View ValuationSystems 将来の成長Future 基準チェック /56Systems利益と収益がそれぞれ年間24.8%と19%増加すると予測されています。EPS は年間 増加すると予想されています。自己資本利益率は 3 年後に26.3% 24.6%なると予測されています。主要情報24.8%収益成長率24.55%EPS成長率IT 収益成長14.8%収益成長率19.0%将来の株主資本利益率26.25%アナリストカバレッジLow最終更新日20 May 2026今後の成長に関する最新情報Price Target Changed • Dec 02Price target increased by 7.9% to PK₨180Up from PK₨167, the current price target is an average from 3 analysts. New target price is 17% above last closing price of PK₨154. Stock is up 37% over the past year. The company is forecast to post earnings per share of PK₨7.10 for next year compared to PK₨5.11 last year.Price Target Changed • Oct 15Price target increased by 14% to PK₨167Up from PK₨146, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of PK₨161. Stock is up 94% over the past year. The company is forecast to post earnings per share of PK₨7.34 for next year compared to PK₨5.11 last year.Price Target Changed • Jan 28Price target increased by 16% to PK₨666Up from PK₨572, the current price target is an average from 4 analysts. New target price is 15% above last closing price of PK₨576. Stock is up 47% over the past year. The company is forecast to post earnings per share of PK₨27.24 for next year compared to PK₨29.86 last year.Price Target Changed • Apr 04Price target increased by 9.2% to PK₨625Up from PK₨572, the current price target is an average from 4 analysts. New target price is 59% above last closing price of PK₨394. Stock is down 16% over the past year. The company is forecast to post earnings per share of PK₨41.80 for next year compared to PK₨29.86 last year.Price Target Changed • Aug 12Price target decreased by 8.8% to PK₨528Down from PK₨579, the current price target is an average from 3 analysts. New target price is 24% above last closing price of PK₨426. Stock is up 18% over the past year. The company is forecast to post earnings per share of PK₨34.85 for next year compared to PK₨23.61 last year.Major Estimate Revision • May 10Consensus revenue estimates increase by 24%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from PK₨41.5b to PK₨51.6b. EPS estimate unchanged from PK₨33.07 at last update. IT industry in Pakistan expected to see average net income growth of 20% next year. Consensus price target of PK₨575 unchanged from last update. Share price fell 4.3% to PK₨421 over the past week.すべての更新を表示Recent updatesReported Earnings • May 30First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: PK₨2.05 (up from PK₨1.71 in 1Q 2025). Revenue: PK₨24.0b (up 33% from 1Q 2025). Net income: PK₨3.03b (up 21% from 1Q 2025). Profit margin: 13% (down from 14% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • May 16Systems Limited to Report Q1, 2026 Results on May 22, 2026Systems Limited announced that they will report Q1, 2026 results at 9:30 AM, Pakistan Standard Time on May 22, 2026Upcoming Dividend • Apr 23Upcoming dividend of PK₨2.00 per shareEligible shareholders must have bought the stock before 30 April 2026. Payment date: 04 June 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Pakistani dividend payers (7.6%). Lower than average of industry peers (2.4%).お知らせ • Apr 21Systems Limited, Annual General Meeting, May 11, 2026Systems Limited, Annual General Meeting, May 11, 2026. Location: at head office situated at systems campus, e-1, sehjpal road, near dha phase-8 (ex-air avenue), lahore PakistanDeclared Dividend • Apr 09Dividend of PK₨2.00 announcedShareholders will receive a dividend of PK₨2.00. Ex-date: 30th April 2026 Payment date: 4th June 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 18%. Cash payout ratio: 39%.お知らせ • Apr 08Systems Limited announces Annual dividend, payable on June 04, 2026Systems Limited announced Annual dividend of PKR 2.0000 per share payable on June 04, 2026, ex-date on April 30, 2026 and record date on May 03, 2026.お知らせ • Mar 27Systems Limited to Report Fiscal Year 2025 Results on Apr 03, 2026Systems Limited announced that they will report fiscal year 2025 results on Apr 03, 2026Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨125, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the IT industry in Asia. Total returns to shareholders of 38% over the past three years.Price Target Changed • Dec 02Price target increased by 7.9% to PK₨180Up from PK₨167, the current price target is an average from 3 analysts. New target price is 17% above last closing price of PK₨154. Stock is up 37% over the past year. The company is forecast to post earnings per share of PK₨7.10 for next year compared to PK₨5.11 last year.Reported Earnings • Oct 30Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: PK₨1.90 (up from PK₨1.50 in 3Q 2024). Revenue: PK₨20.7b (up 20% from 3Q 2024). Net income: PK₨2.79b (up 28% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Oct 17Systems Limited to Report Q3, 2025 Results on Oct 24, 2025Systems Limited announced that they will report Q3, 2025 results on Oct 24, 2025Price Target Changed • Oct 15Price target increased by 14% to PK₨167Up from PK₨146, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of PK₨161. Stock is up 94% over the past year. The company is forecast to post earnings per share of PK₨7.34 for next year compared to PK₨5.11 last year.Reported Earnings • Aug 21Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: EPS: PK₨1.81 (up from PK₨1.15 in 2Q 2024). Revenue: PK₨18.7b (up 18% from 2Q 2024). Net income: PK₨2.65b (up 59% from 2Q 2024). Profit margin: 14% (up from 11% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.7%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • Aug 13Systems Limited to Report First Half, 2025 Results on Aug 18, 2025Systems Limited announced that they will report first half, 2025 results on Aug 18, 2025Valuation Update With 7 Day Price Move • Jul 31Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨137, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 22x in the IT industry in Asia. Total returns to shareholders of 98% over the past three years.