Silverlake Axis - Phillip Securities 2023-04-21: A New Growth Driver With MOBIUS

Silverlake Axis - A New Growth Driver With MOBIUS

  • As an Amazon Web Services (AWS) partner, Silverlake Axis (SGX:5CP) could reach more players in Malaysia with the AWS investment of US$6bn into cloud infrastructure in Malaysia. With the option of a multi-tenanting platform utilising MOBIUS, smaller banks now can adopt MOBIUS.
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  • We maintain BUY on Silverlake Axis with an unchanged target price of S$0.49. Our FY23e estimates remain unchanged. Our target price for Silverlake Axis is pegged to 20x P/E FY23e. We expect MOBIUS and the recovery in bank IT spending after two cautious pandemic years to be the key growth drivers for the company.

Silverlake Axis's collaboration with Siam Commercial Bank

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  • With the use of MOBIUS, which is available on both hybrid and public clouds as a Software-as-a-Service (SaaS) offering, AutoX was able to deliver new products at a faster speed and lower cost. For example, with MOBIUS, customers were able to submit an unsecured loan application directly online with immediate account opening, credit scoring and funds dispersed. New products can be launched in a few hours by just defining parameters such as loan type, fees, price, etc. Current mainframe core banking software requires the programming of new code to add features or create a new product.
  • AutoX has a targeted loan portfolio of THB70bn by 2025 – generated from potentially 3,000 sales points. Furthermore, it is on track for its targeted IPO by 2027. We feel that Silverlake Axis has shown the proof of concept and significant reference site for MOBIUS and we could see more inquiries for the rest of 2023.

Potential for replacing core banking systems

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Glenn Thum Phillip Securities Research | 2023-04-21

Read also Phillip's most recent report:
2023-08-29 Silverlake Axis - Riding On New Product Cycles.

Previous report by Phillip:
2023-05-18 Silverlake Axis - Higher OPEX Hurt Earnings.

Price targets by other brokers at Silverlake Axis Target Prices.

Listing of research reports at Silverlake Axis Analyst Reports.

Relevant links:
Silverlake Axis Share Price History,
Silverlake Axis Announcements,
Silverlake Axis Dividends & Corporate Actions,
Silverlake Axis News Articles


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