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0CIMB initiates coverage on
electronic service provider MY E.G. Services (0138.KU) with an Outperform call
and a target of MYR0.97 based on 16X FY13 earnings.
The house projects a 23%
three-year EPS CAGR driven by existing and new electronic services, such as
online vehicle ownership service and a customs service tax monitoring system.
The house notes that with internet penetration rising fast on the back of
cheaper rates, Malaysia's demography (54% of the population is under 25 years
old) offers good growth opportunities for online services. Shares are trading
2.7% higher at MYR0.76.
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