お知らせ • Jul 30Systems Limited (KASE:SYS) signed a share purchase agreement to acquire British American Tobacco SAA Services (Private) Limited from British American Tobacco International Holdings (UK) Limited.Systems Limited (KASE:SYS) signed a share purchase agreement to acquire British American Tobacco SAA Services (Private) Limited from British American Tobacco International Holdings (UK) Limited on July 29, 2025. In parallel, Techvista Systems (UAE), an associated company of Systems Limited, has signed a multi-year Master Services Agreement with Accenture (UK) Limited for the provision of AI-powered global shared services. These services will be delivered through British American Tobacco SAA Services (Private) Limited, where Techvista Systems (UAE) will act as a subcontractor. The transaction is subject approval of offer by acquirer board. The deal has been approved by the board. The completion of the acquisition will remain subject to satisfaction of conditions precedent and applicable regulatory approvals.New Risk • Jun 02New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. Cash payout ratio: 158% Dividend yield: 5.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Dividend is not well covered by cash flows (158% cash payout ratio).New Risk • May 02New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company.Upcoming Dividend • Apr 11Upcoming dividend of PK₨6.00 per shareEligible shareholders must have bought the stock before 18 April 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 23% and the cash payout ratio is 84%. Trailing yield: 1.2%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (2.3%).お知らせ • Mar 25+ 1 more updateSystems Limited, Annual General Meeting, Apr 28, 2025Systems Limited, Annual General Meeting, Apr 28, 2025. Location: lahore PakistanPrice Target Changed • Jan 28Price target increased by 16% to PK₨666Up from PK₨572, the current price target is an average from 4 analysts. New target price is 15% above last closing price of PK₨576. Stock is up 47% over the past year. The company is forecast to post earnings per share of PK₨27.24 for next year compared to PK₨29.86 last year.Valuation Update With 7 Day Price Move • Nov 04Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨551, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the IT industry in Asia. Total returns to shareholders of 43% over the past three years.Reported Earnings • Oct 25Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: PK₨7.49 (up from PK₨6.36 in 3Q 2023). Revenue: PK₨17.3b (up 22% from 3Q 2023). Net income: PK₨2.19b (up 18% from 3Q 2023). Profit margin: 13% (in line with 3Q 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.Reported Earnings • Sep 02Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: PK₨5.73 (up from PK₨4.86 in 2Q 2023). Revenue: PK₨15.8b (up 27% from 2Q 2023). Net income: PK₨1.67b (up 18% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 02First quarter 2024 earnings released: EPS: PK₨5.39 (vs PK₨13.36 in 1Q 2023)First quarter 2024 results: EPS: PK₨5.39 (down from PK₨13.36 in 1Q 2023). Revenue: PK₨15.2b (up 42% from 1Q 2023). Net income: PK₨1.57b (down 60% from 1Q 2023). Profit margin: 10% (down from 36% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.Price Target Changed • Apr 04Price target increased by 9.2% to PK₨625Up from PK₨572, the current price target is an average from 4 analysts. New target price is 59% above last closing price of PK₨394. Stock is down 16% over the past year. The company is forecast to post earnings per share of PK₨41.80 for next year compared to PK₨29.86 last year.Reported Earnings • Mar 30Full year 2023 earnings released: EPS: PK₨29.83 (vs PK₨23.61 in FY 2022)Full year 2023 results: EPS: PK₨29.83 (up from PK₨23.61 in FY 2022). Revenue: PK₨53.4b (up 68% from FY 2022). Net income: PK₨8.69b (up 31% from FY 2022). Profit margin: 16% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.Board Change • Jan 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Omar Saeed was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.New Risk • Oct 31New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (18% net profit margin). Shareholders have been diluted in the past year (4.6% increase in shares outstanding).New Risk • Sep 04New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 48% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (48% accrual ratio). Minor Risk Shareholders have been diluted in the past year (4.6% increase in shares outstanding).Reported Earnings • Aug 30Second quarter 2023 earnings: EPS and revenues miss analyst expectationsSecond quarter 2023 results: EPS: PK₨4.86 (down from PK₨6.34 in 2Q 2022). Revenue: PK₨12.5b (up 104% from 2Q 2022). Net income: PK₨1.41b (down 20% from 2Q 2022). Profit margin: 11% (down from 29% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 57%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth.Price Target Changed • Aug 12Price