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服務有限公司（MYEG）公佈了強勁的 3QFY24 財務業績，正常化收益同比增長42.0％，總額爲17020萬令吉。兩家研究機構MIDF Amanah投資銀行有限公司（MIDF Research）和馬來亞銀行投資銀行有限公司都維持了對MYEG的買入建議，修訂後的目標價分別爲1.14令吉和1.68令吉，這凸顯了該公司誘人的估值及其去中心化金融（DeFi）板塊的持續強勁表現。
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收益的增長是由Zetrix區塊鏈平台的成功推動的，該平台支持收入同比增長27.8％，達到24810萬令吉。儘管平均銷售價格略有下降且面臨外匯挑戰，但這種增長的很大一部分來自Zetrix代幣的銷售。該平台的其他服務，例如zTrade，也爲MYEG的收益做出了積極貢獻。
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年第三季度業績超出了中期基金和共識的預期，9MFY24 的累計收益同比增長46.9％，至49160萬令吉，超過了全年預期的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.
該公司的DeFi項目繼續顯示出前景，在24年第三季度爲該集團的營業額貢獻了約36％。儘管Zetrix代幣的銷售仍然是主要的增長動力，但MYEG的其他DeFi企業，包括zTrade和WorldCoin，已經獲得了關注。這些項目佔本季度區塊鏈細分市場營業額的20％左右，其中zTrade的應用程序翻了一番，WorldCoin的虹膜驗證連續增長了近三倍。
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.
馬來亞銀行Ib預計，到2025年中期，MYEG將繼續每季度出售100萬枚Zetrix代幣，屆時該代幣預計將包含在MaiCapital在香港推出的加密貨幣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.
儘管取得了積極成果，但MIDF Research和Maybank Ib都警告說，MYEG在很大一部分收入中依賴政府相關服務，這使其面臨政策風險。這導致了MIDF的目標價格下降。但是，兩位分析師都認爲，MYEG多樣化的DeFi企業和區塊鏈應用程序爲未來的增長提供了堅實的基礎。根據MIDF的數據，MYEG的上行潛力爲0.88令吉，上漲潛力爲29.5％，而馬來亞銀行IB的目標價格表明潛在的回報率較當前水平爲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.
儘管貨幣和政策挑戰持續存在，但MYEG的市值爲66令吉，以及穩健的DeFi項目管道，仍處於持續增長的有利地位。
