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Analysts slightly pessimistic on Silverlake Axis after 2Q results come in below expectations

Lim Hui Jie
Lim Hui Jie2/16/2021 2:22 PM GMT+08  • 3 min read
Analysts slightly pessimistic on Silverlake Axis after 2Q results come in below expectations
Analysts maintained their calls on Silverlake, but lowered their target prices after 2Q results came in below expectations.
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Analysts from CGS-CIMB Group Research and KGI Securities have maintained their “add” and “neutral” calls on Silverlake Axis, but have lowered their target prices after its 2QFY2021 results came in below expectations.

Silverlake’s revenue came in at RM160 million ($52.4 million), while EBITDA came in at RM68.8 million and profit before tax and minority interests (PATMI) stood at RM32.9 million. On a semi-annual basis, sales are 13% lower y-o-y while PATMI is down 32% y-o-y.

KGI Securities’ Kenny Tan gave a target price of 26 cents, down from 29 cents, and elaborated that business weakness remained in software licensing and project services as key banking customers continued to hold back on large project spending.

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