target decreased by 8.8% to PK₨528Down from PK₨579, the current price target is an average from 3 analysts. New target price is 24% above last closing price of PK₨426. Stock is up 18% over the past year. The company is forecast to post earnings per share of PK₨34.85 for next year compared to PK₨23.61 last year.Major Estimate Revision • May 10Consensus revenue estimates increase by 24%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from PK₨41.5b to PK₨51.6b. EPS estimate unchanged from PK₨33.07 at last update. IT industry in Pakistan expected to see average net income growth of 20% next year. Consensus price target of PK₨575 unchanged from last update. Share price fell 4.3% to PK₨421 over the past week.Upcoming Dividend • May 08Upcoming dividend of PK₨5.00 per share at 1.1% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 13 June 2023. Trailing yield: 1.1%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (1.8%).Reported Earnings • Apr 21Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: PK₨23.61 (up from PK₨16.21 in FY 2021). Revenue: PK₨31.8b (up 108% from FY 2021). Net income: PK₨6.63b (up 49% from FY 2021). Profit margin: 21% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth.Price Target Changed • Jan 03Price target increased to PK₨513Up from PK₨472, the current price target is an average from 6 analysts. New target price is 6.2% above last closing price of PK₨483. Stock is up 21% over the past year. The company is forecast to post earnings per share of PK₨24.15 for next year compared to PK₨16.21 last year.Reported Earnings • Oct 30Third quarter 2022 earnings released: EPS: PK₨7.72 (vs PK₨3.76 in 3Q 2021)Third quarter 2022 results: EPS: PK₨7.72 (up from PK₨3.76 in 3Q 2021). Revenue: PK₨8.68b (up 118% from 3Q 2021). Net income: PK₨2.15b (up 107% from 3Q 2021). Profit margin: 25% (down from 26% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth.Major Estimate Revision • Sep 15Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from PK₨16.84 to PK₨22.44. Revenue forecast unchanged at PK₨24.2b. Net income forecast to grow 31% next year vs 20% growth forecast for IT industry in Pakistan. Consensus price target up from PK₨446 to PK₨470. Share price was steady at PK₨392 over the past week.Reported Earnings • Sep 02Second quarter 2022 earnings released: EPS: PK₨6.34 (vs PK₨3.42 in 2Q 2021)Second quarter 2022 results: EPS: PK₨6.34 (up from PK₨3.42 in 2Q 2021). Revenue: PK₨6.13b (up 75% from 2Q 2021). Net income: PK₨1.77b (up 88% from 2Q 2021). Profit margin: 29% (up from 27% in 2Q 2021). Over the next year, revenue is forecast to grow 37%, compared to a 14% growth forecast for the IT industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • May 01First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: PK₨8.66 (up from PK₨2.25 in 1Q 2021). Revenue: PK₨5.33b (up 75% from 1Q 2021). Net income: PK₨1.20b (up 94% from 1Q 2021). Profit margin: 23% (up from 20% in 1Q 2021). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 28%, compared to a 15% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • Mar 24Upcoming dividend of PK₨5.00 per shareEligible shareholders must have bought the stock before 31 March 2022. Payment date: 02 May 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (1.3%).Valuation Update With 7 Day Price Move • Mar 14Investor sentiment improved over the past weekAfter last week's 17% share price gain to PK₨713, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the IT industry in Asia. Total returns to shareholders of 755% over the past three years.Reported Earnings • Oct 29Third quarter 2021 earnings released: EPS PK₨7.53 (vs PK₨4.03 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨3.98b (up 59% from 3Q 2020). Net income: PK₨1.04b (up 88% from 3Q 2020). Profit margin: 26% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Sep 08Investor sentiment improved over the past weekAfter last week's 16% share price gain to PK₨778, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 27x in the IT industry in Asia. Total returns to shareholders of 753% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨829 per share.Reported Earnings • Aug 27Second quarter 2021 earnings released: EPS PK₨6.83 (vs PK₨3.97 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨3.50b (up 50% from 2Q 2020). Net income: PK₨939.0m (up 72% from 2Q 2020). Profit margin: 27% (up from 24% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth.Reported Earnings • Apr 29First quarter 2021 earnings released: EPS PK₨4.96 (vs PK₨3.92 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: PK₨3.05b (up 37% from 1Q 2020). Net income: PK₨617.7m (up 16% from 1Q 2020). Profit margin: 20% (down from 24% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth.Valuation Update With 7 Day Price Move • Mar 17Investor sentiment improved over the past weekAfter last week's 16% share price gain to PK₨488, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 24x in the IT industry in Asia. Total returns to shareholders of 488% over the past three years.Upcoming Dividend • Mar 15Upcoming Dividend of PK₨3.50 Per ShareWill be paid on the 21st of April to those who are registered shareholders by the 22nd of March. The trailing yield of 0.7% is below the top quartile of Pakistani dividend payers (8.3%), and is lower than industry peers (1.2%).Reported Earnings • Mar 05Full year 2020 earnings released: EPS PK₨17.78 (vs PK₨12.86 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: PK₨9.88b (up 31% from FY 2019). Net income: PK₨2.21b (up 39% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth.Analyst Estimate Surprise Post Earnings • Mar 05Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the IT industry in Pakistan.Is New 90 Day High Low • Feb 08New 90-day high: PK₨487The company is up 55% from its price of PK₨313 on 10 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨213 per share.Is New 90 Day High Low • Jan 12New 90-day high: PK₨423The company is up 52% from its price of PK₨279 on 14 October 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨215 per share.