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Published: Monday February 4, 2013 MYT 8:44:00 AM
CIMB Research maintains target price for MyEG at RM1.34
KUALA LUMPUR: CIMB Equities Research is maintaining its target price for My EG Services Bhd at RM1.34 and sees more upside for the company.
It said on Monday last week's soft launch of MyEG's work permit renewal service for foreign workers is good news as this service holds great potential.
The research house said MyEG is also looking to penetrate the country's RM1.5bn insurance market for foreign workers.
"We maintain our EPS forecasts and target price, based on an unchanged 16 times CY14 price-to-earnings (P/E), a 20% premium over our 13.3 times target market P/E given its above-market three-year EPS CAGR.
"Higher-than-expected revenue growth from new services should catalyse the stock. MyEG is our top pick in the tech sector and also our top small-cap pick. The stock remains an Outperform," said CIMB Research.
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