PETALING JAYA: The Road Transport Department’s (JPJ) suspension of MyEG Sdn Bhd and Zetrix AI Bhd as collection agents, effective Oct 5, 2026, has opened a potential growth avenue for Ramssol Group Bhd
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Apex Research thinks Ramssol’s wholly- owned unit, Rider Gate Sdn Bhd, is well-placed to handle a portion of the displaced transaction volume as the unit was appointed by the JPJ in December last year as a collection agent for a two-year period.
Its scope includes vehicle ownership transfers, motor vehicle licence renewals, and electronic summons payments.
Although Rider Gate services are not a full-scale replacement for MyEG’s broader offering, the research house identified meaningful service overlap.
“We see vehicle ownership transfers as the most relevant opportunity, given Rider Gate’s existing focus on the used-motorcycle ecosystem.
“Rider Gate could potentially expand its role in the motorcycle transaction process by facilitating JPJ ownership transfers and licence renewals alongside its existing platform services,” the brokerage stated in its report on Ramssol.
Apex Research noted that transaction volume migration will not be a simple one-for-one transfer, as drivers can also utilise official JPJ platforms like MyJPJ and MySikap or other authorised agents.
Because transaction volumes and monetisation details are yet to be disclosed, Apex Research leaves its core net profit forecasts for Ramssol’s financial year 2026 (FY26) to FY28 unchanged at RM31.5mil, RM42.2mil, and RM47.3mil, respectively.
It maintained a “buy” rating on Ramssol with a target price of RM1.37 a share, the valuation based on an unchanged core price earnings multiple of 15.4 times applied to an estimated FY27 core earnings per share of 8.9 sen.
“We see the JPJ development as a potential earnings catalyst rather than an immediate earnings upgrade, with transaction volumes and monetisation being key indicators to assess the potential earnings contribution from the JPJ services,” it summarised.
Ramssol shares were up seven sen to 82.5 sen at last look.
