Silverlake Axis - Phillip Securities 2024-05-16: Higher OPEX Hurt Earnings

Silverlake Axis - Higher OPEX Hurt Earnings

Silverlake Axis (SGX:5CP) | SGinvestors.ioSilverlake Axis (SGX:5CP)
  • Silverlake Axis (SGX:5CP)'s 3QFY24 earnings of RM23.3mil were below our estimates. 9MFY24 earnings were at 62% of our FY24e. The 33% y-o-y dip in earnings came from Higher cost of sales (+53% y-o-y) and operating expenses (+9% y-o-y) despite an increase in total revenue.
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  • Order backlog of RM180mil going into the rest of FY24 with the total deals pipeline at RM1.2bn.
  • We lower FY24e earnings forecast for Silverlake Axis by 19% as we lower gross profit margin estimates and increase OPEX estimates for FY24e. Downgrade to ACCUMULATE with a lower Silverlake Axis target price of S$0.33 (previously S$0.36).

The Positives

Recurring revenue rose 10% y-o-y.


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