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[公司专区] 0138 MYEG 服務

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发表于 2012-5-24 19:47 | 显示全部楼层
Financial Results
Reference No CC-120524-63766

Company Name
:
MY E.G. SERVICES BERHAD  
Stock Name
:
MYEG  
Date Announced
:
24/05/2012
Financial Year End
:
30/06/2012
Quarter
:
3
Quarterly report for the financial period ended
:
31/03/2012
The figures
:
have not been audited

Currency
:
Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
31/03/2012

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/03/2012
31/03/2011
31/03/2012
31/03/2011
$$'000
$$'000
$$'000
$$'000
1Revenue
18,340
15,584
49,451
40,935
2Profit/(loss) before tax
7,233
6,313
19,363
14,998
3Profit/(loss) for the period
7,202
6,283
19,279
14,896
4Profit/(loss) attributable to ordinary equity holders of the parent
7,202
6,283
19,279
14,896
5Basic earnings/(loss) per share (Subunit)
1.20
1.00
3.20
2.50
6Proposed/Declared dividend per share (Subunit)
0.00
0.50
0.50
0.50








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
0.1909
0.1664

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发表于 2012-6-9 00:56 | 显示全部楼层
MyEG to expand at double-digit pace

We are upbeat on MyEG Services Bhd’s business model, defensive qualities and ample scope for earnings growth through new business opportunities and services.

3QFY12 results in line with expectations

MyEG’s results for 3QFY12 ended March were within expectations. Net profit of RM19.3 million for the first nine months of FY12 accounted for 70% of our full-year forecast of RM27.8 million.

Revenue for the quarter rose 17.7% y-o-y to RM18.3 million, driven primarily by higher volumes for its motor insurance and road tax renewal services, as well as new cloud computing-based services.

Net profit for the quarter rose 14.6% to RM7.2 million. The company continues to enjoy largely tax-free status with minimal taxes paid.

For the first nine months of FY12, revenue increased 20.8% to RM49.5 million, while net profit rose 29.4% to RM19.3 million.

Despite investments in new branches, kiosks and capital expenditure in the customs monitoring and other new planned services, the company’s balance sheet remained strong.

As at end-March this year, it had net cash of RM7.6 million, down slightly from RM8.7 million as at end-2011. This excludes RM2.4 million in hire purchase liabilities.

Net profit for FY12 expected to rise by 26% and FY13 by 37%
We expect net profit for FY12 ending June 30 to rise 26% to RM27.8 million, assuming no contribution yet from the customs tax service, which has completed its pilot trial. The service will start in January 2013. Assuming contributions of RM5 from this service in FY13, we expect net profit to rise 37.3% to RM38.1 million — equivalent to earnings per share of 4.6 sen for FY12 and 6.3 sen for FY13.

MyEG’s share price has fallen to 58.5 sen from 69.5 sen over the past three months, as smaller capitalised stocks have been badly bruised by the broader market selloff triggered by the eurozone worries.

At the current price of 58.5 sen, MyEG is trading at price-earnings ratios of 12.7 for FY12 and 9.2 times for FY13, which are attractive relative to its double digit earnings growth and potential wildcards from the customs tax monitoring service, immigration and other new services.

Growth drivers from several fronts

The company’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, as well as increasing market share and customer acceptance.

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

In the near term, MyEG’s earnings will continue to be driven by its Road Transport Department (JPJ)-related services — for road tax renewal and insurance premiums. These are supported by a large number of vehicles and drivers and high transactional frequency.

Despite strong growth over the last few years, the market for MyEG’s JPJ-related services has yet to reach saturation point as more consumers transact online. The company is planning new JPJ services that will spur further growth, including an online vehicle registration transfer service.

We understand the road tax renewal service currently attracts about 10,000 renewals per day, up from 9,000 in 1Q12 and 8,000 late last year. In 2011, it saw a steady increase in renewals, from around 5,000 per day in 1Q11 to 6,000 in 2Q11 to 8,000 by the year-end.

The motor insurance service continues to grow, and currently attracts about 350 to 400 premiums underwritten daily, up from 300 to 350 premiums three months ago.

In December 2011, MyEG launched the first phase of its online vehicle ownership transfer service, which allows for easier transfer of ownership.

“E-Tukar Hakmilik Sementara” aims to solve issues especially relating to the assumption of liabilities and summonses on the transfer of ownership during the time when the vehicle is sold to a used car dealer. For a fee of RM10, the new service allows sellers to transfer their ownership to car dealers on a temporary basis for six months.

The company is following up with the introduction of a full online vehicle ownership transfer system, which will cover all sale and registration of vehicles, not just temporary transfers. The service is tentatively scheduled to be launched in June 2013 and will cover a potential market of around one million transfers annually.

