Silverlake Axis

DMG: BUY, TP$0.49 Mgt targets to grow Silverlake’s customer base to 150 in the next five years. One key area for growth is Asean. Currently, 50% of the Southeast Asian banks are still using their in-house legacy systems. In view of the on-going Euro crisis, mgt is confident that the group will storm through the crisis as 1) their customers are mainly Southeast Asia banks focusing on commercial banking services and 2) 45% of the group revenue is generated from mission-critical maintenance jobs.