Silverlake Axis / Goh Peng Ooi

Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Tue Nov 15, 2016 8:52 am

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THIS STOCK’S SPECIAL DIVIDEND HAS BEEN DELAYED. SO WHY ARE ANALYSTS STILL KEEN ON IT?

By Gwyneth Yeo

SINGAPORE (Nov 14): RHB Research has maintained its “buy” rating on Silverlake Axis, even after the group’s special dividend from its sale of Global InfoTech (GIT) is expected to be delayed to 2QFY17.

RHB’s analyst Jarrick Seet noted that the group is expected to post a gain of RM267.7 million ($117.7 million) and receive proceeds of RM339.8 million from the sale of its allocated shares in GIT.

“We understand that the proceeds transfer is to take longer than expected due to the procedures involved, but expect this to be completed by 2HFY17,” writes Seet in a note on Monday.

To be sure, the group’s core businesses in software licensing and software project services have been seeing slower growth amid a challenging operating environment. Revenues from the two segments fell 27% and 59% respectively as banks were cutting costs.

However, Seet expects these segments to improve by 2HFY17 given the scheduled project for a bank in Thailand and some upgrading works.

On top of that, the group’s earnings are set to benefit from its maintenance and enhancement services segment for the full year to June, “as banks prefer to focus on smaller projects in this tough macro-environment and cost-cutting period”.

Furthermore, Seet believes the group may make some acquisitions in the near term, in line with its focus on growing its insurance business, which may translate into special dividends for shareholders.

That said, the brokerage has a target price of 77 cents for the group.

Shares in Silverlake Axis are trading 1 cent lower at 62 cents.

Source: The Edge

http://smr.theedgemarkets.com/article/s ... 4-87358173
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Wed Jan 04, 2017 3:40 pm

vested

Exchange: SGX
Stock: Silverlake Axis(5CP)
Signal: Resistance - Breakout with High Volume
Last Done: $0.55

Source: UOBKH
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Jan 05, 2017 9:49 am

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Silverlake Axis (SILV SP)
Trading BUY
Last price: S$0.56
Target price: S$0.58/0.65
Protective stop: S$0.520

The MACD and RSI have not formed a higher low. S$0.52 could be the near-term floor as the parabolic SAR has reversed its
negative polarity.

Closing at above S$0.58 raises the odds of the stock retesting S$0.65, where a couple of tweezers have formed.

Ideally, the share price should not tank below S$0.54. All bets would be off should the parabolic SAR reverse its negative polarity.
Approximate timeframe on average: 2 weeks.

Source: UOBKH
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Jan 12, 2017 12:48 pm

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Silverlake Axis secures core banking contracts from financial institutions in Thailand; expands regional reach to Hong Kong

Silverlake Axis has secured contracts from two financial institutions in Thailand to assist them in their core banking transformation. These two projects will be implementing Silverlake Axis Integrated Banking Solution (SIBS).

The contracts are expected to contribute positively to the results of Silverlake Axis in the current and following financial years.

Separately, Merimen Ventures Sdn. Bhd, the insurance processing wholly-owned subsidiary of the Group, has expanded its presence beyond South East Asia to Hong Kong. Merimen established its office in Hong Kong in December 2016.

Source: DBS
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Sat Feb 04, 2017 5:40 pm

GOH PENG OOI
Flagship: Silverlake Axis
Net worth: RM2.85bil

GOH, 63, is Malaysia’s first tech billionaire courtesy of his 64.4% stake in banking software provider Silverlake Axis. Founded in 1989, Silverlake Axis has built a track record of successful banking implementations.

Over 40% of the 20 largest banks in South-East Asia run Silverlake Axis’ core banking solution, and today that solution is the core system platform partner of choice for three of the five largest Asean regional financial institutions.

At the end of 2016, Silverlake had a market capitalisation of S$1.43bil and a share price of 53 sen a share. But 2016 was a period of good news for Goh who was embroiled in controversy the year before.

Early last year, Goh finally got vindication from an independently-commission report by Deloitte Singapore that cleared Silverlake Axis of impropriety.