Immigration services to gather steam
Immigration services will be another major driver of growth going forward, although the division is seeing slow business for the moment due to ongoing labour and immigration issues.

Launched in April 2010, it involves the online renewal of foreign workers’ permits. At present, the service caters for maids, but will be extended to cover other foreign workers at a later stage.

Growth of the services has been hampered by the freeze in Indonesian and Cambodian maids, and the government’s ongoing registration of illegal workers.

The foreign worker renewal service will be marketed more aggressively once the registration of illegal workers is concluded. By then, there will be an estimated market size of around four million permits per year.

Customs monitoring service goes live January 2013
MyEG has completed the pilot project for the government and plans live commencement of the scheme on Jan 1, 2013.

The scheme will initially commence for category C and D businesses — restaurants and entertainment outlets. The potential market is large. We understand the service tax base was about RM4 billion in 2010, of which about RM2 billion was for category C and D businesses, while the remaining RM2 billion came from professional services and gaming.

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 are 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.

We have not assumed any profit from this venture in FY12, with contribution to MyEG of RM5 million in FY13.

It is worth noting that MyEG’s customs tax monitoring service is compatible with the goods and services tax that is widely expected to be implemented at a later stage. This will give the company a potentially wider earnings base, if it is given the rights to administer the system.

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.

This article appeared in The Edge Financial Daily, June 8, 2012.

http://www.theedgemalaysia.com/i ... 5109&Itemid=170

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发表于 2012-7-21 21:45 | 显示全部楼层
今天做了一项非常简单的功课,一下是MYEG过去5年的财报分析:



以下是几项摘要:
•        Profit Margin都很高,而且有增加的现象。这是好事。我想做电子业务的公司,Profit Margin高是很普通的。MYEG最新一期的NPM达到37%!
•        Shareholder’s Equity 股东基金每年都有增加。资产也多于债务。公司的运作没有问题。
•        Inventory是0. 这也正常。因为都没有货物需要卖,全部都是通过电脑软件做生意。
•        Debt to Equity Ratio 很低,低债务公司。
•        EPS不多!虽然公司的盈利每年都在增加,可是增长幅度不大。
•        ROE很高。都有超过20%。更同行比较,这可算是佼佼者了。
•        每年都有派息。不过近2年都只派了1.10仙。以现在的股价~RM0.60来算,DY才1.8%,不高。
•        现金才那么5百万,不高!Cash per share更是惊人的少,一股才一仙。

另外,外资对MYEG还蛮有兴趣的。美国的JP Morgan和Golman Sachs都属于30大股东。



我觉得以目前的股价,RM0.60左右,对我来说相对贵了一些。PE在16-17左右。如果最新一季的财报出来了,预计公司可以净赚8百万,使2012年的EPS达到4.5 Cent。PE还是蛮高的。没错,这间公司的净利是以双位数的数目在增长的,我想着就是为什么股价会徘徊在PE高的原因。

这股我迟迟都买不下手,因为嫌他太贵了。虽然我还是狠看好它的未来,因为毕竟随着宽频的普及,越来越多人会使用网上跟政府机构交易是肯定的。我对它的研究暂时还只是通过记录财报而已,更深入的还有待研究,这样才可以对公司的运作/管理层的展望有一个大概。

这只是我做的一项简单的功课,有错误的话敬请纠正,让大家互相学习,彼此进步!

评分

参与人数 1威望 +2 收起 理由
whytoocare + 2 谢谢你的功课。

查看全部评分

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发表于 2012-7-23 18:57 | 显示全部楼层
今天做了一项非常简单的功课,一下是MYEG过去5年的财报分析:



以下是几项摘要:
•        Profit Ma ...
chonghe 发表于 2012-7-21 21:45



    这个30大好像是很outdated的吧?

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发表于 2012-7-23 19:02 | 显示全部楼层
回复 69# chris_lim0119

那就Show出你update了的吧!

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发表于 2012-7-23 19:14 | 显示全部楼层
回复  chris_lim0119

那就Show出你update了的吧!
Isaac 发表于 2012-7-23 19:02



    我只知道 加拿大的mawer 也变成大股东罢了。哈哈。不要刁难我

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发表于 2012-7-23 19:19 | 显示全部楼层
回复 71# chris_lim0119

没有刁难啦……我不刁难人的,只是大家交流交流,可能可以找到一点好康。

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发表于 2012-7-23 21:21 | 显示全部楼层
回复  chris_lim0119

没有刁难啦……我不刁难人的,只是大家交流交流,可能可以找到一点好康。{:6_355: ...
Isaac 发表于 2012-7-23 19:19



    除了myeg,另外一个属于同样类型的应该是censof吧。我在想,如果 gst实行的话,myeg还是censof会受惠比较多?

