Silverlake: DBSV REINITIATE coverage with Buy Call and $0.35 TP. House expect ample orders to drive earnings for next 3 yrs while large recurring revenue lends resilience. Recent acquisitions will help to grow non-banking business. Current valuation at -1SD is undemanding.
Overall, reinstate with BUY for potential upside of 30% & 4% yield. Potential catalysts will be big order wins in Malaysia and IPO of Chinese associate
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