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MyEG’s Silent Revolution: A Hidden Goldmine or a Missed Opportunity?
Over the past five years, MyEG has evolved from a government service provider into a regional tech-driven digital solutions company, diversifying revenue beyond government contracts.
Year 2019 to 2021: Foundation & Pandemic Boost
MyEG built its business around e-Government services like road tax renewals and summons payments. The COVID-19 pandemic accelerated growth, as MyEG adapted by offering health screening and quarantine solutions.
Year 2022: A Strategic Shift
To reduce reliance on government contracts, MyEG expanded into commercial services like car insurance, financing, and online marketplaces. These higher-margin businesses helped sustain profits despite the decline in pandemic-related revenue.
Year 2023 to 2024: The Game Changer
MyEG entered the blockchain and Web3 space, launching Zetrix, a blockchain platform enabling cross-border trade and digital identity verification. This unlocked new revenue streams and expanded MyEG’s footprint into China and Southeast Asia.
Stock Price vs. Business Growth: A Gap?
The company’s revenue and earnings have grown steadily, but stock price volatility over the past three years raises questions.
As seen in the Fundamental Mapper, MyEG is borderline between the Gem and Goldmine quadrants. If business performance continues to improve while the stock price remains unchanged, it could shift into the Goldmine quadrant, signaling better investment potential.
Will the market eventually catch up with MyEG’s transformation?
