KLCI Stock - MYEG / 0138 - 2012 Quarter 1

MY E.G. SERVICES BERHAD

Company Description

MY E.G. SERVICES BERHAD is principally engaged in the business of development and implementation of the Electronic Government Services project and the provision of other related services for the Electronic Government Initiative. MYEG operates in two business divisions: Government to Citizen (G2C) and Government Enterprise Solution (GES). G2C services refers to services such as driving theory test bookings, issuance and renewal of licenses, electronic bill payment and payment (EBPP), as well as online information services, such as traffic summons checking and electronic bankruptcy or liquidation status searches (e-Insolvency). GES are non-Internet based services, such as software and enterprise solutions, system development and maintenance, as well as services rendered at the E-Services Centers. In October 2007, it acquired Fidelity Radiance Sdn Bhd.

Company Info

Listing Date	2007-01-16
Market Capital (Capital Size)	390,683,150 (Small)
Par Value	RM 0.10
Board	ACE
Sector	Trading/Services
Major Industry	E-Government Services
Sub Industry	Software Products & Related Services
Website	http://www.myeg.com.my

My Analysis

Forecast P/E now	(0.65-0.011)/0.0466 = 13.71 (Moderate)
Target Price	0.70+0.011 = 0.71 (PE 15.0, EPS 0.0466, DPS 0.011)
Decision	BUY if stock price below SMA20 and got stronger buying volume than selling
Comment	Revenue decreased 20.7% and was second consecutive quarter decreasing but still higher than preceding year corresponding quarter 18.2%, eps decreased 31.8% but higher than preceding year corresponding quarter 91.5%, cash generated from operating enough for all expenses, better liquidity ratio at moderate level now, slightly higher gearing ratio at below moderate level now, payables increasing
First Support Price	0.64
Second Support Price	0.59
Risk Rating	MODERATE

Accounting Ratio

Return on Equity	25.83%
Dividend Yield	1.69%
Profit Margin	38.08%
Tax Rate	0.54%
Asset Turnover	0.5361
Net Asset Value Per Share	0.18
Net Tangible Asset per share	0.16
Price/Net Tangible Asset Per Share	3.81
Cash Per Share	0.02
Liquidity Current Ratio	2.5041
Liquidity Quick Ratio	2.5041
Liquidity Cash Ratio	0.73
Gearing Debt to Equity Ratio	0.2218
Gearing Debt to Asset Ratio	0.1815
Working capital per thousand Ringgit sale	32.4%
Days to sell the inventory	-
Days to collect the receivables	139
Days to pay the payables	111

Technical Analysis

SMA 20	0.643 (Uptrend 7 days)
SMA 50	0.64 (Same)
SMA 100	0.626 (Same)
SMA 200	0.661 (Downtrend)
MACD	0.004352 (Uptrend 2 days)
MACD Histogram	-0.000329 (Downtrend 21 days)

My notes based on 2012 quarter 1 report (number in '000):-
- Higher revenue and pbt than FY11Q1 primarily attributable to:
i)the continuous encouraging growth for our online renewal of insurance, road tax transactions and its related services
ii)the introduction of our group’s new cloud computing based services
iii)a reduction in marketing expenses, primarily due to the higher expenses incurred in Q1 FY2011 due to the 2010 World Cup advertising campaign. This was, however, offset by higher depreciation expenses in Q1 FY2012 from new capital expenditure incurred

- Lower revenue and pbt than FY11Q4 primarily attributable to seasonality factor where demand for JPJ new driving licences decreased

- Estimate next 4Q eps after 2012 Q1 result announced = 0.0424*1.1 = 0.0466, estimate PE on current price 0.65 = 13.71(DPS 0.011)
- Estimate next 4Q eps after 2011 Q4 result announced = (0.0105+0.0132)*2 = 0.0474, estimate highest/lowest PE = 13.69/11.9 (DPS 0.011)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0105*4*1.1 = 0.0462, estimate highest/lowest PE = 16.75/12.64 (DPS 0.011)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.0097*4*1.1 = 0.042, estimate highest/lowest PE = 19.62/16.29 (DPS 0.006)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.032*1.1 = 0.0352, estimate highest/lowest PE = 26.7/20.45 (DPS 0.005)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0097*4*1.1 = 0.0427, estimate highest/lowest PE = 19.32/16.16 (DPS 0.005)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0088*4 = 0.0352, estimate highest/lowest PE = 24.57/14.91 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.0079*4 = 0.0316, estimate highest/lowest PE = 20.57/12.66 (DPS 0.01)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0074*4 = 0.0296, estimate highest/lowest PE = 18.44/13.88 (DPS 0.0092)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0069*4 = 0.0276, estimate highest/lowest PE = 19.63/14.37 (DPS 0.01835)

