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CIMB Research sees more upside for My EG
by hlk Thu 09 May 2013, 08:55
KUALA LUMPUR: CIMB Equities Research raised its target price for My EG Services from RM1.34 to RM1.57 and sees more upside for the company.
It said on Thursday My EG was confident it could sign the custom service tax concession in the next one to two months.
“This is a positive surprise to us. If all goes well, long-term earnings from this concession will be very attractive,” it said.
CIMB
Research said although its valuation basis was unchanged at a 20%
premium over the market, its target price was increased as its target
market price-to-earnings (P/E) was recently re-rated from 13.3 times to
15.6 times.
“MyEG's premium valuation is supported by its
above-market 26.5% 3-year EPS CAGR. Higher revenue growth from new
services and signing the concession are catalysts. MyEG is our top pick
in the technology and small-cap sectors. Stay Outperform,” it said.
It said on Thursday My EG was confident it could sign the custom service tax concession in the next one to two months.
“This is a positive surprise to us. If all goes well, long-term earnings from this concession will be very attractive,” it said.
CIMB
Research said although its valuation basis was unchanged at a 20%
premium over the market, its target price was increased as its target
market price-to-earnings (P/E) was recently re-rated from 13.3 times to
15.6 times.
“MyEG's premium valuation is supported by its
above-market 26.5% 3-year EPS CAGR. Higher revenue growth from new
services and signing the concession are catalysts. MyEG is our top pick
in the technology and small-cap sectors. Stay Outperform,” it said.
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