Maybank Lifts ZETRIX Target Price After Launched Malaysia’s First Stablecoin on Its Platform

Maybank Lifts ZETRIX Target Price After Launched Malaysia’s First Stablecoin on Its Platform, Sees 152% Upside

Publish date: Wed, 10 Dec 2025, 01:05 PM

Maybank Investment Bank analyst Lucas Sim has raised Zetrix AI’s target price to RM2.03 from RM1.66 and implying a potential upside of 152%, while maintaining a Buy call. The revision came after Bullish Aim, chaired and owned by the Regent of Johor, recently launched RMJDT (Malaysia’s first Ringgit-backed stablecoin), issued on the Zetrix blockchain platform.

RMJDT was launched under a regulated sandbox framework and is designed to serve a dual purpose to strengthen the use of MYR in cross-border trade settlements and as a catalyst for attracting increased FDI into Malaysia.

Lucas highlighted Bullish Aim’s plan to establish the Digital Asset Treasury Company (DATCO), to ensure stable network gas fees for RMJDT transactions, which initially allocates RM500 million in Zetrix tokens, potentially boosting FY26–27 earnings of Zetrix AI. He now projects FY26E earnings to rise 39% to RM1.19 billion, driven by the token sale.

​Lucas Sim, who mainly covers the industrial products & services sector on StockTipRatings.com (based on data since 2023), currently does not yet have an Expert Rating on the platform. However, he records a 40% success rate across the stocks he covered over a 1-year period following his calls.

He added that the RM500 million allocation could rise to RM1 billion, and DATCO’s commitment to stake tokens supporting up to 10% of validator nodes would further enhance network stability and efficiency. These initiatives strengthen Zetrix AI’s earnings visibility, supported by growing blockchain adoption within the new stablecoin ecosystem.

As of 10:30 a.m. on December 10, Zetrix AI's share price rose 6.2% to RM0.855.

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What Happened:
A bank analyst (Maybank) has become very bullish on a company called Zetrix AI. He doubled his price target because Zetrix's blockchain was chosen to launch Malaysia's first government-backed digital Ringgit (RMJDT).

Why It's a Big Deal:

1. Official Backing: This isn't just any crypto. It's a regulated digital currency supported by Malaysia (through the Regent of Johor), meant to be used for international trade.

2. Guaranteed Customer: A special fund (DATCO) will buy RM 500 million worth of Zetrix's own digital tokens to help run the new system. This is a huge, immediate sale for Zetrix AI, boosting its profits.

3. New Role: Zetrix is no longer just a tech company. It's now becoming essential national financial infrastructure.

The Bottom Line:

• Opportunity: This is a major upgrade for Zetrix. It has a clear new customer (the government project) and a big revenue stream from the token sale. Its future is now tied to Malaysia's digital economy plans.

• Caution: The analyst making this super-bullish call doesn't have a strong past track record (40% success rate). Also, the company must now successfully deliver on this project, which isn't guaranteed.

In a nutshell: Zetrix AI got a huge vote of confidence by being chosen for a national digital currency project, which should make it a lot of money. The stock jumped on the news, but it still has to prove it can make the project work.

MYEG

MYEG

HISTORICAL PERFORMANCE

FY   REV   NP   NPM(%)

2017  372   202   54.2

2018  319   170   53.4

2018  246 -41.4  -16.8

2019  357   175    49

2019  239   130    54.3

2020  532   268    50.4

2021  724   316    43.6

2022  651   399    61.2

2023  774   488    63

2024(3Q)  723   516   71.4

Revenues and Net Profits are in RM millions

PE

Year 2015 to 2020:

It was trading at PEs ranging from 40 to 80. 

In 2018, its PE dropped to around 10; this coincided with BN losing its power in that general election.

Year 2020 to 2024: 

PE ranged from 10 to 30. 

This PE has trended downwards during this period.

On 18.12.2024, it is trading at PE of 10.77 which is at the lowest point in its PE range.

Why? Is it a risky company going forward? Are investors of the opinion its growth might not be so good going forward?

Insiders

CEO Wong Thean Soon has reduced his shareholdings by 67 million shares, and now holds 760.77 million shares.

Dividends

It pays dividends yearly. 

The dividends paid in the first half of this decade were higher than those paid in the recent 5 years. Latest dividend was 1.930 sen per share for FY ending 31.12.2023 .

