CGS-CIMB Research’s Andrea Choong has maintained her “buy” call on Silverlake Axis and increased her target price on the stock to 35 cents from 31 cents previously.

In  a July 12 report, Choong says that Silverlake Axis has been “swept under the radar”, as it has underperformed expectations over the past few quarters as financial institutions (FIs) hold back on capex and tech spending, impacting order win momentum. 

She adds, “having endured over a year of stop-and-go movement restriction orders, we think that tides are turning for Silverlake Axis as investment appetites from banks stage a comeback, having adapted to new normal operating conditions, further spurred by the onset of digital banks across the region.” 

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