KUALA LUMPUR (Sept 27): My EG Services Bhd’s (MyEG) GST monitoring (GSM) project’s Phase 1 nationwide launch is taking longer than expected and the target launch has now been pushed to end of 2017, past its initial target of June 2017, according to CIMB Research. On the plus side however, CIMB Research said MyEG had recently started a new service to match employers with unregistered illegal foreign workers (IFWs) under the rehiring programme. “We also expect the company to benefit from selling the compulsory foreign workers’ insurance to the employers. “In our earnings forecast, we assume a more conservative average of 5,000 foreign workers monthly or 60,000 foreign workers annually. We assume 50% net profit margin for the matching services (in line with the 50% net profit margin from existing foreign worker services) and an annual net profit of RM30 million,” CIMB Research said.

Source: The Edge Markets September 27, 2017 03:22 UTC