Silverlake Axis

[shanrui_91]

Union Bank to unveil new world class state-of-the-art core banking solution

Published : 2:27 am July 6, 2012

Union Bank of Colombo Plc (UBC) announced that the bank would be introducing a new state-of-the-art core banking solution that will enable the bank to add further value to improving its management processes and service delivery.

UBC has picked the internationally renowned banking solutions supplier, Silverlake Systems, Malaysia to implement the core banking system that will enhance the bank’s already technologically driven management process to even greater heights.

Union Bank is synonymous for its technology driven innovations and has introduced several firsts to the banking industry in Sri Lanka including internet banking, e-cheques and the recently launched TV Banking solution, taking banking convenience to a new dimension.

Union Bank Director and CEO Anil Amarasuriya stated: “This is yet another milestone in the bank’s premise to deliver superior customer value. UBC is one of Sri Lanka’s fastest growing banks and the new core banking solution will add greater value to further improving service delivery. It is a universal banking system with robust functionality that provides comprehenstive instrument and product coverage for deposits, lending, trade finance, treasury management and will also enhance and support front-, middle-, and back-office operations of the bank, as well automate financial management, risk, and performance areas.”

It will also enable UBC to “effectively manage increasing margin pressure and growth by helping in optimising the bank’s balance sheet profile, developing a strategic balance sheet management framework, and to operationalise analysis and learning into executable strategies”.
Nilanth de Silva, Chief Operating Officer of UBC, stated that the bank would be investing in excess of US$ 6 million in implementing the system further highlighting its commitment to operational stability.

Silverlake is one of the largest and most successful financial software vendors in Asia providing banking solutions. Chee Chin Leong, President Business Alliances of Silverlake Systems Sdn Bhd (SLS) of Malysaia, said that the company was happy to partner Union Bank in this initiative.
He said: “Our solutions enable organisations to achieve efficient and effective operations, and position them with a strategic platform for future business needs. The new system with its flexibility in functionality and features will ensure UBC vast technological capabilities in delivering increased customer value and support its rapid expansion smoothly.”

Silverlake is an authorised reseller and certified implementer of the Silverlake Axis Integrated Banking Solution (SIBS). The award-winning SIBS is continuously optimised and maximised by Silverlake Axis Ltd. (a public listed company in the Singapore Stock Exchange) to deliver customer responsive and innovative solutions.

The client list of SIBS includes leading global and local financial institutions across Asia Pacific and Middle East – including 40% of the top 20 largest banks in South East Asia. Silverlake’s uncompromising commitment from the start to the full completion of large-scale core systems migration projects is evident from its marked 100% success track record.

Silverlake will implement the core banking system with the assistance of their accredited local agent Just in Time group.

http://www.ft.lk/2012/07/06/union-bank-t...-solution/
(vested)

[Gregg]

Union Bank to unveil new world class state-of-the-art core banking solution

Published : 2:27 am July 6, 2012

Union Bank of Colombo Plc (UBC) announced that the bank would be introducing a new state-of-the-art core banking solution that will enable the bank to add further value to improving its management processes and service delivery.

UBC has picked the internationally renowned banking solutions supplier, Silverlake Systems, Malaysia to implement the core banking system that will enhance the bank’s already technologically driven management process to even greater heights.

Union Bank is synonymous for its technology driven innovations and has introduced several firsts to the banking industry in Sri Lanka including internet banking, e-cheques and the recently launched TV Banking solution, taking banking convenience to a new dimension.

Union Bank Director and CEO Anil Amarasuriya stated: “This is yet another milestone in the bank’s premise to deliver superior customer value. UBC is one of Sri Lanka’s fastest growing banks and the new core banking solution will add greater value to further improving service delivery. It is a universal banking system with robust functionality that provides comprehenstive instrument and product coverage for deposits, lending, trade finance, treasury management and will also enhance and support front-, middle-, and back-office operations of the bank, as well automate financial management, risk, and performance areas.”

It will also enable UBC to “effectively manage increasing margin pressure and growth by helping in optimising the bank’s balance sheet profile, developing a strategic balance sheet management framework, and to operationalise analysis and learning into executable strategies”.
Nilanth de Silva, Chief Operating Officer of UBC, stated that the bank would be investing in excess of US$ 6 million in implementing the system further highlighting its commitment to operational stability.

Silverlake is one of the largest and most successful financial software vendors in Asia providing banking solutions. Chee Chin Leong, President Business Alliances of Silverlake Systems Sdn Bhd (SLS) of Malysaia, said that the company was happy to partner Union Bank in this initiative.
He said: “Our solutions enable organisations to achieve efficient and effective operations, and position them with a strategic platform for future business needs. The new system with its flexibility in functionality and features will ensure UBC vast technological capabilities in delivering increased customer value and support its rapid expansion smoothly.”

Silverlake is an authorised reseller and certified implementer of the Silverlake Axis Integrated Banking Solution (SIBS). The award-winning SIBS is continuously optimised and maximised by Silverlake Axis Ltd. (a public listed company in the Singapore Stock Exchange) to deliver customer responsive and innovative solutions.

The client list of SIBS includes leading global and local financial institutions across Asia Pacific and Middle East – including 40% of the top 20 largest banks in South East Asia. Silverlake’s uncompromising commitment from the start to the full completion of large-scale core systems migration projects is evident from its marked 100% success track record.

