Silverlake Axis

Silverlake Axis: DBS has an unrated note on co. Silverlake Axis is a market leader in banking software with biggest customer base in Asia, thus it is not exposed to the multiple challenges of the European and US banks. Large order wins in FY11A is expected to keep the company busy for the next 3 yrs. The stock is defensive, with significant recurring revenue (40%+ of group revenue) and over 4% dividend yield.