- Silverlake Axis (SGX:5CP)'s 3QFY23 earnings of RM34.2mil were below our estimates. 9MFY23 earnings were at 64% of our FY23e. The 15% y-o-y dip in earnings came from higher-than-expected operating expenses due to the current inflationary environment and a need to increase staff costs.
- - Read this at SGinvestors.io -
- We maintain BUY on Silverlake Axis with an unchanged target price of S$0.49. We lower FY23e earnings by 7% as we increase operating expenses estimates for FY23e.
The Positives
Recurring revenue rose 8% y-o-y.
- - Read this at SGinvestors.io -
- Insurance ecosystem transactions and services revenue increased 18% y-o-y as there was broad-based growth across all segments, from vehicle claims processing, insurance policies processing, productivity and analytics solutions, and integration services.
- Revenue from retail transactions processing surged 102% y-o-y mainly due to higher subscriptions for Silverlake Axis's cloud-based retail solution, AgoraCloud, from both retail and pharmaceutical customers in Malaysia and Singapore.
Order backlog healthy.
- Read more at SGinvestors.io.
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 @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2023-05-18
Read also Phillip's most recent report:
2024-02-19 Silverlake Axis - Quality Of Earnings Improving.
Previous report by Phillip:
2023-11-20 Silverlake Axis - Earnings Hurt By Project-Related Revenue.
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