お知らせ • Dec 17Systems Limited Appoints Mr. Muhammad Asif Peer as the Chief ExecutiveSystems Limited announced that Mr. Muhammad Asif Peer has been appointed as the Chief Executive of the Company for a term of three years commencing from December 14, 2020 in accordance with section 187 of the Companies Act, 2017.Is New 90 Day High Low • Dec 16New 90-day high: PK₨393The company is up 33% from its price of PK₨296 on 17 September 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨216 per share.Is New 90 Day High Low • Nov 27New 90-day high: PK₨362The company is up 60% from its price of PK₨226 on 28 August 2020. The Pakistani market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨176 per share.Valuation Update With 7 Day Price Move • Nov 14Market bids up stock over the past weekAfter last week's 15% share price gain to PK₨354, the stock is trading at a trailing P/E ratio of 22.3x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 24x in the IT industry in Asia. Total returns to shareholders over the past three years are 478%.Analyst Estimate Surprise Post Earnings • Oct 29Third-quarter earnings released: Revenue and earnings beat expectationsThird-quarter revenue exceeded analyst estimates by 4.7% at PK₨2.51b. Earnings per share (EPS) also surpassed analyst estimates by 7.4% at PK₨4.36. Revenue is forecast to grow 17% over the next year, compared to a 11% growth forecast for the IT industry in Pakistan.Reported Earnings • Oct 29Third quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.99b, down 9.3% from the prior year. Total revenue was PK₨9.13b over the last 12 months, up 29% from the prior year.Is New 90 Day High Low • Oct 27New 90-day high: PK₨309The company is up 47% from its price of PK₨211 on 29 July 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨123 per share.Major Estimate Revision • Sep 22Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate increased from PK₨13.66 to PK₨16.20. No change was made to the revenue estimate which at the last update was PK₨9.95b. Net income is expected to grow by 18% next year compared to 18% growth forecast for the IT industry in Pakistan. The consensus price target increased from PK₨174 to PK₨234. Share price is up 2.8% to PK₨297 over the past week.業績と収益の成長予測KASE:SYS - アナリストの将来予測と過去の財務データ ( )PKR Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/2028141,31921,55321,78022,671112/31/2027126,21420,16028,31323,287312/31/202697,14314,30618,30218,01813/31/202686,29011,5657,1659,182N/A12/31/202580,39211,0418,95910,877N/A9/30/202576,5839,9734,5395,850N/A6/30/202573,1899,3703,9225,591N/A3/31/202570,3588,3911,1162,973N/A12/31/202467,4737,4602,0934,117N/A9/30/202464,4116,9742,7446,271N/A6/30/202461,2706,6385,1427,636N/A3/31/202457,9316,3803,6596,499N/A12/31/202353,4358,6892,4735,287N/A9/30/202348,9498,6591,5803,669N/A6/30/202343,4868,9577113,429N/A3/31/202337,1269,3082,0024,324N/A12/31/202231,7606,6293,0465,704N/A9/30/202224,9256,9821,4442,925N/A6/30/202220,2195,8717352,252N/A3/31/202217,5895,0458022,225N/A12/31/202115,3044,4628941,848N/A9/30/202113,3323,1749451,700N/A6/30/202111,8662,6871,8102,435N/A3/31/202110,6932,2952,5432,902N/A12/31/20209,8772,2101,9752,345N/A9/30/20209,1321,9861,8972,291N/A6/30/20208,5141,7821,3611,734N/A3/31/20208,1661,80898879N/A12/31/20197,5361,587N/A1,770N/A9/30/20197,0981,623N/A1,265N/A6/30/20196,5741,500N/A992N/A3/31/20195,8191,154N/A352N/A12/31/20185,3241,074N/A367N/A9/30/20184,864803N/A302N/A6/30/20184,481748N/A465N/A3/31/20184,121661N/A892N/A12/31/20173,832570N/A794N/A9/30/20173,431571N/A535N/A6/30/20173,232538N/A533N/A3/31/20173,176529N/A408N/A12/31/20163,112487N/A216N/A9/30/20163,148480N/A103N/A6/30/20162,882433N/A82N/A3/31/20162,678406N/A49N/A12/31/20152,471410N/A75N/A9/30/20152,183417N/A197N/A6/30/20152,176441N/A216N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: SYSの予測収益成長率 (年間24.8% ) は 貯蓄率 ( 12.9% ) を上回っています。収益対市場: SYSの収益 ( 24.8% ) はPK市場 ( 12.1% ) よりも速いペースで成長すると予測されています。高成長収益: SYSの収益は今後 3 年間で 大幅に 増加すると予想されています。収益対市場: SYSの収益 ( 19% ) PK市場 ( 9.6% ) よりも速いペースで成長すると予測されています。高い収益成長: SYSの収益 ( 19% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: SYSの 自己資本利益率 は、3年後には高くなると予測されています ( 26.3 %)成長企業の発掘7D1Y7D1Y7D1YSoftware 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/06/13 16:40終値2026/06/12 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Systems Limited 3 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。8 アナリスト機関null nullAKD Researchnull nullArif Habib Limitednull nullBMA Capital Management Ltd.5 その他のアナリストを表示
Price Target Changed • Dec 02Price target increased by 7.9% to PK₨180Up from PK₨167, the current price target is an average from 3 analysts. New target price is 17% above last closing price of PK₨154. Stock is up 37% over the past year. The company is forecast to post earnings per share of PK₨7.10 for next year compared to PK₨5.11 last year.
