My EG Services Bhd (-ve)
TRADING of shares in My EG Services Bhd (fundamental: 1.9/3; valuation: 0.5/3), the most traded stock yesterday, has triggered our momentum algorithm for the first time this year.
The stock closed up 18 sen or 17.82% at RM1.19, which gave it a market value of RM4.22 billion. A total of 263.86 million shares were done, versus its 200-day average trading volume of 63.68 million shares.
The company is a concessionaire for the government’s e-services. It builds, operates and owns the electronic channel to deliver services from various government agencies to Malaysian citizens and businesses.
On Tuesday, MyEG said the Malaysia Competition Commission accepted the changes that it made to its online foreign worker renewal system. Having accepted the changes, the daily penalty of RM7,500 will cease with immediate effect. The penalty, until the date of the acceptance, amounted to RM9.64 million, of which MyEG had paid RM6.41 million. As at yesterday, MyEG was trading at 7.32 times its book value.