TDCX Inc.

NYSE:TDCX 주식 리포트

시가총액: US$1.0b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

TDCX 과거 순이익 실적

과거 기준 점검 5/6

TDCX은 연평균 14.4%의 비율로 수입이 증가해 온 반면, Professional Services 산업은 수입이 12.3% 증가했습니다. 매출은 연평균 18.8%의 비율로 증가했습니다. TDCX의 자기자본이익률은 18.5%이고 순이익률은 18.3%입니다.

핵심 정보

14.44%

순이익 성장률

10.32%

주당순이익(EPS) 성장률

Professional Services 산업 성장률10.99%
매출 성장률18.85%
자기자본이익률18.48%
순이익률18.25%
최근 순이익 업데이트31 Dec 2023

최근 과거 실적 업데이트

Recent updates

Seeking Alpha • Dec 25

TDCX: Poor Visibility Into Near-Term Performance

Summary TDCX continues to face growth headwinds and revenue decline, with no signs of recovery. The reliance on its top client is dragging down the entire business and impacting growth. Poor visibility into near-term performance and potential structural issues raise concerns about TDCX's long-term growth profile. Read the full article on Seeking Alpha
Seeking Alpha • Nov 25

TDCX: Full-Year Guidance Unchanged Despite Q3 Beat

Summary It is disappointing that TDCX didn't raise its FY 2023 guidance, although its Q3 2023 results were above expectations. TDCX has a huge cash pile on its books, which could be used for M&As or buybacks to boost its future financial performance. A Hold rating for TDCX is maintained following an assessment of its recent quarterly results and prospects. Read the full article on Seeking Alpha
Seeking Alpha • Oct 04

TDCX: Leading Service Provider In Asia, Well Positioned To Return To Healthy Growth

Summary TDCX’s revenue has grown at a CAGR of 34% during the last 4 quarters, while EBITDA has slightly lagged at 30%. The business has aggressively expanded throughout Asia. The company has targeted growth businesses, allowing it to partake in their upward trajectory while deeply embedding itself within their operations. The industry looks primed to grow well, owing to outsourcing tailwinds, technological advancements, and broader growth in the Asian economies. TDCX is expanding globally to benefit from this. TDCX’s performance has slowed but we attribute this heavily to the current macro conditions, with the business well positioned to return to healthy growth in the coming year. TDCX stock is cheaply priced at 4x NTM EBITDA. The company has $408m in cash and a MC of $535m. When considered in conjunction with an EBITDA-M of 23%, the business appears far too cheap. Read the full article on Seeking Alpha
Seeking Alpha • Aug 31

TDCX: Rating Downgrade As I Expect Stock To Be Rangebound In The Near Term

Summary 2Q23 revenue grew by 5.5%, impacted by weak geographical expansion and higher agent headcount, leading to decreased EBITDA margins. TDCX's reduced FY23 revenue guidance, sales challenges in services like Omnichannel CX and digital marketing, delayed deals, and digital advertising pressure contribute to a cautious view. Changed rating from buy to hold for TDCX due to expected near-term rangebound stock performance, awaiting recovery in demand from major digital advertising clients. Read the full article on Seeking Alpha
Seeking Alpha • Jul 11

TDCX: Reiterate Buy Rating On Strong Execution, Prospect For Earnings Growth In H2 2023

Summary I reiterate a buy rating for TDCX, expecting earnings growth due to client expansion and the company's exposure to rapidly expanding new-economy customers. TDCX operates in the growing IT Outsourcing Market, expected to reach $700 billion by 2028, and is well-positioned in the Asian market with potential for margin improvement. Despite potential risks from wage increases, I remain bullish on TDCX's growth trajectory, given its strong balance sheet, and believe the stock has significant upside potential. Read the full article on Seeking Alpha
Seeking Alpha • Jul 03

TDCX: Some Positives And Negatives

Summary TDCX's key negatives are the company's lackluster top line and EBITDA guidance for the current fiscal year. On the flip side, TDCX has reduced its client and geographic concentration risks with its diversification efforts, and there is the potential to conduct value-accretive share buybacks in the near term. I keep my Hold rating for TDCX unchanged, as there are both negatives and positives relating to the stock. Read the full article on Seeking Alpha
분석 기사 • Jun 06

Are Investors Undervaluing TDCX Inc. (NYSE:TDCX) By 48%?