DY of 2.04% at today's price of 0.945 per share.

Financial Information

PE 10.82

ROE 24.73%

P/B 2.68

NTA 0.353

DPO ratio 28%- 29%

Why is MYEG trading at low PE? 

Its net profit has increased since 2020. 

Maybe we should look at its debts and its FCFs?

Its account receivable has grown faster than its increase in revenues.

A big percentage of its total assets are intangible assets.

All values are in RM millions

YEAR                        2019   2020   2021   2022   2023

REVENUE                  461     511     703     651     774

EBIT                           257     283      332      399    583

INTEREST EXP            7         8        6.7       9.2     40

NET PROFIT              242     269     316     399     488

YEAR                          2019   2020   2021   2022   2023

CA                                  325   551     649      850    1148

NET PPE                       314    337     311      390      368

INTANG, ASSETS         18      18     343      783    1226

TOTAL ASSETS         1030   1417  1884   2540    3218

TOTAL EQUITIES       708   1143  1541    1872    2200

TOTAL LIAB.               322    274    342      668    1017

AR                               219     241      372      663    700

ST DEBT                      49       48        68      158    152            

LT DEBT                    137     123        98      325    728

TOTAL DEBT            186     171      166      483    880

DIVIDENDS                66       87        79        45      47

YEAR                         2019   2020   2021   2022   2023

NOCF                          154     295      121      304    502

CAPEX(F.A.+ OTH)     70      52      285       542    482

CAPEX(F.A.)                 70      52       42         75      14

CAPEX(OTHER A.)        -        -      243       467    468

FCF                                 84    243   -164      -238     20

MYEG at another glance

 

MYEG at a glance.

 

MYEG at a glance

 

MYEG at a Glance

 

MYEG

 

MYEG

Growth in revenues and PBT was very fast in its early years.  Growth in revenue has slowed,  though PBT in 2022 was higher due to better profit margin.  Its earnings dropped in 2020 and has since recovered, exceeding its previous high earnings.

The share price of MYEG has been essentially flat since 2021.  With its better earnings, the company is now on offer at better value than before.

MYEG

2009 to 2022

It EPS grew from 0.24 sen in 2009 to 4.72 sen in 2022.  It had grown its EPS 19.7x.

Its EPS grew 11.7x, at a fast rate from 0.24 sen in 2009 to 2.8 sen in 2017.  Its EPS dropped from 2.8 sen inn 2017 to 2.64 sen in 2018.  From 2018, its EPS grew from 2.64 sen to 4,72 sen in 2022; it grew 1.8x.  

Its PE expanded from PE of 16.1 in 2009 to PE of 76.6 in 2015.  From 2015/16, its PE contracted from this highest PE to PE of 18.4 in 2022. 

Excluding the extremely high PEs and extremely low PEs,  the usual historical PE for MYEG ranged from low PE of 15.9 to high PE of 25.9 and its average or signature PE was 19.9.

It paid out 27.7% of its earnings as dividends and grew its earnings by 4.72 sen - 0.24 sen = 4.48 sen.  It retained 26.94 sen - 7.46 sen =  19.48 sen.  The return on its retained earnings is thus, 4.48 sen / 19.48 sen = 23%.

Its usual DY ranged from low DY of 0.83% to high DY of 2.23%.   

At the current price of RM 0.79 per share, it is trading at a PE of 14.8x and its DY is 1.91%.  

Investor's Checklist: Business Services

Understand the business model.  Knowing if a company leverages technology, people, or hard assets will provide insight as to the kind of financial results the company may produce.

Look for scale and operating leverage.  These characteristics can provide significant barriers to entry and lead to impressive financial performance.

Look for recurring revenue.  Long-term customer contracts can guarantee certain levels of revenue for years into the future.  This can provide a degree of stability in financial results.


Focus on cash flow.  Investors ultimately earn returns based on a company's cash-generating ability.  Avoid investments that aren't expected to generate adequate cash flow.

Size the market opportunity.  Industries with big, untapped market opportunities provide an attractive environment for high growth.  In addition, companies chasing markets perceived to be big enough to accommodate growth for all industry participants are less likely to compete on price alone.

Examine growth expectations.  Understand what kind of growth rates are incorporated into the share price.  If the rates of growth are unrealistic, avoid the stock.  



