Equity Analysis /
Pakistan

Systems Ltd: Delivering handsome growth; upgrade estimates

  • We have upgraded our estimates for SYS and rolled over valuations to Dec 2022 – with a new TP of PKR950/sh.

  • Our new CY21/22f EPS are PKR23.4/33.1, where key driver is the robust demand for software, cloud and AI implementation.

  • SYS presently trades at P/E multiple of 20x on CY22f earnings, significant discount of c.70% vs global IT companies.

Intermarket Securities
27 August 2021