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发表于 2012-7-23 22:02 | 显示全部楼层
这个30大好像是很outdated的吧?
chris_lim0119 发表于 2012-7-23 18:57


谢谢你的指点
嗯,我用equities tracker,里面写是到2011年11月为止
不算updated的

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发表于 2012-7-24 08:42 | 显示全部楼层
回复 74# chonghe


    没什么。不要介意。

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发表于 2012-7-24 22:17 | 显示全部楼层
If it's EPS can reach 0.05-0.06, it's PE will be reduce to about 10-12, base on the current share price, it is more worth to buy this stock, let's wait to see how it's coming quarter report...

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发表于 2012-8-7 23:10 | 显示全部楼层
myeg静悄悄的往上爬了。

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x 473
发表于 2012-8-9 14:51 | 显示全部楼层
業務抗跌‧MYEG具成長潛力
熱股評析  2012-08-08 19:25

(吉隆坡8日訊)MYEG服務(MYEG,0138,主板貿服組)作為主要網絡服務供應商,業務具抗跌和成長潛力,未來3年複合成長率(CAGR)料達23%。

聯昌研究表示,該公司主要涉足電子傳送服務,營業額具抗跌韌力,因消費者傾向使用較廉價和更方便的服務,而即將推出的新服務也將帶來成長驚喜。

該公司將在本週推出網絡工具主權服務(OVOS),是唯一提供該服務的公司。聯昌估計,該服務的潛在淨利達1千500萬令吉,但可能需時發酵,料在2013和2014財政年分別帶來200萬和700萬令吉。

該公司也向關稅局建議關稅服務稅監管系統(CSTM),初步評估已完成並提呈給政府。聯昌認為,若這項計劃在未來數年開跑,也將帶來驚喜,可能在2015年貢獻1千500萬至6千萬令吉。

該公司2012至2014財政年淨利預測,各為2千610萬、3千232萬和4千零83萬令吉。

聯昌給予該公司“超越大市"評級,目標價97仙。(星洲日報/財經)

http://biz.sinchew-i.com/node/63752?tid=18

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发表于 2012-8-29 13:02 | 显示全部楼层
好像没人注意这股.这股潜力不错不是吗.

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发表于 2012-10-25 18:11 | 显示全部楼层
MYEG服务“超越大市”评级维持
大马財经  2012-10-25 15:38

(吉隆坡25日讯)MYEG服务(MYEG,0138,主板贸服组)正摩拳擦掌推展汽车转名和外劳准证业务,分析员看好这两项將在数月內开跑的业务將为该公司贡献显著盈利。

联昌研究维持MYEG服务的“超越大市”评级和每股盈利预测,並因应乐观的盈利展望將目標价调高至1令吉27仙。(星洲网)

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发表于 2012-10-25 18:17 | 显示全部楼层
MY E.G. Services - On target
Author: value_investor
Publish date: Thu, 25 Oct 10:40

Target RM1.27 (Long Term: Out Perform)

Full commercial operations for MyEG's new online vehicle transfer and foreign workers' permit renewal services are targeted to start in early-2013. These new services will be the main earnings growth drivers for the company over the next few years. We maintain our Outperform call and EPS forecast but raise our target price as we roll forward to end-13 applying CY14 P/E at 16x, 20% premium over our 13.3x target market P/E. The premium is justified by its strong 3-year EPS CAGR relative to the market. Higher-than-expected revenue growth from these services should catalyse the stock.

Source: CIMB Daybreak - 25 October 2012, Full PDF Report

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发表于 2012-10-26 02:56 | 显示全部楼层
回复 75# chris_lim0119

这股以经涨了许多。现在进货风险太高了吧。

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发表于 2012-10-30 21:13 | 显示全部楼层
MYEG服務展望樂觀
大馬財經  2012-10-30 18:24

(吉隆坡30日訊)MYEG服務(MYEG,0138,主板貿服組)正摩拳擦掌推展汽車轉名和外勞準證業務,分析員看好這兩項將在數月內開跑的業務將為該公司貢獻顯著盈利。

聯昌研究最近會見管理層後發表報告稱,該公司全新的汽車轉名和外勞準證更新服務料從明年初全面投入運作,預期將成為未來數年的主要成長引擎。(星洲網)

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发表于 2012-11-3 12:22 | 显示全部楼层
巴拉玛瓦苏德成MYEG 大股东
财经新闻 财经  2012-11-03 11:18

(八打灵再也2日讯)马交所资料显示,巴拉玛瓦苏德万透过收购MYEG服务(MYEG,0138,主板贸服股)5%股权,成为集团主要大股东。

文告指,巴拉玛瓦苏德万直接和间接持有MYEG服务3000万股,相等于5.03%。

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发表于 2012-11-17 23:43 | 显示全部楼层

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