Ramssol Delivers Beyond Expectations
Ramssol Delivers Beyond Expectations
GeekStart acquisition nearing completionRAMSSOL delivered another strong quarterly performance as HCM project delivery momentum continued to snowball on the back of strong sales from leading enterprise HCM solution brands like Oracle, Darwinbox and ZingHR. Pending briefing updates Maybank IB said it maintains earnings forecasts for FY24-26E. TP of MYR1.00 (pegged to 17x FY25E PER, at its LT mean) and BUY rating is also maintained.
RAMSSOL在銷售Oracle、Darwinbox和ZingHR等領先企業HCm解決方案品牌的強勁銷售推動下，HCm項目交付勢頭持續加強，再次實現了強勁的季度業績表現。官方更新待辦事項，Maybank Ib表示，它維持FY24-26E的盈利預測。其目標價爲1令吉（以17倍FY25E PER計算，位於其Lt平均值），並維持買入評級。
Results above expectations
RAMSSOL registered 2Q24 core net profit of MYR4.4m (+108% YoY, +4% QoQ). Cumulative 6MFY24 core net profit of MYR8.5m (+104% YoY) was above expectations, at 53%/56% of both ours/street's FY24E forecasts. Underpinned by robust domestic momentum in its HCM-centric PeopleTech segment, this was RAMSSOL's second consecutive quarterly earnings
outperformance. Year-to-date, RAMSSOL's 1H24 core net profit has already exceeded FY23's full-year core earnings by c.32%.
結果超出預期
RAMSSOL錄得了MYR440萬的2Q24核心淨利潤（同比增長108％，環比增長4％）。累計6MFY24核心淨利潤爲85百萬元（同比增長104％），超出預期，並達到53％/ 56％的我們/ 街道的FY24E預測。在其以HCm爲中心的PeopleTech業務有強勁動力的支撐下，這是RAMSSOL連續第二個季度實現的盈利。截至目前，RAMSSOL的1H24核心淨利潤已經超過FY23全年核心收入的約32％。
表現超預期。今年截至目前爲止，RAMSSOL的1H24核心淨利潤已經超過FY23的全年核心收益約32%。
Robust HCM solutions growth in Malaysia
2Q24 group turnover grew 71% YoY/20% QoQ, on the back of strong HCM segmental delivery. Growth in Malaysia (+103% YoY) was driven primarily by new product offerings, collaboration with partners for license distribution, and recurring software subscriptions. Limited milestone execution for foreign clients in Singapore (-66% YoY), coupled with robust
domestic growth from its high-profit margin HCM license distributorship business also helped boost the group's EBITDA margins (+11.6% YoY).
馬來西亞強勁的HCm解決方案增長
2Q24集團營業額增長71％（同比增長20％），得益於強勁的HCm部門交付。馬來西亞的增長（同比增長103％）主要是由於新產品的推出、與合作伙伴進行許可證分銷以及經常性軟件訂閱。對於新加坡的外國客戶有限的里程碑執行（同比下降66％），再加上其高利潤率的HCm許可分銷業務的強勁國內增長，這些都有助於提高集團的EBITDA利潤率（同比增長11.6％）。
GeekStart收購接近完成RAMSSOL的AutoTech和MarketingTech部門預計將在2H24支撐PeopleTech的貢獻，因爲該集團已經定位自己，在未來幾個月內推出一系列新的舉措。同時，該機構表示，根據官方發佈的消息獲悉，RAMSSOL將於2024年7月底完成收購總部位於泰國的軟件開發公司，GeekStart Company Ltd的51.0％股權，收購價格爲MYR693萬元。回顧一下，該收購附帶的FY24E/25E分別具有MYR4.7m/710萬的利潤保證。
GeekStart acquisition nearing completion
RAMSSOL's AutoTech and MarketingTech segments are expected to buttress PeopleTech contributions in 2H24 as the group has positioned itself to roll out a slew of novel initiatives in the coming months. Meanwhile, the house said it also gathers that the acquisition of 51.0% equity interest in TH-based software development company, GeekStart Company Ltd for MYR6.93m is nearing completion by the end of July 2024. To recap, the acquisition comes with a profit guarantee of MYR4.7m/7.1m for FY24E/25E respectively an
GeekStart收購接近完成
RAMSSOL的AutoTech和MarketingTech部門預計將在2H24支撐PeopleTech的貢獻，因爲該集團已經定位自己，在未來幾個月內推出一系列新的舉措。與此同時，該機構表示，GeekStart Company將在2024年7月底完成51.0％的權益收購，交易金額爲MYR693萬元。總之，該收購附帶了MYR4.7m/710萬的FY24E/25E利潤保證。
譯文內容由第三人軟體翻譯。
