球經濟局勢不明朗的情況下,MYEG服務的業務性質及盈利具有抗跌性之餘,兼有保持高盈利成長水平的優勢。

基於該公司仍在成長階段的各項業務、新產品的催化效應、不斷擴大的市佔率和客戶接受度日益增加,該公司在未來數年的盈利料將保持高速成長。

MYEG服務是政府在線路稅更新服務的供應商,由於國內有龐大數量的駕駛人士,他們的路稅、駕照及保險等都必須定期更新,因此在線路稅更新服務的盈利將持續成長。

在約一年前,每天僅有5000人使用該項服務,在2011財政年次季時增至6000人,而目前每天有逾6500人使用該項服務更新路稅。今年,使用人數預計每月平均增長8%。至於該項服務每天售出的車險保單,則從今年初的220宗,增至目前的250至300宗。

MYEG服務目前在此服務市場的佔有率為35%。該公司管理層預估,該項服務達到60%至70%市占率時,才是飽和點。

除了已進入軌道的在線路稅更新服務,MYEG服務代辦的移民局相關服務亦備受看好,將成為新的主要盈利來源。

該公司去年4月推介這項服務,主要涉及更新外勞准證,目前擴大至國內女傭群體,未來將擴大至涉及外勞的更大範圍服務。

僱主可使用該項在線服務為外勞更新准證,收費低至每人50令吉,遠低於代理公司的每人200令吉。儘管印尼前陣子凍結輸出女傭至我國,導致該項服務進展緩慢,惟目前情況已改善,每天有400至500宗使用該服務。

隨著政府展開外勞「漂白」行動,為外勞準證更新服務提供一個龐大市場。MYEG服務與其他代理公司一樣,得以參與這項涉及約180萬合法外勞和約200萬非法外勞的活動,預計該項服務明年的更新數量將有所成長。

另一方面,MYEG服務擁有負責營運網絡服務稅銷售點的特別用途公司(SPV)的40%股權。該特別用途公司將出資在每個銷售點安裝一套軟件與稅務局連接,該公司將賺取額外的稅務收入的20%稅務,其餘80%則歸政府。這項網絡服務稅監督系統正在試跑中,目前已完成約1000個銷售點。

分析員預計,儘管該項業務的首期資本開銷高達1億令吉,但卻能推動MYEG服務的2013財政年及往後的盈利,因其潛在市場龐大。

2010年,服務稅金額高達40億令吉,其中一半由(C類業務)和娛樂場所(D類業務)所貢獻,其餘20億令吉則由專業服務和博彩業務貢獻。

初期,該公司將專注於耕耘C類和D類業務市場。無論如何,具體盈利數額尚無從預測,這胥視屆時通過該項服務收取的服務稅規模。值得注意的是,即將實行的消費稅(GST)也為MYEG服務提供很大的潛在商機。

分析員強調,基於高便利性和低成本的在線服務擁有越來越多的用戶群,MYEG服務的潛在市場相當大,因此維持該公司「買進」投資評級。

分析員預測,該公司2012財政年的淨利將達2760萬令吉,是假設該公司尚未能從網絡服務稅服務中受惠。

同時,分析員強調,儘管MYEG服務目前高達15.79倍本益比的估值看來欠缺吸引力,但對比該公司的雙位數成長、高股本回酬率及淨利賺幅,該估值尚算合理。除了InsiderAsia研究,另有一家機構PM證券行追蹤該股,最新一次的評級亦是「買進」。

將持續每年派息

MYEG服務過去數年均有派息記錄,其中2011財政年派發每股0.5仙股息,2011財政年達每股1.1仙,目前該公司的週息率為1.79%。相信未來隨著業務成長,該公司將持續每年派息。

值得一提的是,MYEG服務的業務性質高度依賴政府合約,但在提供電子服務予政府方面,目前可算享有壟斷地位。

因此,鐘愛業務與政府有關公司的許多外國機構投資者如美國的投行高盛(Goldman Sachs),就從去年起入股該公司,並逐步增持至目前的7.85%,是該公司第三大股東。

從MYEG服務股東資料中,可發現蠻多國內外機構投資者,反映出機構投資者對該公司前景頗具信心。除了高盛投行、來自英國的第二大股東Utilico新興市場基金、加拿大的Mawer投資管理公司、美國的富達國際(Fidelity International)、朝聖基金局(Lembaga Tabung Haji)、大馬宏利資產管理、保誠單位信託、僑豐大華單位信託及RHB單位信託管理等都是該公司的股東,共掌控著MYEG服務26.92%股權。

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发表于 2011-10-24 11:21 | 显示全部楼层
MYEG服务末季净利涨36%
字体: [ 最大 大 中 小 ]
•经济 •财经新闻 •2011-08-27 10:02 •点击数:100 •新闻由东方日报提供 •讨论 •顶

(吉隆坡27日讯)MYEG服务(MYEG,0138,主板贸服股)现财政年末季(截至6月30日)净利按年上升35.93%至791万令吉,上财政年同期为582万令吉。营业额从1330万令吉,按年上扬34.48%至1789万令吉。

该公司全年净利按年微涨9.30%至2281万令吉;营业额亦按年成长27.85%至5883万令吉。

该公司也建议派发每股0.6仙的终期免税股息。

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发表于 2011-10-24 11:24 | 显示全部楼层
如何看待 MYEG?

CompanyProfile
Our Company was incorporated in Malaysia as a private limited company under the Act on 17 February 2000 as IT. Marvel Sdn. Bhd. We subsequently changed our name to My E.G. Dot Com Sdn Bhd on 20 March 2000 before assuming the name, My E.G. Services Sdn Bhd, on 13 October 2001.

On 13 April 2005, our Company changed its status to a public limited company and assumed its present name, My E.G. Services Berhad, in conjunction with our listing on the MESDAQ Market. On 7 January 2009, we successfully completed our transfer listing to the Main Board of Bursa Malaysia Securities Berhad.

We are engaged in the business of development and implementation of E-Government services and the provision of other related services for the E-Government Initiative as well as investment holding. Our current services include the electronic delivery of driver and vehicle registration, licensing and summons services and utility bill payments.

Financial Highlight

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发表于 2011-10-24 14:14 | 显示全部楼层
PE too high..not time to buy it.

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发表于 2011-10-24 16:20 | 显示全部楼层
有人知道他的管理人的能力吗

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x 19
发表于 2011-10-24 16:24 | 显示全部楼层
他没有受到经济风暴影响

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