Silverlake Axis / Goh Peng Ooi

Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Fri Sep 07, 2018 9:29 am

Silverlake Axis (SILV SP, BUY, TP: SGD0.57)

Key Takeaways From KL NDR
Company Update

Maintain BUY and SGD0.57 TP, with 27% upside. We brought Silverlake on a full-day NDR with institutional investors in KL.

Key takeaways are management remaining bullish, as it believes this is the start of banks’ capex spending cycle.

It is also backed by strong MYR350m orderbook – of which MR200m should be realised in FY19F compared to MYR80m in FY18 under the licensing and project services revenue streams with average gross margins of about 60%.

We expect revenue from both streams to surge YoY, and 63.6% PATMI for FY19.

Source: RHB
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Thu Sep 27, 2018 9:01 am

not vested

Key highlights from DCTx2018 conference

We gathered some brief insights from the annual DCT conference hosted by SILV for over 200 delegates representing banks, mostly from Asia.

The event serves to reinforce the need to go digital in the banking sector and offers a preview of some of SILV’s new products to existing customers.

Management sounded upbeat on winning new core banking contracts ahead.

Maintain Add with an unchanged TP of S$0.56.

Source: CIMB

https://brokingrfs.cimb.com/wUSAE4p7hLr ... 4Q5iQ2.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Wed Nov 14, 2018 9:59 am

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Silverlake Axis (SILV SP, BUY, TP: SGD0.65)
Strong V-Shaped Recovery; Maintain BUY

Results Review
Reiterate BUY, DCF-based TP of SGD0.65, 59% upside with 4.6% FY19F yield.

Silverlake reported a stellar 1Q19, with revenue and PATMI surging 36% and 70% YoY to MYR166.6m and MYR57.9m due to the implementation of contracts it secured a few months ago.

The next few quarters should be stronger as the company continues to draw down from its MYR320m orderbook, with both licensing and project services revenue projected to deliver strong growth.

Earnings from the acquisition of Xinfotech will also kick in in 2H19.

Source: RHB
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Wed Nov 14, 2018 10:21 am

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1Q19: A strong start to the fiscal year

1Q19 core net profit at RM58m (+76% yoy, +71% qoq) was above our expectations, forming 29% of our FY19F forecast.

Order backlog stood at RM320m as at end-Sep 18.

Maintain Add, with major contract wins as potential catalysts.

Source: CIMB

https://brokingrfs.cimb.com/zMQNuCGYLCn ... _CKlQ2.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Mon Jan 07, 2019 11:00 am

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BUY
Last Traded Price ( 4 Jan 2019): S$0.425 (STI : 3,059.23)
Price Target 12-mth: S$0.62 (45% upside) (Prev S$0.60)

What’s New

Secured eight digital innovation contracts from financial institutions and one from retailer AEON

Small contract size but signify a new growing revenue stream for the group

Digital innovation contracts less cyclical and lumpy compared to core banking contracts

Tweaked earnings up by 4%; maintain BUY with slightly higher TP of S$0.62

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Fri Jan 18, 2019 5:44 pm

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SI RESEARCH: SILVERLAKE AXIS – A TURNAROUND IN SIGHT?

by Mei Siew Lai

Used by the top three of the five largest ASEAN financial institutions such as CIMB Bank, OCBC Bank and UOB.

SAL has six business segments:-
1. Maintenance and Enhancement Services
2. Software Project Services
3. Software Licensing
4. Insurance Processing
5. Credit and Cards Processing
6. Sale of Software and Hardware Products.

SAL relies on its recurring maintenance and enhancement services as their main source of revenue, which accounts for 72.3% of total revenue in FY18.

SAL reported a stellar 1Q19, with revenue and net profit surging 36.2 percent and 70.1 percent to RM166.6 million and RM57.9 million respectively.


Source: Shares Investment

http://aspire.sharesinv.com/59475/si-re ... -in-sight/
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Fri Feb 01, 2019 1:33 pm

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Overhang Cleared, Positive 2Q19 Ahead; BUY Target Price (Return) SGD0.65 (+38%)

Price: SGD0.47 (+18%)
Market Cap: USD37.7m
Avg Daily Turnover (SGD/USD) 0.6m/0.4m

Keep BUY and DCF-backed SGD0.65 TP, 38% upside plus 5% FY19F yield.

With bumper years of PATMI growth ahead (justified by a strong orderbook of >MYR325m unseen since FY15-16) and potential large contracts still to come – coupled with a potentially positive 2Q19 and possible overhang clearance – we think Silverlake Axis’ v-shaped recovery is intact.

Source: RHB

https://research.rhbtradesmart.com/atta ... 32a1f6.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby behappyalways » Thu Feb 14, 2019 7:53 pm

Silverlake Axis doubles 2Q earnings to $22.5 mil; proposes second interim dividend of 0.4 cent per share
https://www.theedgesingapore.com/silver ... cent-share
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Fri Feb 15, 2019 9:15 am

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Stellar growth, beating expectations

Results were above expectations, with 2QFY6/19 core net profit gaining 77% yoy to RM60m due to higher project-related revenue.

Management is optimistic on core banking contract wins, potentially from Indonesia or Thailand, by end-Dec 19, amid a rising digital banking trend.

Maintain Add, with a higher TP of S$0.59.

Source: CIMB

https://brokingrfs.cimb.com/W15mZjyBEOJ ... 5UPRg2.pdf
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Re: Silverlake Axis / Goh Peng Ooi

Postby winston » Fri Mar 01, 2019 10:24 am

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More catalysts ahead

Despite the 37% share price rally YTD, we think there is still room for upside as bank capex cycle remains on uptrend amid digitalisation drive in ASEAN.

Possible beneficiary of a TMB-Thanachart merger which could lead to merger integration projects and enhancements for SILV to undertake ahead.

Maintain Add with higher SOP-derived TP of S$0.62, implied 19x CY20F P/E.

Source: CIMB

https://brokingrfs.cimb.com/bJ85Xb7x5Un ... fgXPA2.pdf
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