Price Target Changed • Oct 15Price target increased by 14% to PK₨167Up from PK₨146, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of PK₨161. Stock is up 94% over the past year. The company is forecast to post earnings per share of PK₨7.34 for next year compared to PK₨5.11 last year.
Price Target Changed • Jan 28Price target increased by 16% to PK₨666Up from PK₨572, the current price target is an average from 4 analysts. New target price is 15% above last closing price of PK₨576. Stock is up 47% over the past year. The company is forecast to post earnings per share of PK₨27.24 for next year compared to PK₨29.86 last year.
Price Target Changed • Apr 04Price target increased by 9.2% to PK₨625Up from PK₨572, the current price target is an average from 4 analysts. New target price is 59% above last closing price of PK₨394. Stock is down 16% over the past year. The company is forecast to post earnings per share of PK₨41.80 for next year compared to PK₨29.86 last year.
Price Target Changed • Aug 12Price target decreased by 8.8% to PK₨528Down from PK₨579, the current price target is an average from 3 analysts. New target price is 24% above last closing price of PK₨426. Stock is up 18% over the past year. The company is forecast to post earnings per share of PK₨34.85 for next year compared to PK₨23.61 last year.
Major Estimate Revision • May 10Consensus revenue estimates increase by 24%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from PK₨41.5b to PK₨51.6b. EPS estimate unchanged from PK₨33.07 at last update. IT industry in Pakistan expected to see average net income growth of 20% next year. Consensus price target of PK₨575 unchanged from last update. Share price fell 4.3% to PK₨421 over the past week.
Reported Earnings • May 30First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2026 results: EPS: PK₨2.05 (up from PK₨1.71 in 1Q 2025). Revenue: PK₨24.0b (up 33% from 1Q 2025). Net income: PK₨3.03b (up 21% from 1Q 2025). Profit margin: 13% (down from 14% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • May 16Systems Limited to Report Q1, 2026 Results on May 22, 2026Systems Limited announced that they will report Q1, 2026 results at 9:30 AM, Pakistan Standard Time on May 22, 2026
Upcoming Dividend • Apr 23Upcoming dividend of PK₨2.00 per shareEligible shareholders must have bought the stock before 30 April 2026. Payment date: 04 June 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Pakistani dividend payers (7.6%). Lower than average of industry peers (2.4%).
お知らせ • Apr 21Systems Limited, Annual General Meeting, May 11, 2026Systems Limited, Annual General Meeting, May 11, 2026. Location: at head office situated at systems campus, e-1, sehjpal road, near dha phase-8 (ex-air avenue), lahore Pakistan
Declared Dividend • Apr 09Dividend of PK₨2.00 announcedShareholders will receive a dividend of PK₨2.00. Ex-date: 30th April 2026 Payment date: 4th June 2026 Dividend yield will be 1.3%, which is lower than the industry average of 1.8%. Payout Ratios Payout ratio: 18%. Cash payout ratio: 39%.
お知らせ • Apr 08Systems Limited announces Annual dividend, payable on June 04, 2026Systems Limited announced Annual dividend of PKR 2.0000 per share payable on June 04, 2026, ex-date on April 30, 2026 and record date on May 03, 2026.
お知らせ • Mar 27Systems Limited to Report Fiscal Year 2025 Results on Apr 03, 2026Systems Limited announced that they will report fiscal year 2025 results on Apr 03, 2026
Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improves as stock rises 17%After last week's 17% share price gain to PK₨125, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 17x in the IT industry in Asia. Total returns to shareholders of 38% over the past three years.
