PETALING JAYA: Ramssol Group Bhd
’s growth narrative is expected to broaden its “PayDayNow” distribution reach moving forward, says Apex Securities Research.
This follows the recent memorandum of agreement (MOA) signed between Ramssol’s subsidiary Ramssol Fintech Sdn Bhd (Rams Fintech) and CTOS Digital Bhd’s subsidiary, CTOS Data Systems Sdn Bhd, for a referral and distribution arrangement covering the PayDayNow Earned Wage Access (EWA) programme.
To put it in context, CTOS Data Systems will introduce, refer and promote the platform to employers and clients within its network, while Rams Fintech onboards referred employers, operates the platform, and pays commission to CTOS Data Systems, with both parties bound by Malaysia’s Personal Data Protection Act or PDPA compliance.
In a note to clients, Apex Research said Rams Fintech is set to scale PayDayNow onboarding across CTOS Data Systems as well as its existing AmBank channels, alongside continued momentum in PeopleTech, A.I.Tech (Wofeng Partnership) and AutoTech, and progress on the INNIO/CariJob cross-sell.
According to the brokerage, the recent CTOS tie-up gives PayDayNow a second distribution leg alongside the AmBank channel, this time through CTOS Data Systems’ network of banks, businesses and employers built around its credit reporting franchise.
The proposed data-collaboration exploration also points to longer-term upside, whereby CTOS’s credit-bureau data could eventually strengthen EWA eligibility and risk assessment, subject to definitive agreements.
Overall, the deal reinforces Ramssol’s shift toward a more recurring, commission-linked revenue mix and slots naturally alongside its PeopleTech, A.I.Tech and AutoTech pillars, added Apex Research.
Meanwhile, the brokerage said, “As the MOA is non-binding and has no immediate impact on the group’s net assets, earnings or gearing, we leave our financial year 2026 (FY26), FY27 and FY28 respective core net profit forecasts of RM30.8mil, RM40mil and RM45.2mil unchanged at this juncture.”
Apex Research has also maintained a “buy” call on Ramssol with an unchanged target price of RM1.30, pegged to 15.42 times FY27 core earnings per share forecasts of 8.4 sen.
