Silverlake Axis / Goh Peng Ooi

[winston]

Operational headwinds bottoming out

Adjusting for one-off expenses, FY21 core net profit of RM167m (+17% yoy) was above expectations at 111%/113% of our/consensus forecasts.

Order win momentum was positive at RM100m in 4Q — highest in past 3 quarters. FI’s investment appetite is returning — Mobius will be key driver.

Reiterate Add, with a higher TP of S$0.37, still based on 16x CY22F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... D54FFCD9AA

[winston]

not vested

The tide is shifting

1QFY6/22 core net profit of RM35.2m (+7% yoy) was below expectations mainly due to softer project-related revenue from a delayed contract signing.

Order wins rose to RM123m in 1QFY6/22 – topping the past 4 quarters (FY21: RM326m). Potential deal pipeline stayed robust at RM1.3bn.

Reiterate Add. We look past the softer 1Q and forward towards sequential earnings growth as SILV’s stronger order win momentum gets recognised.

TP: Sin$0.37

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... EB271C1B95

[winston]

not vested

Silverlake Axis reports 72% y-o-y jump in 2QFY2021 earnings

Silverlake Axis has reported earnings of RM59.6 million for its 2QFY2021 ended Dec, up 72% y-o-y.

Revenue in the same period was up 29% y-o-y to RM206.5 million, led by higher software licensing revenue.

For 2QFY2021, recurring revenue was up 9% to RM144.5 million, which is equivalent to 70% of its total sales.

Source: The Edge Singapore

https://www.theedgesingapore.com/capita ... 1-earnings

[winston]

Silverlake Axis Ltd | PDF
Rising tide

SILV SP / SLVX.SI | ADD - Maintained | SGD0.27 tp:SGD0.410
Mkt.Cap:US$515.20m | Avg.Daily Vol:US$0.43m | Free Float:24.60%

2QFY6/22 core net profit of RM59.5m was above expectations given stronger order wins. GPM was stronger at c.62% due to higher licencing revenue.

Order wins of RM176m in 2QFY6/22 were a record high (FY21: RM326m). Potential deal pipeline robust at c.RM1.3m, with RM180m close to finalising.

Reiterate Add with higher TP. We think SILV is poised to benefit from banks’ rising investment appetite for tech upgrades amidst a rising rate cycle.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 300f2816e8

[behappyalways]

Silverlake Axis reports 72% y-o-y jump in 2QFY2021 earnings
https://www.theedgesingapore.com/capita ... 1-earnings

[behappyalways]

Silverlake Axis surge on 33 cents on off-market equal access offer
https://www.theedgesingapore.com/capita ... cess-offer

[behappyalways]

Silverlake sees RM182.2 mil earnings up 27% y-o-y for FY2022 amid positive growth in digital services industry
https://www.theedgesingapore.com/capita ... th-digital

[winston]

not vested

Silverlake Axis (SILV SP): Order momentum remains strong [BUY, TP S$0.48]

Record high revenue, exceeding previous high in FY19 by 8%, in line

Strong contribution from project-related and insurance processing, especially in 4Q22

Expect strong order momentum to continue; MOBIUS seeing more enquiries, with about half from potential new customers

No change in earnings, maintain BUY with TP of S$0.48

Source: DBS

[winston]

On steady momentum

4QFY6/22 net profit of S$48m was above consensus but below our expectations due to weaker GPM of c.50% vs. c.60% run-rate.

Business momentum is steady. Deal pipeline remained robust (RM1.9bn). Secured backlog of RM570m provides firm earnings support in FY23F.

Reiterate Add with higher TP of S$0.42. Rising competition from digital banks will drive investment/upgrades in core banking systems as a key catalyst.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E5CB5DE6E8

[winston]

not vested

Silverlake Axis Ltd – Record revenue boosted by new cloud platform

PSR Recommendation: BUY
Status: Maintained
Target Price: 0.49

Earnings of RM182mn was above our estimates, at 114% of our FY22e. Variance came from higher-than-expected software licensing and software project services revenue due to two new MOBIUS contracts signed during the year.

FY22 DPS was 35% higher YoY at SGD0.7cents.

Project related revenue comprising software licensing and software project services increased by 66% YoY due to the delivery of new software licensing deals in Indonesia and Thailand, and the ongoing implementation of two new MOBIUS contracts.

Recurring revenue comprising maintenance and enhancement services, insurance ecosystem transactions and services, and retail transactions processing increased by 6% YoY and contributed >70% of total revenue.

We maintain BUY with a higher target price of S$0.49 (prev. S$0.38). We raised our FY23e PATMI by 18% to RM209mn.

The target price is pegged to 20x P/E FY23e. We expect MOBIUS and the recovery in bank IT spending after two cautious pandemic years as key growth drivers for the company.

Source: Phillips

https://www.stocksbnb.com/reports/silve ... -platform/