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Thursday, April 18, 2013

CIMB Research maintains Outperform on MY EG Services (STAR)

KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform call on MY EG Services with a target price of RM1.34, which is 60.5% above the last traded price of 84 sen.

It said on Thursday its recent meeting with management indicates positive progress in its new foreign workers' working permit renewal service.

“MyEG recently secured its first major contract from a plantation GLC. Furthermore, the VVTS service is gaining popularity with motorcycle dealers,” it said.

CIMB Research said its EPS forecasts are unchanged and irs target price maintained, pegged at 16 times CY14 price-to-earnings (P/E), a 20% premium over its target market P/E.

“The premium is backed by its above-market three-year EPS CAGR. Higher-than-expected revenue growth from new services should catalyse the stock.

“MyEG remains our top pick in the technology and small-cap sectors. The stock continues to be an Outperform,” said the research house.


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