JPJ revamp likely to benefit Ramssol’s Rider Gate

By the Editorial Team · Tuesday, October 6, 2026

Malaysia’s Road Transport Department suspended MyEG and Zetrix as collection agents starting October 5, 2026, creating potential opportunities for Ramssol’s subsidiary Rider Gate to capture some transaction volumes. While this shift could support Ramssol’s earnings growth over time, alternative platforms for motorists mean the full impact on revenue remains uncertain.

The Road Transport Department (JPJ) of Malaysia’s recent suspension of MyEG Sdn Bhd and Zetrix AI Bhd as collection agents, effective October 5, 2026, may present growth opportunities for Ramssol Group Bhd. The move has positioned Ramssol’s wholly owned subsidiary, Rider Gate Sdn Bhd, to potentially absorb part of the transaction volume previously handled by the suspended agents.

Rider Gate was appointed by JPJ in December 2025 as an official collection agent for a two-year term. Its remit includes vehicle ownership transfers, motor vehicle license renewals, and electronic summons payments. While Rider Gate's offerings do not cover the full range of MyEG’s broader services, there is notable overlap in specific segments, primarily vehicle ownership transactions.

According to Apex Research, Rider Gate’s involvement in vehicle ownership transfers aligns well with its established focus on the used motorcycle market. The firm suggested that Rider Gate might expand its role by facilitating JPJ ownership transfers and license renewals in the motorcycle transaction space, complementing its existing platform capabilities.

However, Apex Research cautioned that any migration of transaction volumes would not translate directly into a one-to-one shift to Rider Gate. Motorists retain alternative options, such as using official JPJ digital platforms like MyJPJ and MySikap or other authorized agents. The overall impact on transaction volume and monetization from the JPJ’s suspension of other agents remains uncertain.

Given these factors, Apex Research has opted to maintain its core net profit forecasts for Ramssol from the financial year 2026 (FY26) through FY28 at RM31.5 million, RM42.2 million, and RM47.3 million, respectively. The research house continues to hold a “buy” rating on Ramssol, with a target share price of RM1.37, 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.

Apex Research views the JPJ development as a potential catalyst for future earnings growth rather than an immediate boost, emphasizing that transaction volumes and revenue models will be critical in determining the overall contribution from the JPJ-related services.

At the last trading session, Ramssol’s share price rose seven sen, closing at 82.5 sen.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.