MYEG latest news (English)

MYEG latest news (Chinese)



Financial Quarter Summary

a_date	year	qrt	h_price	l_price	div	roe	c_roe	rev	c_rev	pbt	c_pbt	prof	c_prof	eps	c_eps	asset	liab	mino	equi	cfo	cfi	cff	cash	fcf	net	final	share	c_share	m_cap	date	prof_m	vat	asset_t	pe	navps	ntaps	p/ntaps	cps	l_cur	l_qui	l_cash	g_de	g_da	avg_w	inv_d	rec_d	pay_d
2011-11-30	2012	1	N/A	N/A	-	5.11%	5.11%	14192	14192	5405	5405	5376	5376	0.0090	0.0090	128423	23311	-	105112	4663	2526	1688	5334	7189	5501	10835	600617	600617	366376	2011-09-30	38.08%	0.54%	0.5361	-	0.18	0.16	3.81	0.02	2.5041	2.5041	0.73	0.2218	0.1815	32.4%	-	139	111
2011-08-26	2011	4	0.66	0.575	0.0060	7.92%	22.82%	17898	58833	7962	22960	7918	22814	0.0132	0.0380	122076	22110	-	99966	34322	37650	163	8825	3328	3491	5334	600679	600679	366414	2011-06-30	44.49%	0.55%	0.5461	16.0609	0.17	0.15	4.07	0.01	2.0353	2.0353	0.3644	0.2212	0.1811	22.7%	-	134	80
2011-05-26	2011	3	0.785	0.595	0.0050	6.56%	15.56%	19792	52228	6313	14998	6283	14896	0.0105	0.0248	107938	12204	-	95734	18496	3594	7362	8825	14902	7540	16365	600679	600679	450509	2011-03-31	31.90%	0.48%	0.6102	-	0.16	0.14	5.36	0.03	5.3599	5.3599	1.8494	0.1275	0.1131	58.6%	-	172	60
2011-02-25	2011	2	0.83	0.69	-	6.24%	9.25%	16969	32436	5843	8684	5810	8612	0.0097	0.0143	104263	11208	-	93055	9577	2993	1373	8825	6584	7957	16782	600679	600679	456516	2010-12-31	34.43%	0.56%	0.6007	-	0.15	0.13	5.85	0.03	5.8943	5.8943	2.3257	0.1204	0.1075	56.4%	-	150	46
2010-11-26	2011	1	0.945	0.725	-	3.21%	3.21%	12005	12005	2840	2840	2801	2801	0.0047	0.0047	99500	12256	-	87244	5035	3160	624	8825	1875	2499	11324	600679	600679	444502	2010-09-30	23.66%	1.37%	0.6081	-	0.15	0.13	5.69	0.02	4.815	4.815	1.4838	0.1405	0.1232	48.1%	-	153	50
2010-08-30	2010	4	0.83	0.695	0.0060	6.90%	24.69%	17098	62094	5855	21009	5825	20852	0.0097	0.0347	95605	11162	-	84443	22160	9255	18640	14560	12905	5735	8825	601051	601051	432756	2010-06-30	34.24%	0.51%	0.6495	20.7537	0.14	0.12	6.0	0.01	4.7995	4.7995	1.2651	0.1322	0.1168	42.7%	-	145	44
2010-05-27	2010	3	0.875	0.535	-	7.12%	18.42%	16558	44996	5857	15152	5818	15046	0.0097	0.0250	93224	11522	-	81702	17850	8239	6415	14560	9611	3196	17756	601051	601051	345604	2010-03-31	35.37%	0.67%	0.6304	-	0.14	0.12	4.79	0.03	5.1384	5.1384	2.6509	0.141	0.1236	47.2%	-	103	42
2010-02-25	2010	2	0.66	0.41	0.0050	6.25%	12.14%	14840	28437	4777	9295	4748	9228	0.0079	0.0154	86512	10525	26	75987	9831	6475	3447	14560	3356	91	14469	601051	601051	258451	2009-12-31	32.19%	0.84%	0.6407	-	0.13	0.11	3.91	0.02	5.66	5.66	2.9113	0.1386	0.1217	41.8%	-	90	24
2009-11-25	2010	1	0.555	0.42	-	6.04%	6.04%	13598	13598	4507	4507	4470	4470	0.0074	0.0074	82146	8163	-	73983	2755	1389	2714	14560	1366	1348	13212	601051	601051	267467	2009-09-30	33.14%	1.04%	0.6554	-	0.12	0.1	4.45	0.02	6.6145	6.6145	3.1676	0.1103	0.0994	43.5%	-	97	28
