CIMB Research ups MyEG target price to RM7.80

KUALA LUMPUR: CIMB Equities Research has raised the target price for MyEG Services from RM5.28 to RM7.80 after it was appointed by the government to compile and maintain database on the country’s foreign workers (both legal and illegal).

“We bump up our EPS forecasts by 38%-63% to reflect higher earnings mainly from the FWPR. This raises our target price, which remains pegged to its peers’ 21 times CY16 price-to-earnings (P/E),” it said on Wednesday.