Analysts from CGS-CIMB Research and DBS Group Research have kept “buy” on Silverlake Axis, despite lower-than-expected net profit reported for the 3QFY2021 and 9MFY2021.

The financial software provider reported net profit of RM38.7 million ($12.5 million) for the 3QFY2021 ended March and net profit of RM106.2 million for the 9MFY2021, both of which stood below expectations.

On this, CGS-CIMB’s Ong Khang Chuen and Andrea Choong have lowered their target price to 31 cents from 33 cents, still pegged to 14.2 times price-to-earnings (P/E), and 0.75 standard deviation (s.d.) below Silverlake Axis’ 10-year historical average.

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