Silverlake will implement the core banking system with the assistance of their accredited local agent Just in Time group.

http://www.ft.lk/2012/07/06/union-bank-t...-solution/
(vested)

hi shanrui,
How you manage to get the news? I had setup the google alert with title "Silverlake Axis" few months ago, apparently nothing was received....

(vested)

[shanrui_91]

hi shanrui,
How you manage to get the news? I had setup the google alert with title "Silverlake Axis" few months ago, apparently nothing was received....

(vested)

http://www.inntron.com/fresh.htm
http://www.ibsintelligence.com/

These 2 websites always provide the latest transactions, earlier than the SGX announcement if any. I will also do a google search for news every 1 month and so.

[Gregg]

hi shanrui,
How you manage to get the news? I had setup the google alert with title "Silverlake Axis" few months ago, apparently nothing was received....

(vested)

http://www.inntron.com/fresh.htm
http://www.ibsintelligence.com/

These 2 websites always provide the latest transactions, earlier than the SGX announcement if any. I will also do a google search for news every 1 month and so.

Hi Shanrui,
Thanks, it has a lot of news for the core banking software.


Too bad as another competitor 3i Infotech gains a breakthrough deal in the Philippines.

http://www.ibsintelligence.com/index.php...&Itemid=12

[shanrui_91]

31% increase in revenue and 41% increase in net profit. The recurring Maintainance and Enhancement service grows by 12%, of which it books MYR 40m in Q4 as compared to ~35m in the past few quarters. Final dividend of SGD 0.8 cents is declared, amounting to a total dividend of $0.019 in FY 2012, giving rise to a dividend yield of 4.8% based on current price of $0.395. Only MYR 63m in software licensing has been booked so far, which means that a large bulk of it has yet to come.

Further analysis to be done when the annual report is out

(vested)

[Gregg]

31% increase in revenue and 41% increase in net profit. The recurring Maintainance and Enhancement service grows by 12%, of which it books MYR 40m in Q4 as compared to ~35m in the past few quarters. Final dividend of SGD 0.8 cents is declared, amounting to a total dividend of $0.019 in FY 2012, giving rise to a dividend yield of 4.8% based on current price of $0.395. Only MYR 63m in software licensing has been booked so far, which means that a large bulk of it has yet to come.

Further analysis to be done when the annual report is out

(vested)

Quite surprise with "upsize" of Final Dividend.
Net Profit Payout ratio: 62%
FCF Payout Ratio: 94%

With the high payout ratio (FCF) @ 94%, is the silverlake fully valued by Mr. Market at $0.395?

[shanrui_91]

Quite surprise with "upsize" of Final Dividend.
Net Profit Payout ratio: 62%
FCF Payout Ratio: 94%

With the high payout ratio (FCF) @ 94%, is the silverlake fully valued by Mr. Market at $0.395?

I will not include the MYR 33m acquisition of subsidiary as part of FCF calculation. In any case, cash is hardly required in the operation of the company other than for the purpose of acquisition.

As for the right price, that will really depend on how much growth one is looking at and willing to pay for. I am happy with my average price of $0.35 and will continue to hold on to it for quite some while.

[shanrui_91]

1st quarter result is much better than I thought it will have been. Most importantly, the recurring segment Maintenance and Enhancement Services rise to RM 46.5m. If we annualised this figure, we will get RM 180m in revenue and RM 117m in profit. They declare a 1st quarter dividend of 5 cents.


http://info.sgx.com/webcoranncatth.nsf/V...4002FFA5A/$file/SAL_Group_Announcement_for_Q1_FY2013.pdf?openelement

(vested)

[money]

1st quarter result is much better than I thought it will have been. Most importantly, the recurring segment Maintenance and Enhancement Services rise to RM 46.5m. If we annualised this figure, we will get RM 180m in revenue and RM 117m in profit. They declare a 1st quarter dividend of 5 cents.


http://info.sgx.com/webcoranncatth.nsf/V...4002FFA5A/$file/SAL_Group_Announcement_for_Q1_FY2013.pdf?openelement

(vested)

haha correctiion it is dividend of 0.5 cents

[investingsgx]

THREE NEW CONTRACTS AND ONE CONTRACT EXPANSION SECURED TOTALING RM135 MILLION

The Board of Directors of Silverlake Axis Ltd (“SAL” or the “Company”) is pleased to
announce that SAL’s subsidiaries (the “Group”) have secured three new software and
services contracts and one ongoing software and services contract expansion totaling
approximately RM135 million. These customers are located in South East Asia and Africa.
In Malaysia, the Group was selected to implement the Silverlake Axis Integrated Islamic
Banking System for a new Islamic banking customer. Under Silverlake Axis Integrated
Card System, a new software and service contract was secured from one of the largest
credit card issuers in Thailand. In Ghana, the Group is providing the Silverlake Axis
Integrated Provident Fund System for a new customer and this marks the first contract for
the Group in Africa. The software and services contract expansion is for an existing
customer implementing Silverlake Axis Integrated Banking System’s Core Banking
Solution in South East Asia.
These contracts are expected to contribute positively to the results of the Group in the
current and next financial years.
Under these contracts, the Group has signed a confidentiality undertaking with each
customer that prohibits the disclosure of specific details of the contracts. None of the
directors or substantial shareholders of SAL has any interest, directly or indirectly, in the
above contracts other than through their respective shareholdings in SAL.

(vested)

Source: http://info.sgx.com/webcorannc.nsf/Annou...endocument