Price Target Changed • Dec 02Price target increased by 7.9% to PK₨180Up from PK₨167, the current price target is an average from 3 analysts. New target price is 17% above last closing price of PK₨154. Stock is up 37% over the past year. The company is forecast to post earnings per share of PK₨7.10 for next year compared to PK₨5.11 last year.
Reported Earnings • Oct 30Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: PK₨1.90 (up from PK₨1.50 in 3Q 2024). Revenue: PK₨20.7b (up 20% from 3Q 2024). Net income: PK₨2.79b (up 28% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Oct 17Systems Limited to Report Q3, 2025 Results on Oct 24, 2025Systems Limited announced that they will report Q3, 2025 results on Oct 24, 2025
Price Target Changed • Oct 15Price target increased by 14% to PK₨167Up from PK₨146, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of PK₨161. Stock is up 94% over the past year. The company is forecast to post earnings per share of PK₨7.34 for next year compared to PK₨5.11 last year.
Reported Earnings • Aug 21Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: EPS: PK₨1.81 (up from PK₨1.15 in 2Q 2024). Revenue: PK₨18.7b (up 18% from 2Q 2024). Net income: PK₨2.65b (up 59% from 2Q 2024). Profit margin: 14% (up from 11% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 1.7%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • Aug 13Systems Limited to Report First Half, 2025 Results on Aug 18, 2025Systems Limited announced that they will report first half, 2025 results on Aug 18, 2025
Valuation Update With 7 Day Price Move • Jul 31Investor sentiment improves as stock rises 15%After last week's 15% share price gain to PK₨137, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 22x in the IT industry in Asia. Total returns to shareholders of 98% over the past three years.
お知らせ • Jul 30Systems Limited (KASE:SYS) signed a share purchase agreement to acquire British American Tobacco SAA Services (Private) Limited from British American Tobacco International Holdings (UK) Limited.Systems Limited (KASE:SYS) signed a share purchase agreement to acquire British American Tobacco SAA Services (Private) Limited from British American Tobacco International Holdings (UK) Limited on July 29, 2025. In parallel, Techvista Systems (UAE), an associated company of Systems Limited, has signed a multi-year Master Services Agreement with Accenture (UK) Limited for the provision of AI-powered global shared services. These services will be delivered through British American Tobacco SAA Services (Private) Limited, where Techvista Systems (UAE) will act as a subcontractor. The transaction is subject approval of offer by acquirer board. The deal has been approved by the board. The completion of the acquisition will remain subject to satisfaction of conditions precedent and applicable regulatory approvals.
New Risk • Jun 02New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. Cash payout ratio: 158% Dividend yield: 5.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Dividend is not well covered by cash flows (158% cash payout ratio).
New Risk • May 02New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company.
Upcoming Dividend • Apr 11Upcoming dividend of PK₨6.00 per shareEligible shareholders must have bought the stock before 18 April 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 23% and the cash payout ratio is 84%. Trailing yield: 1.2%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (2.3%).
お知らせ • Mar 25+ 1 more updateSystems Limited, Annual General Meeting, Apr 28, 2025Systems Limited, Annual General Meeting, Apr 28, 2025. Location: lahore Pakistan
Price Target Changed • Jan 28Price target increased by 16% to PK₨666Up from PK₨572, the current price target is an average from 4 analysts. New target price is 15% above last closing price of PK₨576. Stock is up 47% over the past year. The company is forecast to post earnings per share of PK₨27.24 for next year compared to PK₨29.86 last year.
Valuation Update With 7 Day Price Move • Nov 04Investor sentiment improves as stock rises 19%After last week's 19% share price gain to PK₨551, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 21x in the IT industry in Asia. Total returns to shareholders of 43% over the past three years.
Reported Earnings • Oct 25Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: PK₨7.49 (up from PK₨6.36 in 3Q 2023). Revenue: PK₨17.3b (up 22% from 3Q 2023). Net income: PK₨2.19b (up 18% from 3Q 2023). Profit margin: 13% (in line with 3Q 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Sep 02Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: PK₨5.73 (up from PK₨4.86 in 2Q 2023). Revenue: PK₨15.8b (up 27% from 2Q 2023). Net income: PK₨1.67b (up 18% from 2Q 2023). Profit margin: 11% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 02First quarter 2024 earnings released: EPS: PK₨5.39 (vs PK₨13.36 in 1Q 2023)First quarter 2024 results: EPS: PK₨5.39 (down from PK₨13.36 in 1Q 2023). Revenue: PK₨15.2b (up 42% from 1Q 2023). Net income: PK₨1.57b (down 60% from 1Q 2023). Profit margin: 10% (down from 36% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.