Key Insights TDCX's estimated fair value is US$17.76 based on 2 Stage Free Cash Flow to Equity Current share price of...
분석 기사 • Feb 15

Calculating The Intrinsic Value Of TDCX Inc. (NYSE:TDCX)

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of TDCX Inc. ( NYSE:TDCX...
Seeking Alpha • Feb 03

TDCX: Consider 2023 Outlook And Current Valuations

Summary TDCX's 2023 outlook isn't favorable, with expectation of slower revenue expansion and a decrease in free cash flow. While TDCX's profitability and growth expectations for 2023 are still relatively superior to that of its peers, these positives have been factored into its stock price and valuations. I downgrade my rating for TDCX from a Buy to a Hold, after assessing the company's 2023 prospects and its current valuation multiples. Elevator Pitch My rating for TDCX Inc.'s (TDCX) shares is a Hold. Since my earlier write-up reviewing the company's Q2 2022 results was published on August 29, 2022, TDCX's stock price has gone up by +51.5% as per Seeking Alpha price data. The focus of this latest update is the preview of TDCX's 2023 financial performance and the stock's valuation analysis. TDCX's 2023 financial results are likely to be inferior to that of 2022 with respect to top line expansion and free cash flow generation. The stock is also fairly valued, implying limited upside for the company's shares. In view of these factors, I have decided to lower my rating for TDCX from a Buy to a Hold. 2023 Consensus Estimates In the past three months, the sell-side analysts covering TDCX's shares have cut their respective 2023 financial projections for the company according to S&P Capital IQ data. In Singapore dollar terms, the market's consensus fiscal 2023 top line for TDCX was reduced by -3.4% from S$796.1 million as of November 3, 2022 to S$769.0 million as of February 2, 2023. During the same period, TDCX's consensus FY 2023 GAAP earnings per share or EPS was lowered by -2.1% from S$0.97 to S$0.95. The current consensus financial figures for TDCX imply that the company's revenue growth (in Singapore dollar terms) will moderate from +18.6% in FY 2022 to +16.8% for FY 2023. The sell-side also forecasts that TDCX's free cash flow will decline by -11.2% from S$142.2 million to S$126.3 million in the same time frame. The downward revision of the consensus financial estimates, and expectations of slower top line growth and free cash flow contraction for TDCX in 2023 shouldn't come as a surprise as detailed in the subsequent sections of the article. Top Line Outlook I agree with the sell-side analysts that TDCX's top line growth is most likely going to be weaker in the current year, and my view is supported by the key metrics highlighted below. Gartner (IT) has recently cut its 2023 growth forecast for global technology spending from +5.1% previously to a much more modest +2.4% now as per its latest projections issued in January. TDCX's recent revenue expansion trends weren't encouraging as well. The top line growth rate for the company slowed from +41.4% YoY in Q3 2021 and +23.3% YoY in Q2 2022 to +16.1% for Q3 2022. TDCX's FY 2022 revenue guidance of S$662.5 million implies that the company anticipates that its revenue growth would have further moderated to +13.1% in Q4 2022. At the company's Q3 2022 earnings briefing on November 22, 2022, TDCX acknowledged that there is "a bleaker outlook" considering "layoffs that we've heard from a number of new economy clients." Profitability And Free Cash Flow Expectations As per S&P Capital IQ's consensus financial data, TDCX's EBITDA margin is projected to contract by -90 basis points from 29.4% in fiscal 2022 to 28.5% for FY 2023. The sell-side analysts also see TDCX's EBIT margin declining by -0.7 percentage points from 23.0% to 22.3% during the same time period. As mentioned in an earlier section of the article, the market's consensus also points to an expected -11.2% decrease in free cash flow for TDCX this year. Notably, adjusted EBITDA margin for TDCX had contracted by -3.70 percentage points to 31.8% in the recent Q3 2022. Looking ahead, TDCX's operating profitability and free cash flow generation are likely to be weaker for FY 2023.
Seeking Alpha • Oct 11

