MyEG

KUALA LUMPUR: MyEG Services Bhd, which has for years handled the Immigration Department's visa applications, insinuated that it had its rug pulled from ...

There are mixed views from analysts on the stock valuation of MyEG Services Bhd, following a recent news report which said that by 2025, ...

Lau said there might be speculation that the group may be a beneficiary of policy changes.](http://charts.thestar.com.my/?s=IRIS) “Valuations have also not priced in its potential role in the eventual revival of the government’s e-visa and GST initiatives,” said the research unit. “However, given the delays in the launch (the latest guidance is March 2023 at the earliest), we conservatively forecast only modest contributions,” said the research unit. UOBKH Research has maintained its “buy” call on MyEG with a RM1.30 target price, based on 25 times the 2022 estimated price-earnings (PE) and incorporates MyEG’s various investments such as Agmo Studios and S5 Systems. On the potential earnings downside following the Immigration Department’s move, UOBKH Research said the impact on MyEG is manageable. The research unit added that MyEG has potential catalysts such as listings and subsequent share distributions of successfully incubated (investee) technology companies through 2025, the launching of the Zetrix blockchain which facilities regional trades with China, the possible clinching of new government contracts (such as e-visa and goods and services tax or GST software) and e-testing module for car driving licences. “We also understand that the current portal is not well-utilised,” said the research unit. “MyEG is likely to lose around 20% of its long-term net income after 2025, if the immigration services are transferred back to the Immigration Department as planned,” said the research unit. “If foreign worker renewal services are fully back under the Immigration Department’s control by 2025, the earnings impact to MyEG is about RM35 (inclusive of delivery fees) of processing fees per pax. However, it noted that in contrast, if the Immigration Department is unable to deploy the NIISe by 2025, this will provide a better outlook for MyEG as it will prolong the schedule for foreign worker work permit renewal services to return to the Immigration Department. “We deem that MyEG will not be impeded from providing its current ancillary immigration services such as foreign worker insurance, job matching, accommodation or other bundle services such as doorstep delivery that the Immigration Department is not providing. “Our view is that NIISe will serve as a government-related portal similar to the current MyIMMs portal, and will not be commercialised to upsell other ancillary products.

KUALA LUMPUR (Feb 7): MyEG Services Bhd, which succumbed to heavy selldown pulling its share price to a 26-month low, bought back two million shares on the ...

[MyEG closes at 26-month low on news all immigration services to revert to govt by 2025](https://www.theedgemarkets.com/node/654172) [MyEG: No meeting held with Putrajaya on reverting immigration services back to govt](https://www.theedgemarkets.com/node/654255) It was the most active stock on Bursa Malaysia with RM1.02 billion shares changing hands. This values the group at RM5.23 billion. “If the immigration services are transferred back to the immigration department as planned, it could potentially leave a negative impact on MyEG’s revenue in the long term, (and) as such, (would) lower potential net income by almost 20% after 2025. “Regarding the recent announcement that all immigration services and procedures will be taken back by the immigration department and managed internally by 2025, we opine that this change will negatively impact third-party entities like MyEG who currently handle these services in a long run,” said the research firm, which reduced its target price to RM1.00 from RM1.23 but maintained a “buy” recommendation. The company’s share price fell as much as 30 sen or 31.5% to an intraday low of 65.5 sen on Tuesday, after news reports that immigration services provided by MyEG will be reverted back to the government by 2025.