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.
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.
