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CIMB Research upgrades My EG to Add, target price RM3.05

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CIMB Research upgrades My EG to Add, target price RM3.05 Empty CIMB Research upgrades My EG to Add, target price RM3.05

Post by Cals Tue 29 Apr 2014, 22:12

CIMB Research upgrades My EG to Add, target price RM3.05
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 29 April 2014 10:48

KUALA LUMPUR (April 29): CIMB Research has upgraded My E.G. Bhd to an Add (from Hold) at RM2.60 with a target price of RM3.05 and said infrastructure for MyEG’s custom service tax monitoring (CSTM) system had been completed and the system was to have started in early April. 

In a note April 28, the research house said there had been a short delay but this was not a concern.
It said the company was waiting for the law to be gazetted (the bill has already been passed), possibly over the next 2-3 weeks, after which the service tax would be electronically tracked.
“We maintain our EPS and target price, based on 21x CY15 P/E, in line with valuations for its peer, Cuscapi. However, we upgrade the stock from Hold to Add.
“The stock’s recent price weakness offers investors an opportunity to accumulate, in our view.
“Potential re-rating catalysts are a successful implementation of the CSTM service and the takeoff of CSTM Phase 2 later this year,” it said.
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