Ramssol Group Berhad -MOA with Wofeng Global: Broadening the AI/CX Service Suite
Fri, 10-Jul-2026 08:38 am
by Research Team • Apex Research

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RAMSSOL (0236)

Target Price (RM)

1.30

Recommendation

Buy

Rams AItech Sdn Bhd (RAMS), a wholly-owned subsidiary of Ramssol, has entered into a Memorandum of Agreement (MOA) with Wofeng Global Pte. Ltd. (Wofeng), a Singapore incorporated enterprise CX/AI software provider, to jointly pursue and service omnichannel, contact-centre and AI-enabled customer engagement opportunities, with RAMS as the implementation and managed services partner on Wofeng's Udesk Platform.

The partnership carries an indicative service value of approximately USD6m (RM24m), although the timing and extent of revenue recognition remain subject to definitive commercial agreements.

We view the MOA positively as it extends Ramssol's A.I.Tech vertical into the CX/customer engagement space via a proven third-party SaaS platform, complementing its existing enterprise AI and PeopleTech offerings. As the MOA has no immediate earnings impact and commercial terms are pending, we leave our FY26F/FY27F/FY28F core PATAMI forecasts of RM31.0m/RM40.0m/RM45.2m and TP of RM1.30 unchanged at this juncture, pegged to 15.42x FY27F diluted core EPS of 8.4 sen.

 

The MOA. RAMS, via its parent Ramssol, entered into the MOA with Wofeng on 9 July 2026 (Effective Date) to record the present understanding and overarching principles governing the proposed Partnership, with Wofeng as the technology platform provider and RAMS as the implementation and managed services partner for joint customers. Under the agreed scope, where RAMS sources a lead that converts to a customer, Wofeng shall appoint RAMS as the implementation and managed services provider; where Wofeng sources the lead, Wofeng shall appoint RAMS as the preferred implementation partner unless RAMS declines in writing, is unable to meet the implementation timeline, or the customer expressly requires another partner. The MOA is valid for two years from the Effective Date and may be terminated by either party on 90 days' written notice, with both parties agreeing to cooperate in good faith to complete any ongoing engagements commenced prior to termination.

Information on Wofeng. Wofeng is a private limited company incorporated in Singapore on 20 September 2024, engaged in developing, marketing, distributing and providing enterprise customer service and customer experience (CX) software with integrated artificial intelligence (the Udesk Platform), spanning omnichannel customer engagement, live chat, call centre, AI chatbot, ticketing, and related knowledge-base and analytics solutions, together with consulting and last-mile services. Wofeng has an issued share capital of SGD500,000 comprising 500,000 ordinary shares, and is wholly owned by Wofeng Data Technology Co. Ltd.

Strategic fit with Ramssol's existing business. The Partnership sits within Ramssol's A.I.Tech pillar, which already undertakes enterprise AI project work in Indonesia and Thailand, but shifts the delivery model from Ramssol-developed AI solutions toward a partner-platform approach — implementing and managing a proven third-party SaaS CX platform for joint customers. This complements, rather than competes with, Ramssol's core PeopleTech HCM offerings (Darwinbox, HONO): where PeopleTech addresses the employee-facing HR value chain, the Wofeng tie-up extends Ramssol's addressable stack to the customer-facing CX value chain, positioning the Group to eventually cross-sell both HR and CX/AI solutions into the same enterprise accounts across government, financial services, retail and e-commerce, healthcare, travel, manufacturing, energy and logistics verticals. The managed-services nature of the engagement is also consistent with Ramssol's broader push (as seen in the recent INNIO/CariJob acquisition) toward a more recurring, less project-based revenue mix, and extends the Group's regional footprint into Singapore and the wider ASEAN market alongside its existing Malaysia and Indonesia operations.

Risks, approvals and effects. Key risk is typical of any commercial contract, namely the risk of breach or non-compliance by either party, alongside execution risk given the MOA is a preliminary framework pending definitive agreements. The MOA will not affect Ramssol's share capital or substantial shareholders' shareholdings, and is not expected to have any immediate material impact on the Group's net assets, earnings or gearing. It is not subject to shareholder or regulatory approval, and is not conditional upon any other corporate proposal. None of the Directors and/or major shareholders of Ramssol have any interest, direct or indirect, in the MOA

Outlook. We expect Ramssol's growth narrative to broaden further as RAMS converts leads under the Wofeng Partnership alongside continued momentum in PeopleTech, A.I.Tech and AutoTech, and progress on the AmBank EWA (PaydayNow) tie-up and INNIO/CariJob cross-sell.

Earnings Revision. As the MOA is non-binding and has no immediate impact on the Group's net assets, earnings or gearing, we leave our FY26F/FY27F/FY28F core PATAMI forecasts of RM31.0m/RM40.0m/RM45.2m unchanged at this juncture.

Valuation. We maintain our BUY call with an unchanged TP of RM1.30, pegged to 15.42x FY27F diluted core EPS of 8.4 sen.

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