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CGS-CIMB keeps 'add' call on TDCX but lowers target price

The Edge Singapore
The Edge Singapore5/26/2022 10:58 AM GMT+08  • 2 min read
CGS-CIMB keeps 'add' call on TDCX but lowers target price
TDCX, headed by Laurent Junique, won over new clients in the last quarter / Photo: Albert Chua
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CGS-CIMB analysts Ong Khang Chuen and Kenneth Tan have lowered their target price on TDCX, while keeping their “add” call, following the service firm’s 1QFY2022 earnings.

“Despite near-term headwinds, we believe structural trends remain intact – outsourcing remains the preferred way for New Economy economies to grow, as they can remain agile and scale operations at a fraction of the cost of building in-house resources and capabilities,” state the analysts in their May 26 note.

The Singapore-based company was listed in New York last October and has reported core earnings of $20 million, up 35% y-o-y for the quarter, which was in line with expectations. Revenue was up 27% y-o-y to S$152 million, as it continued to win over new clients.

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