Ref:  The Five Rules for Successful Stock Investing by Pat Dorsey



Read also:
Investor's Checklist: A Guided Tour of the Market...

Nine Malaysian firms on Forbes’ ‘best under a billion’ list

Nine Malaysian firms on Forbes’ ‘best under a billion’ list

By Lee Wei Lian

September 02, 2010

 

KUALA LUMPUR, Sept 2 — Nine Malaysian companies have made it to Forbes magazine’s ranking of best performing listed Asian companies with revenues under US$1 billion (RM3.1 billion).

Malaysia tied with Thailand for the sixth most number of entries on the list after China/Hong Kong with 71, India (39), South Korea (20), Taiwan (19) and Australia (13).

Singapore had eight entries on the list while Japan had two, down from 24 due to domestic economic woes.
“In aggregate the market-cap-weighted shares of our 2010 class were up 43 per cent over 12 months versus 21 per cent for the FTSE Asia Pacific Small Cap stock index,” said Forbes.

The nine Malaysian entries this year represented an increase of one over the eight entries it had on the list last year.

One Malaysian newcomer to the list, glove maker Hartalega Holdings, was profiled by the magazine.
The other companies were RFID solutions provider CBS Technology, marine services provider Coastal Contracts, herbal care multi-level marketing company Hai-O Enterprise, steel pipe maker KKB Engineering, glove maker Latexx Partners, construction company Mudajaya Group, e-government service provider My EG Services and IT firm Willowglen MSC.

The Singaporean entries were real estate fund manager ARA Asset Management, marine equipment manufacturer Baker Technology, furniture maker Design Studio Furniture, engineering outfit Hiap Seng Engineering, property developer Ho Bee Investment, infrastructure builder OKP Holdings, clean room supplier Riverstone Holdings and mining company Straits Asia Resources.

This year also marked the first time a Vietnamese company made it to the list — dairy outfit Vinamilk.

“Its history reflects the different nature of enterprises in nations with long-standing state dominance,” said Forbes.

The annual “Best Under A Billion” list picks the top-performing 200 firms from close to 13,000 listed Asia-Pacific companies with actively traded shares and sales of between US$5 million and US$1 billion.
Selection of the final 200 was based on earnings growth, sales growth, and shareholders’ return on equity in the past 12 months and over three years.

Prime Minister Datuk Seri Najib Razak said recently that small-medium enterprises (SMEs) are the backbone of the Malaysian economy.

SMEs contribute about one-third of Malaysia’s GDP and account for 20 per cent of its exports.

http://www.themalaysianinsider.com/business/article/nine-malaysian-firms-on-forbes-best-under-a-billion-list/

A quick look at MYEG (22.4.2010)

My E.G. Services BHD Company

Business Description:
My E.G. Services BHD. The Group's principal activities are developing and implementing Electronic Government Services project and providing other related services. It also operates as an investment holding company. Operations are carried out wholly in Malaysia.

Wright Quality Rating: LBNN Rating Explanations

A quick look at MYEG (22.4.2010)
http://spreadsheets.google.com/pub?key=tdVSwe6o2iz4DJ2U8bjPxqg&output=html


More details:

MY E.G. SERVICES BERHAD
STATUS : ACTIVE
COUNTRY Malaysia
SIC CODE CMP PROCESSING,DATA PREP SVC (7374)
10TH FLOOR MENARA HAP SENG, NO 1 & 3 JALAN P RAMLEE, KUALA LUMPUR
Tel: (60) 3 2382 4288
Fax: (60) 3 2382 4170

PROFILE BRIEF
My E. G. Services Berhad (MYEG) is principally engaged in the Electronic Government (E-Government) and Electronic Services (E-Services) industry. MYEG operates in two business divisions Government to Citizen (G2C) and Government/Enterprise Solution (GES). G2C services refers to services, such as driving theory test bookings, issuance and renewal of licenses, electronic bill payment and payment, as well as online information services, such as traffic summons checking and electronic bankruptcy or liquidation status searches. GES are non-Internet-based services, such as software and enterprise solutions, system development and maintenance, as well as services rendered at the E-Services Centers. These services are non-Internet-based and cannot be transacted by citizens independently.

DIRECTORS/ADVISORS
COB NORRAESAH BINTI HAJI MOHAMAD
CEO/MD/PRESIDENT THEAN SOON WONG
AUDITOR HORWATH