The Singapore-listed company had engaged Deloitte’s services following damaging allegations made in an anonymous online report titled “The Unbelievable Financial Alchemy of Silverlake Axis” on Aug 20, 2015, it was reported in January last year.

It was reported that a 42-page anonymous report authored by a “razor99” alleged foul play in certain interested-party transactions entered into between Silverlake and private companies controlled by Goh, and three acquisitions made by the group.

The report caused the share price of Silverlake Axis to plunge the next day and by Aug 26 of that year, Goh’s wealth through Silverlake Axis had been reduced by 43% of RM2.75bil.

The fallout in the company’s share price soon dissipated and with Silverlake’s share price stabilised, the company soon got on with concentrating on growing its business.

In November last year, Silverlake announced that its revenue declined by 3% RM126.7mil during the first quarter of its financial year.

It, however, said recurring revenue from its business activity, maintenance and enhancement services, continued its strong growth with additional contracts secured in Malaysia, Singapore and Thailand as well as contributions from Symmetri Group.

Goh’s company expects the current cautious business outlook in the region to continue into early 2017.

Source: The Star
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Feb 16, 2017 1:03 pm

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2QFY17: Only buy for special dividend

2QFY6/17 core net profit was below expectations at 10% of our FY17F. 1HFY17 core net profit was below, at 19% of our full-year expectation due to lower revenue.

One-off non-foreign exchange-related gains amounted to RM391m in 1HFY17.

0.70 Scts DPS was declared for 2Q17.

Balance sheet was in net cash position at end-2QFY17 (12% of market cap).

We cut FY17F core EPS by 31% for lower revenue due to slowdown and deferment of customers’ orders.

Our revenue cuts post-1QFY17 results were insufficient.

Maintain Add

We cut FY17-19F core EPS by 5-31% to account for slower revenue growth in the software licensing and project services segments. As a result, our DCF-based target price falls to S$0.65 (WACC: 11.4%).

Potential re-rating catalysts include significant order win announcements, elimination of related-party transactions and special
dividends.

A key risk is pullback in customers’ rollout schedules.



Source: CIMB

https://brokingrfs.cimb.com/p9_i4Rek7SB ... Jl6kw2.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Mar 09, 2017 8:29 am

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Silverlake Axis mulls acquisition of executive chairman's stakes in various private entities

By PC Lee

SINGAPORE (March 8): The independent directors of Silverlake Axis are exploring a proposal mooted by executive chairman Goh Peng Ooi for the company to acquire his shareholding interests in various Silverlake Axis private entities.

This follows a preliminary evaluation by the directors who found the proposal to be in line with the company’s longer-term strategy of enhancing and expanding the company’s operations beyond its core Silverlake Axis Integrated Banking Solution (SIBS) business.

Accordingly, Silverlake Axis has responded to Goh by submitting a non-binding letter indicating its interest to further explore the opportunity.

In addition, the company intends to engage professional advisers to assist in its evaluation and will keep the shareholders informed of any material developments in this regard, said Silverlake managing director Kwong Yong Sin in an SGX filing.

Silverlake Axis is the Malaysia-based provider of software and systems for financial institutions in Southeast Asia.

In 2015, an anonymous short-seller report accused Silverlake Axis of doing related-party transactions (RPT) with private companies that were linked to Goh. These transactions were said to account for around a quarter of Silverlake Axis’ revenue and expenses. The report also alleged that some of the transactions were conjured up to inflate Silverlake Axis’ profit.

Over the years, Silverlake Axis had acquired and merged with a number of private companies that were held by Goh. But the report accused the private companies of inflating their revenues and profits prior to the corporate actions so that Silverlake Axis ended up overpaying for them.

Goh was also accused of impropriety through the construction of a “complex and deceiving corporate structure” with Silverlake Axis.

However, an independent probe ordered by the board later found no evidence of misconduct.

Silverlake closed half a cent lower at 56 cents before the latest announcement.