2009-08-27	2009	4	0.56	0.415	0.00455	5.93%	24.74%	13769	52480	4149	17315	4123	17198	0.0069	0.0289	80687	11174	46	69513	20110	20911	4092	11269	801	3291	14560	601051	594244	264462	2009-06-30	30.13%	0.84%	0.6504	15.2034	0.12	0.1	4.4	0.02	3.7091	3.7091	2.0504	0.1609	0.1385	36.7%	-	82	31
2009-05-28	2009	3	0.465	0.405	0.0046	5.94%	18.45%	13221	38711	4244	13167	4212	13075	0.0070	0.0221	79967	9097	56	70870	14858	16379	8283	11269	1521	6762	18031	601051	591756	255446	2009-03-31	32.10%	0.99%	0.6352	-	0.12	0.1	4.25	0.03	6.6348	6.6348	3.9812	0.1285	0.1138	50.2%	-	86	35
2009-02-26	2009	2	0.505	0.36	0.0046	6.77%	12.77%	13247	25490	4724	8922	4702	8863	0.0079	0.0151	78156	8753	66	69403	9148	8605	11399	11269	543	11942	23211	594074	587210	222777	2008-12-31	35.66%	0.55%	0.6358	-	0.12	0.1	3.75	0.04	9.2933	9.2933	6.1715	0.1262	0.112	62.8%	-	86	25
2008-11-26	2009	1	1.06	0.355	0.0046	7.76%	7.76%	12243	12243	4198	4198	4161	4161	0.0165	0.0165	62977	9386	70	53591	3947	4045	615	11269	98	517	11786	252500	252500	199475	2008-09-30	34.29%	1.12%	0.747	-	0.21	0.16	4.94	0.05	5.8681	5.8681	2.9665	0.1754	0.149	41.1%	-	89	29
2008-08-28	2008	4	0.92	0.76	0.02	8.32%	29.89%	12084	43821	4119	14825	4112	14778	0.0163	0.0585	58017	8577	80	49440	13210	20984	3362	15681	7774	4412	11269	252500	252500	225987	2008-06-30	34.09%	0.32%	0.7553	15.2922	0.2	0.15	5.97	0.04	6.1642	6.1642	3.2299	0.1738	0.1478	41.1%	-	85	28
2008-05-23	2008	3	0.995	0.86	-	9.19%	23.41%	12115	31737	4199	10706	4167	10614	0.0191	0.0565	53873	8539	86	45334	6198	13887	3650	15681	7689	4039	11642	218695	187768	216508	2008-03-31	34.66%	1.00%	0.7265	-	0.24	0.18	5.5	0.05	6.5617	6.5617	3.0872	0.1887	0.1585	53.6%	-	122	40
2008-02-22	2008	2	1.11	0.47	-	9.05%	15.74%	10599	19622	3740	6508	3726	6479	0.0201	0.0416	51512	10362	89	41150	5477	11917	5681	15681	6440	759	14922	185258	155754	203783	2007-12-31	35.29%	0.35%	0.6612	-	0.26	0.19	5.79	0.08	4.4696	4.4696	2.8107	0.2524	0.2012	54.1%	-	94	41
2007-11-29	2008	1	1.16	0.99	-	7.01%	7.01%	9023	9023	2766	2766	2752	2752	0.0218	0.0218	47996	8728	88	39268	3131	10896	6015	15681	7765	1750	13931	126250	126250	125618	2007-09-30	30.65%	0.47%	0.6182	-	0.31	0.22	4.52	0.11	5.5956	5.5956	3.7682	0.2228	0.1818	57.3%	-	83	43
2007-08-24	2007	4	2.2	0.98	0.00693	6.29%	19.33%	7404	25481	2309	7117	2297	7060	0.0203	0.0625	38594	2079	-	36515	7724	6427	12107	2277	1297	13404	15681	112906	112906	197585	2007-06-30	31.19%	0.43%	0.5351	27.9866	0.32	0.3	5.83	0.14	12.5333	12.5333	9.0121	0.0569	0.0539	97.2%	-	108	43
2007-05-25	2007	3	N/A	N/A	-	6.18%	13.04%	7035	18077	2266	4808	2257	4762	0.0209	0.0442	38593	2078	87	36515	948	3578	12716	2277	2630	10086	12363	107815	107815	191910	2007-03-31	32.21%	0.35%	0.3432	-	0.34	0.31	5.74	0.15	12.5405	12.5405	9.0173	0.057	0.0538	151.5%	-	169	67
2007-01-11	2007	2	N/A	N/A	-	5.52%	7.32%	6211	11042	1903	2542	1888	2505	0.0187	0.0249	36124	1908	86	34216	1765	2220	335	2277	455	120	2157	100750	100750	110825	2006-12-31	30.64%	0.37%	N/A	-	0.34	0.31	3.55	0.12	14.9973	14.9973	8.2862	0.0559	0.0528	N/A	-	N/A	N/A

