Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on September 1, 2016.

 

MyEG Services Bhd (-ve)

SHARES in MyEG Services Bhd (fundamental: 2.3/3, valuation: 1.1/3) triggered our momentum algorithm for the first time this year as its share price gained 5.8% to RM2.19 with 30.95 million shares traded on Tuesday.

This was a day after it announced its fourth quarter of the financial year ended June 30, 2016 (4QFY16) results, which saw its net profit jump more than two times to RM51.05 million from RM22.95 million in 4QFY15, primarily attributable to higher transaction volumes from online renewals of foreign worker permits and insurance and foreign worker rehiring programme services, as well as contributions from its newly acquired subsidiary Cardbiz Holding Sdn Bhd.

The group also proposed a bonus issue on Monday, on the basis of one bonus share for every two existing MyEG shares held.

As of closing, MyEG was trading at a trailing price-earnings ratio of 36.81 times with a market capitalisation of RM5.26 billion.

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