Source: The Edge

http://www.theedgemarkets.com.sg/smr/?q ... 0-87358173
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Apr 20, 2017 11:47 am

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SILVERLAKE AXIS is "Diamond from Singapore," says RHB

16 February 2017

Silverlake Axis: Diamond from Singapore

(SILV SP, BUY, TP: SGD0.77)

Silverlake is Asia’s leading software services and solutions provider. The company specialises in providing end-to-end core banking systems to banks and other financial institutions.

Special dividends in 2HFY17 (Jun). Silverlake has fully disposed its intended allocation-for-sale shares in Global InfoTech Co Ltd (GIT) and is to record a SGD267.7m gain while receiving 4 cents per share in terms of proceeds.

Given the procedures needed for the proceeds to be transferred, this exercise would take some time to complete. Thus, we expect the transfer to be all done by 2HFY17.

A small part of the proceeds are to be used to expand the company’s insurance arm, but – in all – we do expect a sizable amount is to be returned back to the shareholders.

Maintenance and enhancement services are a key driver.
Against the backdrop of a challenging economic outlook, the maintenance and enhancement service segment is likely to be the key growth driver in FY17.

Silverlake’s major customers, ie banks, would be focusing on smaller projects and cost-cutting initiatives. This, in turn, would support growth for this segment.

Core business projects to recover in 2HFY17. Silverlake’s software licensing and project services declined 27% and 59% YoY respectively. This was amidst a challenging economy that saw banks looking to cut costs.

Going forward, we expect these segments to recover in 2HFY17, with a few key upgrade projects in the pipeline as well as scheduled work for a bank in Thailand.

The insurance arm to remain a focus for growth.

Management plans to put more attention into growing its insurance segment and may engage in some M&A activity in this space in the near term. Organically, this segment is already growing at a rapid 20-30% pa and the company has yet to expand its services across South-East Asia.

However, Silverlake has already signed up the majority of the biggest insurance players. Thus, we expect growth for this segment to continue to pick up rapidly, aided by inorganic growth as well as through the acquisition of private players.

An undemanding valuation, coupled with potential catalysts like a payment of special dividends and new contract wins, means that the current share price weakness represents a good buying opportunity, in our view.

We maintain our BUY recommendation on Silverlake, with a DCF-backed TP of SGD0.77

-- RHB Securities

Potential core-banking contracts win highly likely. Silverlake is in talks with a few Malaysian banks in relation to implementing its software solutions to replace these banks’ existing core banking systems. Each of these contracts would potentially range around MYR150-200m for each bank, and we think that the chances of the company securing a contract by the end of this year are quite high.

Undervalued against its regional peers.
Trading at just 17x FY16F P/E, the valuation is significantly low for a software company that deals with core banking systems for a number of prominent ASEAN banks. The company also offers a dividend yield of 5% based on quarterly annualised dividend. Silverlake also has a solid balance sheet with a net cash position.

Source: RHB

http://rhb.ap.bdvision.ipreo.com/NSight ... 622d94.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Mon May 15, 2017 6:38 pm

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Silverlake Net Profit Surged to RM813.3 million in 9M FY2017

9M FY2017 revenue declined to RM380.6 million with lower revenues from project related services due to deferment and slowdown in customers’ capital expenditures amidst cautious business sentiments

Recurrent revenue continued to grow with more contracts seured for maintenance and enhancement services and new customers acquired for insurance processing

Other income boosted by capital gain of RM477.7 million from the disposal of 34.9 million GIT shares in 9M FY2017 and accounting gain of RM293.0 million on initial recognition of retained interest in remaining GIT shares as financial asset at fair value in accordance with IFRS 9 (or IAS 39)

Strong balance sheet with large net cash position of RM704.2 million as of 31 March 2017

The Board proposed a third interim dividend of Singapore cent 0.7 per share, payable on 6 June 2017

http://infopub.sgx.com/FileOpen/Silverl ... eID=453833
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Mon May 15, 2017 6:45 pm

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9 months, 2017

Revenue: -19%


http://infopub.sgx.com/FileOpen/SAL%20G ... eID=453832
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