Financial Quarter Balance Sheet

year	qrt	Development Expenditure (A-0)	Equipment (A-0)	Goodwill on consolidation (A-0)	Amount due from associated companies (A-1)	Cash and cash equivalents (A-1)	Current tax assets (A-1)	Other receivables, deposits and prepayments (A-1)	Trade receivables (A-1)	Deferred tax liabilities (L-0)	Hire purchase liabilities (L-0)	Term loans (L-0)	Deferred income (L-1)	Dividend payable (L-1)	Loans & borrowings (L-1)	Payables and accruals (L-1)	Provision for taxation (L-1)	Trade and other payables (L-1)	Minority interest (M-1)
2012	1	10874	68367	12016	2272	10835	66	14641	9352	699	3000	4770	3860	-	4317	2187	1	4477	-
2011	4	10502	69769	12016	5872	5334	52	10421	8110	699	1553	5222	3860	3003	3772	895	1	3105	-
2011	3	10454	38038	12016	10403	16365	44	11006	9612	-	1675	1680	2460	-	2570	906	2	2911	-
2011	2	10377	39337	12016	6020	16782	29	10045	9657	-	2072	1920	1440	-	2704	859	4	2209	-
2011	1	10229	40507	12016	8411	11324	23	8499	8491	-	2464	2160	1440	-	2862	1523	7	1800	-
2010	4	10113	39995	12016	7522	8825	17	10325	6792	-	1786	2400	1440	-	2723	1384	7	1422	-
2010	3	10011	36780	12016	2829	17756	-	8701	5131	-	2184	2640	-	-	2786	1307	5	2600	-
2010	2	8987	37373	12022	602	14469	9	8326	4724	5	2670	2880	-	-	2752	718	53	1447	26
2010	1	8882	33653	12022	-	13212	9	9962	4406	5	867	3120	-	-	1748	1167	39	1217	-
2009	4	8732	33595	12022	-	14560	9	9374	2395	6	707	3360	-	2735	1702	1236	52	1376	46
2009	3	8100	29796	12022	-	18031	9	9743	2266	6	962	3600	-	-	1660	1559	69	1241	56
2009	2	7041	24141	12022	-	23211	9	9271	2461	6	1146	3840	-	-	1684	810	63	1204	66
2009	1	6984	20657	12022	-	11786	9	10080	1439	6	1327	4080	-	-	1705	1013	53	1202	70
2008	4	7009	17479	12022	-	11269	9	8814	1415	7	761	4320	-	-	1463	900	13	1113	80
2008	3	6729	10378	12022	-	11642	-	10890	2212	7	201	4560	-	-	1131	1507	9	1124	86
2008	2	5940	9821	12022	-	14922	-	6180	2627	8	245	4800	-	1750	1128	1223	63	1145	89
2008	1	5527	9760	12022	-	13931	-	4965	1791	8	288	4735	-	-	1430	1092	49	1126	88
2007	4	5527	8658	2601	-	15681	-	4751	1376	8	331	-	-	-	161	701	36	842	-
2007	3	5527	8658	2600	-	15681	-	4751	1376	8	331	-	-	-	161	701	36	841	87
2007	2	5338	5810	2600	-	12363	-	8690	1323	6	410	-	-	-	125	620	24	723	86

Financial Quarter Income Statement

year	qrt	Revenue	Income tax expense	Finance/interest costs	Other income	Administrative/Operating expenses	Minority interest	Share of profit/ (loss) of associates	Depreciation & amortisation	After tax effect
2012	1	14192	29	231	4	6455	-	-	2105	-
2011	4	17898	44	189	4	7365	-	360	2026	-
2011	3	19792	30	116	26	11567	-	-	1822	-
2011	2	16969	33	131	35	9347	-	-	1683	-
2011	1	12005	39	141	48	7430	-	-	1642	-
2010	4	17098	30	138	30	9659	-	0	1476	-
2010	3	16558	39	147	33	9266	0	40	1281	-
2010	2	14840	40	146	34	8688	11	-	1263	-
2010	1	13598	47	108	56	7848	10	-	1181	10
2009	4	13769	35	82	47	8433	9	-	1152	-
2009	3	13221	42	131	66	7853	10	-	1059	-
2009	2	13247	26	141	112	7474	4	-	1020	-
2009	1	12243	47	145	47	7055	10	-	892	-
2008	4	12084	13	127	52	7125	6	-	765	-
2008	3	12115	42	117	149	7323	10	-	625	-
2008	2	10599	13	131	55	6239	1	-	544	-
2008	1	9023	13	90	54	5695	1	-	526	-
2007	4	7404	10	2	25	4685	2	-	433	-
2007	3	7035	8	12	28	4426	1	-	359	-
2007	2	6211	7	12	-	3967	8	-	329	-

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables



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