Silverlake

Silverlake: DBSV maintains Buy with $0.50 TP. House note that 2/3 of grp's business is recurring in nature: 40% from maintenance, 25% from upgrades & extensions. Enough outstanding orders for two years of new business. FY13F/14F earnings raised 4%/6% on the back of better-than-expected margins in FY12. House recommends BUY with revised TP of $0.50 for 28% potential upside and over 5% yield, paid quarterly.