Zetrix AI (former MyEG)

[winston]

vested

STRATEGY:
ACCUMULATE (TECHNICAL)

Despite trending downwards, the stock has demonstrated a stronger recovery since early Sep-22 following the creation of a new higher low structure right above the 50-day EMA
line.

Yesterday’s gain on the back of the higher trading volume and a bullish reading in the
Stochastic signal a stronger short-term uptrend ahead.

Source: Maybank

[winston]

not vested

MYEG partners Mimos in developing national public blockchain

To explore a collaboration on developing and operating the national layer 1 public blockchain using Zetrix and Mimos blockchain technology as the components of the Malaysia Blockchain Infrastructure (MBI).

Zetrix is a Layer-1 blockchain that also serves as the backbone infrastructure and supernodes outside of China that connect to China’s national network, Xinghuo Blockchain Infrastructure and Facility.

Source: The Star

https://www.thestar.com.my/business/bus ... blockchain

[winston]

not vested

Zetrix Partners MIMOS As The National Public Blockchain For MBI

In a ceremony yesterday, MYEG entered into a MOU with MIMOS Technology Solutions
(MIMOS) to jointly develop and operate the national layer 1 public blockchain as
components of the Malaysia Blockchain Infrastructure (MBI).

Meanwhile, Zetrix also officially launched its blockchain-based supply chain financing solution, Zetrix TradeFi, and announced the participation of AmBank as a pioneer in the pilot for cross-border trades.

Maintain BUY and target price of RM1.30.

Source: UOBKH

https://research.uobkayhian.com/content ... 04b3414c78

[winston]

not vested

My EG Services (MYEG MK)
Value Emerging From China Investments

MYEG’s China-centric investments (Zetrix blockchain and incubated investments) are
paying off.

Meanwhile, expect MYEG to sustain 1H22’s strong earnings momentum (two
consecutive quarters of record profits), anchored on Zetrix’s monetisation and strong
recoveries of its concession-related businesses.

MYEG’s plan to distribute its sizeable mature start-up investments to shareholders starting in 2023 also serves as a significant catalyst.

Maintain BUY. Target price: RM1.30.

Source: UOBKH

https://research.uobkayhian.com/content ... 39310aff4b

[winston]

vested

MYEG inks agreement to own, operate Xinghuo BIF's international supernode

KUALA LUMPUR: My E.G. Services Bhd (MyEG) has signed an agreement with Xinghuo Blockchain Infrastructure and Facility (Xinghuo BIF), China’s national blockchain network, to own and operate the Xinghuo International Supernode.

In a joint statement, the parties said the agreement also entailed the cross-border adoption and utilisation of the latest Decentralised Identifier standard (DID) to gradually create the Web3 of China and beyond.

"The international supernode will connect to MyEG’s layer-1 permissioned public blockchain, Zetrix, which is fully compatible with Xinghuo.

"This enables the Zetrix network’s on-chain assets and transactions to cross seamlessly into Xinghuo, connecting governments, businesses and their people to a global blockchain-based economy,” the statement said.

The companies said the international supernode would connect to MyEG and assist in the development of blockchain infrastructure applications, which would increase the interconnectivity of infrastructure in countries, and enhance the capability of cross-chain operation.

"With its technologies and public service capabilities, Xinghuo BIF would provide blockchain services to Malaysia and other ASEAN countries and assist in cross-border commodity tracing, identity verification and supply-chain finance,” they added.

Xinghuo BIF and MyEG’s layer-1 public blockchain, Zetrix, had previously announced the introduction of cross-chain Blockchain Identifiers (BID), Verifiable Credentials (VC) and Chain Agreement signing.

"Xinghuo BIF is already the most advanced and heavily utilised chain for industrial and trade applications.

"Now, with the commencement of the Xinghuo International Supernode, the rest of the world can connect and be part of the China Web 3 evolution that will promote the establishment of international communities and facilitate global trade and finance,” said MyEG group managing director and co-founder of Zetrix, Wong Thean Soon.

BIDs and VCs are critical building blocks of more interconnected Web 3, as they are the foundational tools that decentralised apps can call upon to deliver a myriad of new services.

Xinghuo BIF is a global blockchain infrastructure devoted to a trustworthy digital foundation for the world, and it resolves approximately 100 million blockchain identifiers daily, placing it as the most actively used blockchain platform globally.

Source: Bernama

https://www.thestar.com.my/business/bus ... -supernode

[winston]

MyEG's net profit nearly doubles to RM150.7mil in Q3

KUALA LUMPUR: My E.G. Services Bhd’s (MYEG) net profit almost doubled to RM150.71 million in the third quarter (Q3) ended Sept 30, 2022, from RM78.46 million a year earlier.

The e-government services provider said the improved profit as well as 3.7 per cent higher revenue of RM162.62mil were mainly due to the resumption of full operations of its nationwide e-service centres, higher contribution from the foreign worker job matching service and contribution from the sale of Zetrix tokens.

The better results were also thanks to a one-off recognition of fair value gain in investment resulting from the listing of MYEG’s investment in Agmo Holdings Bhd on Aug 18, 2022.

Source: Bernama

https://www.thestar.com.my/business/bus ... 7mil-in-q3

[winston]

not vested

My EG Services (MYEG MK)
3Q22: Another Record Quarterly Profit

MYEG posted a record-high net profit of RM88.8m (+13% yoy), premised on a strong
recovery in its road-transport and immigration segments as well as a contribution from
the sale of the Zetrix token.

Zetrix could provide significant earnings uplift to our 2022-23 forecasts.

Re-rating catalysts include Zetrix’s ongoing monetisation, car e-testing’s commercial rollout in 4Q22, the planned listings of its various investee companies, and
better capital management.

Maintain BUY. Target price: RM1.30.

Source: UOBKH

https://research.uobkayhian.com/content ... 627561b2d2

[winston]

not vested

Cuscapi sells 4.5 mil shares in MyEG for RM4.24 mil

by Syafiqah Salim

MyEG’s co-founder Wong Thean Soon has a direct stake of 14.69% or 138.81 million shares in Cuscapi.

Wong is MyEG’s largest shareholder with a 30.547% stake, followed by Retirement Fund Inc (KWAP) with 7.046%, and the Employees Provident Fund with 6.705%.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... -rm424-mil

[winston]

not vested

My EG Services Bhd plans to distribute its entire 25.8% equity interest in Agmo Holdings Bhd by way of dividend-in-specie to its shareholders.

The stake, comprising 84 million shares, will be distributed in two tranches based on an entitlement date that is yet to be fixed.

The first tranche, involving 69.7 million shares, will be distributed once the voluntary moratorium on the sale, transfer or assignment of the shares — which MyEG undertook prior to Agmo's listing, in compliance with listing requirements — is uplifted on Feb 17, 2023.

The remaining 14.2 million Agmo shares will be distributed once their moratorium ends on Aug 17, 2023.

The first tranche will be distributed on the basis of 0.0093 Agmo share for every one MyEG share held, while the second tranche will be distributed on the basis of 0.0019 Agmo share for every one MyEG share held.

Source: The Edge

[winston]

not vested

Catalysts brewing
Maintain BUY

Our recent meeting with the management affirms our view on the group’s upbeat outlook.

Maintain BUY on MyEG with an unchanged TP of MYR1.37, based on 28x FY23E PER.

The stock is currently trading at 18.8x FY23E PER, which is slightly below its 5-year average of 20x and also below the domestic peer average of 23x.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/299471.pdf