She has “toned down” her FY2023 to FY2024 earnings per share (EPS) growth by 3% to 4% mainly to factor in higher taxes, with her TP of 42 cents pegged to a 16x 2023 price to earnings ratio (P/E), 0.5 standard deviations (s.d.) below the mean.
Analysts from CGS-CIMB, DBS Group Research and PhillipCapital have maintained their “buy” ratings for Silverlake Axis with increased respective target prices (TPs) of 42 cents, 48 cents and 49 cents from 40 cents, 46 cents and 39 cents previously.
In her report dated Aug 30, CGS-CIMB’s Andrea Choong writes that Silverlake is on a “steady momentum”, posting a 4QFY2022 net profit of $48 million, which was above consensus but below her expectations due to a weaker gross profit margin of 50% compared to a 60% run-rate. The FY2022 ended in June.
