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Research by Maybank
Buy - TP RM1.68

"2Q24: Another strong quarter"

MYEG’s decentralised finance (DeFi) segment’s robust growth momentum continued into 2Q24, with the segment accounting for roughly a third of turnover for the second consecutive quarter. Pending a results briefing today, we maintain our FY24-26E earnings. Given its attractive valuation (10.8x FY24E PER) and compelling growth outlook, we reiterate our BUY rating with an unchanged TP of MYR1.68 (20x FY25E PER - LT mean).

Analysts:
Anand Pathmakanthan
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Arvind Jayaratnam
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$KLSE-MYEG
Research by Maybank
Buy - TP RM1.68

"2Q24: Another strong quarter"

MYEG’s decentralised finance (DeFi) segment’s robust growth momentum continued into 2Q24, with the segment accounting for roughly a third of turnover for the second consecutive quarter. Pending a results briefing today, we maintain our FY24-26E earnings. Given its attractive valuation (10.8x FY24E PER) and compelling growth outlook, we reiterate our BUY rating with an unchanged TP of MYR1.68 (20x FY25E PER - LT mean).

Analysts:
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com