Insurance segment to drive Silverlake's growth, say analysts

Projected top line growth is at 20%.

After posting strong Q4 results, Silverlake Axis Ltd. (SAL) has nothing but good to come its way, as banks are expected to invest continuously in its maintenance and enhancement services.

According to RHB analyst Jarick Seet, SAL can rely on financial institutions spurring spending on digital banking and FinTech solutions.

"Going forward, we expect its business to remain resilient, with strong growth continuing to stem from its credit card processing, insurance as well as the maintenance and enhancement segments," he said.

Meanwhile, SAL's insurance line is also projected to grow strongly at 20%.

"It is also exploring possibilities of potential M&A to help fast-track growth," the analyst said.

SAL posted a 32% revenue rise to $56.2 million for the quarter ending in June, with net profits edging up a modest 3% to $25.98 million.

On a yearly basis, its net profit dipped slightly by 3.1%, mainly due to one-off expenses from previous acquisitions.

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