Analysts Concerned On MYEG's Over Reliance On Govt Linked Services
Analysts Concerned On MYEG's Over Reliance On Govt Linked Services
The company's DeFi projects continue to show promise, contributing to approximately 36% of the group's turnover in 3Q24. While the sale of Zetrix tokens remains the primary growth driver, MYEG's other DeFi ventures, including ZTrade and WorldCoin, have gained traction. These projects accounted for around 20% of the blockchain segment's turnover in the quarter, with ZTrade's applications doubling and WorldCoin's iris verification nearly tripling sequentially. 
MYEG Services Berhad (MYEG) has posted strong financial results for 3QFY24, with a 42.0% year-on-year increase in normalised earnings, totalling RM170.2 million. Both research houses, MIDF Amanah Investment Bank Bhd (MIDF Research) and Maybank Investment Bank Bhd have maintained their BUY recommendation for MYEG, with a revised target price of RM1.14 and RM1.68 respectively, highlighting the company's attractive valuation and the continued strong performance of its decentralised finance (DeFi) segment.
MYEG服务有限公司（MYEG）公布了强劲的 3QFY24 财务业绩，正常化收益同比增长42.0％，总额为17020万令吉。两家研究机构MIDF Amanah投资银行有限公司（MIDF Research）和马来亚银行投资银行有限公司都维持了对MYEG的买入建议，修订后的目标价分别为1.14令吉和1.68令吉，这凸显了该公司诱人的估值及其去中心化金融（DeFi）板块的持续强劲表现。
The growth in MYEG's earnings was driven by the success of the Zetrix blockchain platform, which has supported a 27.8% year-on-year revenue increase to RM248.1 million. A large portion of this growth came from the sale of Zetrix tokens, despite a slight decline in average selling prices and forex challenges. The platform's other services, such as ZTrade, also contributed positively to MYEG's earnings.
MYEG收益的增长是由Zetrix区块链平台的成功推动的，该平台支持收入同比增长27.8％，达到24810万令吉。尽管平均销售价格略有下降且面临外汇挑战，但这种增长的很大一部分来自Zetrix代币的销售。该平台的其他服务，例如zTrade，也为MYEG的收益做出了积极贡献。
MYEG's 3Q24 results exceeded both MIDF and consensus expectations, with cumulative earnings for 9MFY24 rising 46.9% year-on-year to RM491.6 million, surpassing 80% of full-year forecasts.
MYEG的24年第三季度业绩超出了中期基金和共识的预期，9MFY24 的累计收益同比增长46.9％，至49160万令吉，超过了全年预期的80％。
The company's DeFi projects continue to show promise, contributing to approximately 36% of the group's turnover in 3Q24. While the sale of Zetrix tokens remains the primary growth driver, MYEG's other DeFi ventures, including ZTrade and WorldCoin, have gained traction. These projects accounted for around 20% of the blockchain segment's turnover in the quarter, with ZTrade's applications doubling and WorldCoin's iris verification nearly tripling sequentially.
该公司的DeFi项目继续显示出前景，在24年第三季度为该集团的营业额贡献了约36％。尽管Zetrix代币的销售仍然是主要的增长动力，但MYEG的其他DeFi企业，包括zTrade和WorldCoin，已经获得了关注。这些项目占本季度区块链细分市场营业额的20％左右，其中zTrade的应用程序翻了一番，WorldCoin的虹膜验证连续增长了近三倍。
Maybank IB expects MYEG to continue selling 1 million Zetrix tokens per quarter through to mid-2025, when the token is anticipated to be included in MaiCapital's cryptocurrency ETF launch in Hong Kong.
马来亚银行Ib预计，到2025年中期，MYEG将继续每季度出售100万枚Zetrix代币，届时该代币预计将包含在MaiCapital在香港推出的加密货币ETF中。
Despite the positive results, both MIDF Research and Maybank IB caution that MYEG's dependency on government-linked services for a significant portion of its revenue exposes it to policy risks. This has contributed to a reduction in MIDF's target price. However, both analysts agree that MYEG's diverse DeFi ventures and blockchain applications provide a strong foundation for future growth. At RM0.88, MYEG offers an upside potential of 29.5%, according to MIDF, while Maybank IB's target price suggests a potential 91% return from the current level.
尽管取得了积极成果，但MIDF Research和Maybank Ib都警告说，MYEG在很大一部分收入中依赖政府相关服务，这使其面临政策风险。这导致了MIDF的目标价格下降。但是，两位分析师都认为，MYEG多样化的DeFi企业和区块链应用程序为未来的增长提供了坚实的基础。根据MIDF的数据，MYEG的上行潜力为0.88令吉，上涨潜力为29.5％，而马来亚银行IB的目标价格表明潜在的回报率较当前水平为91％。
With a market capitalisation of RM6.6 billion and a solid pipeline of DeFi projects, MYEG remains well-positioned for continued growth, despite ongoing currency and policy challenges.
尽管货币和政策挑战持续存在，但MYEG的市值为66令吉，以及稳健的DeFi项目管道，仍处于持续增长的有利地位。
