• Ramssol Group is regarded as a human capital management (HCM) solution and technology specialist provider with established presence across regional markets and is supported by long-term client relationship spanning up to 8 years.

• We project core earnings to grow by 6.2% YoY to RM7.4m in FY21f, as a result of penetrating into new regional markets and higher contribution from the provision of HCM technology applications business segment.

• Ramssol Group is valued by pegging its FY22f core EPS of 4.0 sen to 15.0x PE (- 1.5 SD to 5Y technology sector average of 30.0x), leading to a FV of RM0.60.

Company Background

• Ramssol Group Bhd’s (Ramssol Group) history traces back to the incorporation of Rams Malaysia on 10th August 2010 to undertake human capital management (HCM) and student management solutions business, primarily using Oracle Corp’s HCM and student management software.

• With the incorporation of Rams Singapore on 23rd September 2010, Ramssol was appointed by a third-party solution provider to provide consulting and implementation of HCM solutions for CapitaLand Limited in Singapore. This marked the first project and commencement of business, which the group made footprint into Malaysia, China, Japan, India, Australia and New Zealand.

• In recognition of effective communication between employees to improve overall work efficiency and enhance commitment, Ramssol Group has subsequently launched an in-house employee engagement mobile application; Feet’s in 2019.

• Moving into February 2020, Ramssol Group entered into a Lark Partner Network Agreement with Lark Technologies Pte Ltd as a reseller for a third-party collaboration platform in Asia Pacific region. The move transformed Ramssol Group into a comprehensive suite of HCM solutions and technology provider.

Source: Mplus Research - 28 Jun 2021