Price Target Changed • Apr 04Price target increased by 9.2% to PK₨625Up from PK₨572, the current price target is an average from 4 analysts. New target price is 59% above last closing price of PK₨394. Stock is down 16% over the past year. The company is forecast to post earnings per share of PK₨41.80 for next year compared to PK₨29.86 last year.
Reported Earnings • Mar 30Full year 2023 earnings released: EPS: PK₨29.83 (vs PK₨23.61 in FY 2022)Full year 2023 results: EPS: PK₨29.83 (up from PK₨23.61 in FY 2022). Revenue: PK₨53.4b (up 68% from FY 2022). Net income: PK₨8.69b (up 31% from FY 2022). Profit margin: 16% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth.
Board Change • Jan 01Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Omar Saeed was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.
New Risk • Oct 31New minor risk - Profit margin trendThe company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 28% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (18% net profit margin). Shareholders have been diluted in the past year (4.6% increase in shares outstanding).
New Risk • Sep 04New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 48% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (48% accrual ratio). Minor Risk Shareholders have been diluted in the past year (4.6% increase in shares outstanding).
Reported Earnings • Aug 30Second quarter 2023 earnings: EPS and revenues miss analyst expectationsSecond quarter 2023 results: EPS: PK₨4.86 (down from PK₨6.34 in 2Q 2022). Revenue: PK₨12.5b (up 104% from 2Q 2022). Net income: PK₨1.41b (down 20% from 2Q 2022). Profit margin: 11% (down from 29% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) also missed analyst estimates by 57%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth.
Price Target Changed • Aug 12Price target decreased by 8.8% to PK₨528Down from PK₨579, the current price target is an average from 3 analysts. New target price is 24% above last closing price of PK₨426. Stock is up 18% over the past year. The company is forecast to post earnings per share of PK₨34.85 for next year compared to PK₨23.61 last year.
Major Estimate Revision • May 10Consensus revenue estimates increase by 24%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from PK₨41.5b to PK₨51.6b. EPS estimate unchanged from PK₨33.07 at last update. IT industry in Pakistan expected to see average net income growth of 20% next year. Consensus price target of PK₨575 unchanged from last update. Share price fell 4.3% to PK₨421 over the past week.
Upcoming Dividend • May 08Upcoming dividend of PK₨5.00 per share at 1.1% yieldEligible shareholders must have bought the stock before 15 May 2023. Payment date: 13 June 2023. Trailing yield: 1.1%. Lower than top quartile of Pakistani dividend payers (13%). Lower than average of industry peers (1.8%).
Reported Earnings • Apr 21Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2022 results: EPS: PK₨23.61 (up from PK₨16.21 in FY 2021). Revenue: PK₨31.8b (up 108% from FY 2021). Net income: PK₨6.63b (up 49% from FY 2021). Profit margin: 21% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 93% per year, which means it is tracking significantly ahead of earnings growth.
Price Target Changed • Jan 03Price target increased to PK₨513Up from PK₨472, the current price target is an average from 6 analysts. New target price is 6.2% above last closing price of PK₨483. Stock is up 21% over the past year. The company is forecast to post earnings per share of PK₨24.15 for next year compared to PK₨16.21 last year.
Reported Earnings • Oct 30Third quarter 2022 earnings released: EPS: PK₨7.72 (vs PK₨3.76 in 3Q 2021)Third quarter 2022 results: EPS: PK₨7.72 (up from PK₨3.76 in 3Q 2021). Revenue: PK₨8.68b (up 118% from 3Q 2021). Net income: PK₨2.15b (up 107% from 3Q 2021). Profit margin: 25% (down from 26% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth.
Major Estimate Revision • Sep 15Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 EPS estimate increased from PK₨16.84 to PK₨22.44. Revenue forecast unchanged at PK₨24.2b. Net income forecast to grow 31% next year vs 20% growth forecast for IT industry in Pakistan. Consensus price target up from PK₨446 to PK₨470. Share price was steady at PK₨392 over the past week.
Reported Earnings • Sep 02Second quarter 2022 earnings released: EPS: PK₨6.34 (vs PK₨3.42 in 2Q 2021)Second quarter 2022 results: EPS: PK₨6.34 (up from PK₨3.42 in 2Q 2021). Revenue: PK₨6.13b (up 75% from 2Q 2021). Net income: PK₨1.77b (up 88% from 2Q 2021). Profit margin: 29% (up from 27% in 2Q 2021). Over the next year, revenue is forecast to grow 37%, compared to a 14% growth forecast for the IT industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • May 01First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: PK₨8.66 (up from PK₨2.25 in 1Q 2021). Revenue: PK₨5.33b (up 75% from 1Q 2021). Net income: PK₨1.20b (up 94% from 1Q 2021). Profit margin: 23% (up from 20% in 1Q 2021). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 28%, compared to a 15% growth forecast for the industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • Mar 24Upcoming dividend of PK₨5.00 per shareEligible shareholders must have bought the stock before 31 March 2022. Payment date: 02 May 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Pakistani dividend payers (11%). Lower than average of industry peers (1.3%).