TDCX: Business With A Good Value Proposition At A Decent Valuation

Summary TDCX operates in an attractive market with secular tailwinds. The rise of the internet and the new economy supports TDCX’s industry growth. TDCX's competitive advantage stems from its omnichannel capabilities and geographical reach. Summary I recommend a buy rating on TDCX (TDCX). It provides a solution to a problem that a growing number of companies are facing, and TDCX should be able to continue growing its profits by penetrating into existing clients and winning new logos. I believe TDCX should have no issues hitting consensus figures over the next few years, and assuming the market values TDCX using the current multiple (16x forward earnings), it should generate ~27% upside. Company overview TDCX is a provider of digital customer experience solutions, including omnichannel customer experience [CX] solutions, sales and digital marketing services, and content monitoring and moderation services. TDCX also offers customized digital customer experience solutions that can be used to handle sometimes complicated customer interactions. TDCX's service offerings are divided into three categories: (1) omnichannel CX solutions, (2) sales and digital marketing services, and (3) content monitoring and moderation services. TDCX's primary goal is to assist clients in managing customer relationships by providing digital customer experience solutions such as after-sales service and customer support across ten industry verticals such as travel and hospitality, digital advertising and media, and FMCG. The sales and digital marketing services offerings assist clients in marketing their products and services, and the content monitoring and moderation services offerings assist clients in creating a safe and secure online environment for social media platforms by providing content monitoring and moderation services with a human touch. (TDCX F-1) Attractive market with secular tailwinds Outsourcing refers to the practice of contracting with an outside organization to handle normally in-house functions such as information technology [IT] and business operations. This frees up resources, so the company can focus on what it does best: running the business. The three main types of outsourcing are ITO (IT outsourcing), KPO (Knowledge Process Outsourcing), and BSS (Business Support Services) is the final group, which includes TDCX. BSS involves outsourcing the operations and responsibilities of specific business functions (or processes), such as payroll, customer service, accounting, and data recording, to a third-party service provider. Companies are turning to outsourcing in record numbers to help them succeed in today's cutthroat market. Even businesses that have traditionally kept most of their operations in-house are beginning to see the advantages of outsourcing. The internal management of legacy systems is becoming increasingly difficult for businesses, so they are looking to outsourcing service providers as partners to help them modernize their operations. As a result of these factors, the BSS outsourcing market expanded at a CAGR of 4.2% between 2016 and 2021, and future expansion is predicted to be even faster, at a CAGR of 4.9%. TDCX F-1 I believe companies are increasing the breadth of business functions they outsource, especially as they embark on digital transformation initiatives, given that it is much faster, lower burden on CAPEX upfront, and easier to deploy. Among the many initiatives, I expect CX to be one of the key growth drivers within the BSS market. Since present consumers expect a unified service across all touchpoints, companies can no longer treat customer service as a series of independent tasks. The primary requirement for CX-centered innovations within digital transformation initiatives will be the development of a differentiated CX via channel integration and contextual responses. Businesses like TDCX are revolutionizing business operations by making possible cutting-edge technologies like automation and analytics. Companies that want to outsource their CX operations will focus on players like TDCX that can help them create a unique customer experience through channel integration and contextual responses, like using a chatbot or conversational AI and using analytics for prediction and AI. Rise of internet and new economy supports industry growth BSS and CX industries have seen growth over the past three to five years on a global and regional scale due to the proliferation of the internet and the connected New Economy (defined below). New consumer habits made possible by ubiquitous Internet and mobile access have propelled the New Economy sector to new heights. People use their mobile devices for a wide variety of purposes, including but not limited to communicating, having fun, and gaining knowledge. They do more and more of their shopping, trip organizing, and meal ordering online. As urbanization spreads around the world, I expect more people will be able to participate in the New Economy as a result of rising internet adoption. Industries that combine rapid growth with technological advancement are what the "New Economy" refers to. The New Economy tech giants include Amazon (AMZN), Apple (AAPL), Google (GOOGL) (GOOG), Facebook (META), Tencent (TCEHY), Microsoft (MSFT), and Tesla (TSLA). To quickly scale up operations as they focus on entering new markets (i.e., companies do not need to waste time on time-wasting things like hiring call center employees, finding an office to fit all these people, etc.) and evolving to provide new products and services, I believe New Economy industries like digital advertising and e-commerce will increase their partnerships with BSS companies. Moreover, the New Economy's BSS outsourcing market is shifting from low-complexity work to high-value strategic services. Content management and moderation, ad campaign management, and other back-office support services are just a few examples of the growing trend of outsourcing these tasks to third-party providers because they offer superior service at much lower prices. Outsourcing is becoming increasingly popular as a means of expansion for New Economy businesses because service providers are better equipped to deliver specialized services at lower prices. New Economy companies can gain a competitive edge through outsourcing because it allows them to maintain flexibility and scale at a fraction of the cost of building in-house resources and capabilities. Indeed, the demand for outsourced CX services in the New Economy is predicted to increase by a factor of three over the next few years. TDCX F-1 Omnichannel and international footprint advantages BSS providers that are omnichannel and have a global presence have an advantage over their competitors. To improve their interactions with their customers, TDCX provides integrated omnichannel and multimodal solutions. Such channels include voice and email, as well as messaging and social media, chatbots powered by artificial intelligence, and in-app interactions. At the heart of this is TDCX's ability to integrate third-party technology and platforms with in-house development to address the unique needs of our clients' operations. TDCX has ten different locations in Asia, Europe, and Latin America. This gives it access to a wide range of skilled workers and lets us communicate in English as well as important Asian languages like Mandarin, Thai, Korean, Malay (from Malaysia and Indonesia), Vietnamese, and Japanese. Valuation At the current stock price of $10.51 and 145.8 million shares, the market cap is ~$1.5 billion. I believe the current market price is undervaluing TDCX’s true value and is an alright entry point for investors that are looking to buy the stock. Based on my model, I believe TDCX will make $650 million in sales and $121 million in net income in FY23. This will be driven by high-teens sales growth and increasing net margin expansion to 19%, giving it a market cap of $1.8 billion and a stock price of $13.32 in FY23, representing 27% upside. Assumptions: Sales: growth expectations to follow consensus, slowing from the high 30% to mid-to high-teens moving forward. I believe a part of the slowdown is likely due to current macroeconomic development, but long-term growth should still be fairly healthy given the secular tailwinds that I expect TDCX to enjoy. Net income: net margin expectations are in line with consensus, which should see an incremental step up over the next few years as the business scales off its fixed cost base and recovers to pre-covid levels. Valuation: TDCX used to trade around 20x forward earnings before interest rates started to hike, but has now traded down to 16x. I am assuming no change in multiples over the next few years with the assumption of no change in the interest rate environment.
분석 기사 • Oct 05

