Ramssol to gain from high demand for HR tech

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PETALING JAYA: Ramssol Group Bhd (RGB) is expected to see positive growth momentum, given its proven track record and a new business segment – Edutech, according to CGS-CIMB Research.

It said the human resources solutions provider’s proven track record is supported by its know-how in human resource technology (HR tech) and its research and development (R&D) capabilities.

“RGB’s experience in HR tech can be seen in its founders having more than 15 years of average experience in the industry.

The group is also a certified reseller of key third-party human capital management (HCM) software.

“Besides, RGB also has R&D capabilities to develop in-house HCM technology. Its clientele include regional banks and multinationals,” said the research house.

CGS-CIMB also noted there is a structural shift towards HCM digitalisation.

This will benefit RGB considering its strong market presence in five countries in the Asean region.

“We believe that top line growth in HR tech will be driven by ongoing digitalisation efforts by more companies and a larger product offering to cater to a wider clientele and their different needs.

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“These include tie-ups with Darwinbox, which is involved in the digitalisation of small and medium-sized enterprises and Laiye, which deals with smart automation technology,” said the research house.

CGS-CIMB Research said it is likely that RGB will benefit from the upgrades and further digitalisation of customers’ HCM systems and system maintenance works. This allows the group to see recurring business after a project.

Another growth propeller of the group is Edutech.

Under the segment, the group is a training provider for subjects including information technology (IT) and anti-corruption.

The segment will likely contribute a compounded annual growth rate (CAGR) of 274.5% for RGB’s revenue from financial year 2021 (FY21) to FY24.

“As a registered training provider under Malaysia’s Human Resource Development Corp, it aims to tap into the organisation’s allocation, an estimated fund of RM2bil in 2021, for its members to upskill their workers,” said the research house.

Given the rising demand for HCM solutions and technology applications, expansion plans into new markets as well as product offerings, RGB is projected to have a three year earnings per share CAGR of 10.2%.

CGS-CIMB Research has an “add” call with a target price of 55 sen to RGB with a 12-times price to earnings ratio based on forecast in 2023. This is a 30% discount compared with its Malaysian peers in view of RGB’s lower market capitalisation, high dependency on third-party IT solutions and relatively small product portfolio.


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