Valuation Update With 7 Day Price Move • Mar 14Investor sentiment improved over the past weekAfter last week's 17% share price gain to PK₨713, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the IT industry in Asia. Total returns to shareholders of 755% over the past three years.
Reported Earnings • Oct 29Third quarter 2021 earnings released: EPS PK₨7.53 (vs PK₨4.03 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨3.98b (up 59% from 3Q 2020). Net income: PK₨1.04b (up 88% from 3Q 2020). Profit margin: 26% (up from 22% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Sep 08Investor sentiment improved over the past weekAfter last week's 16% share price gain to PK₨778, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 27x in the IT industry in Asia. Total returns to shareholders of 753% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at PK₨829 per share.
Reported Earnings • Aug 27Second quarter 2021 earnings released: EPS PK₨6.83 (vs PK₨3.97 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: PK₨3.50b (up 50% from 2Q 2020). Net income: PK₨939.0m (up 72% from 2Q 2020). Profit margin: 27% (up from 24% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth.
Reported Earnings • Apr 29First quarter 2021 earnings released: EPS PK₨4.96 (vs PK₨3.92 in 1Q 2020)The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: PK₨3.05b (up 37% from 1Q 2020). Net income: PK₨617.7m (up 16% from 1Q 2020). Profit margin: 20% (down from 24% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth.
Valuation Update With 7 Day Price Move • Mar 17Investor sentiment improved over the past weekAfter last week's 16% share price gain to PK₨488, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 24x in the IT industry in Asia. Total returns to shareholders of 488% over the past three years.
Upcoming Dividend • Mar 15Upcoming Dividend of PK₨3.50 Per ShareWill be paid on the 21st of April to those who are registered shareholders by the 22nd of March. The trailing yield of 0.7% is below the top quartile of Pakistani dividend payers (8.3%), and is lower than industry peers (1.2%).
Reported Earnings • Mar 05Full year 2020 earnings released: EPS PK₨17.78 (vs PK₨12.86 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: PK₨9.88b (up 31% from FY 2019). Net income: PK₨2.21b (up 39% from FY 2019). Profit margin: 22% (up from 21% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth.
Analyst Estimate Surprise Post Earnings • Mar 05Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 11%, compared to a 14% growth forecast for the IT industry in Pakistan.
Is New 90 Day High Low • Feb 08New 90-day high: PK₨487The company is up 55% from its price of PK₨313 on 10 November 2020. The Pakistani market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨213 per share.
Is New 90 Day High Low • Jan 12New 90-day high: PK₨423The company is up 52% from its price of PK₨279 on 14 October 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨215 per share.
お知らせ • Dec 17Systems Limited Appoints Mr. Muhammad Asif Peer as the Chief ExecutiveSystems Limited announced that Mr. Muhammad Asif Peer has been appointed as the Chief Executive of the Company for a term of three years commencing from December 14, 2020 in accordance with section 187 of the Companies Act, 2017.
Is New 90 Day High Low • Dec 16New 90-day high: PK₨393The company is up 33% from its price of PK₨296 on 17 September 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨216 per share.
Is New 90 Day High Low • Nov 27New 90-day high: PK₨362The company is up 60% from its price of PK₨226 on 28 August 2020. The Pakistani market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨176 per share.
Valuation Update With 7 Day Price Move • Nov 14Market bids up stock over the past weekAfter last week's 15% share price gain to PK₨354, the stock is trading at a trailing P/E ratio of 22.3x, up from the previous P/E ratio of 19.4x. This compares to an average P/E of 24x in the IT industry in Asia. Total returns to shareholders over the past three years are 478%.
Analyst Estimate Surprise Post Earnings • Oct 29Third-quarter earnings released: Revenue and earnings beat expectationsThird-quarter revenue exceeded analyst estimates by 4.7% at PK₨2.51b. Earnings per share (EPS) also surpassed analyst estimates by 7.4% at PK₨4.36. Revenue is forecast to grow 17% over the next year, compared to a 11% growth forecast for the IT industry in Pakistan.
Reported Earnings • Oct 29Third quarter earnings releasedOver the last 12 months the company has reported total profits of PK₨1.99b, down 9.3% from the prior year. Total revenue was PK₨9.13b over the last 12 months, up 29% from the prior year.
Is New 90 Day High Low • Oct 27New 90-day high: PK₨309The company is up 47% from its price of PK₨211 on 29 July 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is PK₨123 per share.
Major Estimate Revision • Sep 22Analysts update estimatesThe 2020 consensus earning per share (EPS) estimate increased from PK₨13.66 to PK₨16.20. No change was made to the revenue estimate which at the last update was PK₨9.95b. Net income is expected to grow by 18% next year compared to 18% growth forecast for the IT industry in Pakistan. The consensus price target increased from PK₨174 to PK₨234. Share price is up 2.8% to PK₨297 over the past week.