Tides are turning
■ We think that FIs’ investment appetites for capex and tech spending are
returning. SILV is not constrained in project implementation due to MCO.
■ Order win momentum should pick up as SILV firms up its first Mobius deal.
SILV is also the CBS provider for some digital bank licence applicants in MY.
■ Reiterate Add with a higher TP of S$0.35. We think that operational
headwinds are bottoming out while core banking deals are on the horizon.