Silverlake Axis - Phillip Securities 2023-05-18: Higher OPEX Hurt Earnings

Silverlake Axis - Higher OPEX Hurt Earnings

Silverlake Axis (SGX:5CP) | SGinvestors.ioSilverlake Axis (SGX:5CP)
  • 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.
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  • 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.

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  • 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.

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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 | 2023-05-18

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

Price targets by 2 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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