MYEG – Fundamental Analysis (4 Mar 2015)

MYEG Analysis:-

Excel – http://1drv.ms/1M73Oqj

Notes – http://tinyurl.com/lrxchw9

My View:-

  • Valuation:
    • Absolute EY%:
      • Trailing:
        • FY14 (EPS: 0.085) – Fair value 2.27 (Fair Value Uncertainty: EXTREME)
        • R4Q (EPS: 0.096) – Fair value 2.56 (Fair Value Uncertainty: VERY HIGH)
      • Forward:
        • FY15 (EPS: 0.09) – Fair value 2.4 (Fair Value Uncertainty: VERY HIGH)
        • FY16 (EPS: 0.174) – Fair value 4.65 (Fair Value Uncertainty: LOW)
      • EPS applied to reach the current stock price (2.85): 0.107
  • Higher estimation of EPS for FY16 factored in potential CSTM project which will be MyEG’s main earnings growth driver over the next few years
  • 3 Mar 2015 – The adoption of foreign worker permit renewal since the announcement of the closure of the immigration department counters in January 2015 has risen significantly to 60,000 transactions per month from 10,000 per month in December 2014. Permanent car ownership transfer transactions rose to 1500 per day in December 2014 compared to 300 per day a year ago. This further reinforces that commercial e-government services have a much faster adoption rate since each user utilises the service in their daily business transactions.​
  • This is a no-brainer business and fully blessed by our beloved Government.

Latest Financial – Q2 2015 Financial Report (27 Feb 2015) http://www.bursamalaysia.com/market/listed-companies/company-announcements/1889601

At the time of writing, my family member owned shares of MYEG.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s