Systems Limited

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SYS’ revenue growth in 9MCY22 was a steller 91% YoY (to PKR20.1bn),. SYS hired more than 750 new employees in 9M (this includes NdcTech and TH employees also). The management mentioned that the current growth momentum is likely to persist.

SYS has posted 3QCY22 consolidated NPAT of PKR2.15bn (EPS: PKR7.41), more than double compared to last year. SYS has posted an exceptional topline with a growth of 45% YoY in USD terms (excluding NdcTech and TreeHouse revenues). GMs contracted by 2.8...

SYS is expected to post 3QCY22 consolidated NPAT of PKR2.6bn (EPS: PKR9.03), up 152% YoY and 48% QoQ. We expect gross margins to rise by c.1.4ppt YoY and 1.9ppt QoQ, in 3QCY22 to 35.4% amid massive PKR depreciation. Other income is expected to clock....

We upgrade our estimates for SYS and incorporate new acquisitions and geographies. Our new TP is PKR660/sh. Our CY22/23f EPS are PKR24.5/34.0, amid strong growth from existing & new markets and consolidation of new acquisitions. SYS has gained c.5%CY...

SYS revenue growth in 1HCY22 superseded it's historical 5-year 1H revenue CAGR of 47%, by 28ppt YoY to 75%. The company acquired two tech companies (Ndc Tech and Tree House) during the 1HCY22. SYS’s focus will remain on Data, Digital, Cloud Emerging....

SYS posted consolidated EPS of PKR6.34, up 93%YoY and 47%QoQ in 2Q, this came in higher than our expected EPS of PKR5.59. Gross margins increased by c.3.6ppt QoQ and remained flat YoY at 33.5%, slightly higher than our expectation of 32.7%. Other inc...