Silverlake Axis - Phillip Securities 2023-08-29: Riding On New Product Cycles

Silverlake Axis - Riding On New Product Cycles

Silverlake Axis (SGX:5CP) | SGinvestors.ioSilverlake Axis (SGX:5CP)
  • Silverlake Axis (SGX:5CP)'s 4QFY23 (Apr to Jun 2023) earnings of RM36.4mil were below our estimates. FY23 earnings were at 87% of our FY23e. The 24% y-o-y dip in earnings came from lower-than-expected project-related revenue and higher-than-expected tax expense.
  • - Read this at -
  • 4QFY23 recurring revenue comprising maintenance and enhancement services, insurance ecosystem transactions and services, and retail transactions processing revenue grew 7% y-o-y, while project-related revenue comprising software licensing and software project services fell 4% y-o-y. Orderbook is RM665mil.
  • We maintain a BUY rating on Silverlake Axis with a lower target price of S$0.38. We lower FY24e earnings forecast by 20% as we lower revenue estimates and increase tax estimates for FY24e. Our target price is pegged to 20x P/E FY23e.
  • - Read this at -

The Positives

Recurring revenue rose 7% y-o-y.

  •

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 | 2023-08-29

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

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


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