Introduction
Zetrix, formerly known as MY E.G. Services Berhad (MYEG), is a Malaysian-listed technology company with a long track record in e-government digital services. Historically, the company’s core revenue has come from recurring government-related transactions such as vehicle and licence renewals and foreign worker permit processing, which provide stable cash flow and earnings visibility.
The name change to Zetrix reflects the company’s strategic shift beyond traditional e-government services towards broader regional and cross-border digital solutions. While the legacy government services remain the main earnings contributor today, Zetrix is positioning itself for long-term growth by expanding into enterprise and government digital infrastructure applications.
Zetrix Stablecoin?
Recently, a ringgit-backed stablecoin called RMJDT was officially launched on the Zetrix blockchain, as part of Malaysia’s digital asset innovation efforts. RMJDT is issued by Bullish Aim Sdn Bhd, a company owned by the Regent of Johor, Tunku Ismail Ibni Sultan Ibrahim, and operates under a regulated sandbox framework overseen by Malaysian authorities.
The stablecoin is designed to maintain a 1:1 peg with the Malaysian ringgit, with backing from ringgit cash deposits and short-term government securities. Its goal is to support cross-border trade settlements and increase the international use of the ringgit, which could help attract foreign investment into Malaysia.
Zetrix’s role is central: RMJDT runs on its blockchain, which forms the core of Malaysia’s national blockchain infrastructure (MBI). The initiative also includes setting up a Digital Asset Treasury Company (DATCO) with an initial allocation of RM500 million in Zetrix tokens to help stabilise network fees and support validator nodes, which could strengthen the blockchain ecosystem.
The important question is: will Zetrix actually earn more from this stablecoin initiative? Let’s see what the consensus thinks!
Consensus Estimation
From a market perspective, analyst sentiment is positive. Zetrix carries a consensus “Buy” rating, with a mean target price of RM1.624, compared to a current price of around RM0.8. This implies an estimated upside of 100%, This implies an estimated upside of around 100%, based on five analyst ratings. The target price range of RM1.25 to RM2.03 highlights differing views on the pace of growth, particularly from newer digital initiatives.
Future Earning Estimation
Consensus estimates suggest that Zetrix is expected to deliver steady growth from 2025 to 2027. Revenue is projected to reach around RM1.19 billion in 2025, rising further to approximately RM1.40 billion in 2026 and RM1.47 billion by 2027, indicating continued scale and demand for its services.
Profitability is also expected to improve over this period. Net earnings are forecast to increase from about RM795 million in 2025 to RM955 million in 2026, and surpass RM1.0 billion in 2027. EBITDA is projected to grow steadily as well, reaching more than RM1.23 billion by 2027, reflecting strong operating leverage and cash generation.
Earnings per share (EPS) is estimated to rise from 10.72 sen in 2025 to 12.76 sen in 2026, and further to 13.36 sen in 2027.
Currently, Zetrix is trading at a current P/E of about 8.8× (Based on RM 0.81 share price). Based on consensus earnings forecasts, the forward P/E is expected to decline further as earnings grow, falling to around 6.3× in 2026 and approximately 6.1× in 2027. This means the company is expected to earn more while the share price stays the same, which could make the stock look cheaper over time if performance meets expectations.
Company Share Buyback
Over the past three calendar years, Zetrix has repurchased more than 100 million shares, signalling a strong commitment to shareholder value. The buyback activity has been consistent rather than one-off, with notable repurchases spread across multiple quarters, especially in 2023 and 2025, indicating management’s willingness to support the share price during periods of market weakness.
The timing of the buybacks is also meaningful. Repurchases were more active when the share price was trending lower or trading within a weaker range, suggesting that management views the stock as undervalued at those levels. This reflects confidence in the company’s underlying fundamentals and future earnings outlook.
From a financial perspective, Zetrix’s sustained share buybacks are supported by its strong cash-generating core business. By reducing the number of shares outstanding, buybacks can enhance earnings per share (EPS) and improve return metrics, even if absolute earnings grow at a moderate pace. At the same time, the buyback programme can also be viewed as a form of indirect reward to shareholders, as it increases each remaining shareholder’s ownership stake without diluting value, similar in effect to a capital return or bonus.
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Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. Investment in securities involves risks, and investors are encouraged to do their own research or consult with a financial advisor before making any investment decisions.
Screenshot from ShareInvestor Pro (Date: 31/12/2025)