TDCX Inc. (NYSE:TDCX) Shares Could Be 47% Below Their Intrinsic Value Estimate

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of TDCX Inc. ( NYSE:TDCX...
Seeking Alpha • Sep 28

TDCX launches new office in Philippines

TDCX (NYSE:TDCX) announced Wednesday the opening of new office in Iloilo, Philippines to meet the growing demand for customer experience solutions. Group's Q2 revenue rose 23.3% year-over-year to $116.6M. The Singapore-based digital customer experience provider said it has "signed 25 new clients since January 2022, including a leading regional airline and one of Southeast Asia’s largest integrated car e-commerce platforms."
Seeking Alpha • Aug 24

TDCX Non-GAAP EPS of $0.15 beats by $0.03, revenue of $116.6M beats by $2.12M, reaffirms FY guidance

TDCX press release (NYSE:TDCX): Q2 Non-GAAP EPS of $0.15 beats by $0.03. Revenue of $116.6M (+23.4% Y/Y) beats by $2.12M. Adjusted EBITDA of US$36.1 million FY Outlook: Reaffirms revenue in the range of $480M-$499M vs consensus of $478.19M
Seeking Alpha • May 31

TDCX: Short-Term Pain, Long-Term Gain

TDCX's shares are now -38% below its October 2021 IPO price; the company's Q1 2022 revenue fell short of market expectations and it also reduced its full-year top line guidance. Positive near-term trends include new client wins and the strong growth of the sales and digital marketing services business segment. TDCX's long-term growth drivers are the expansion of its current customer base, the increase in scale of its existing clients, and penetration into new markets. TDCX is a classic investment case of "short-term pain, long-term gain", with near-term issues offering an attractive entry opportunity for a long-term growth stock.
분석 기사 • Feb 23

Is TDCX Inc. (NYSE:TDCX) Trading At A 43% Discount?

In this article we are going to estimate the intrinsic value of TDCX Inc. ( NYSE:TDCX ) by estimating the company's...
분석 기사 • Dec 31

TDCX Inc.'s (NYSE:TDCX) Share Price Matching Investor Opinion

With a price-to-earnings (or "P/E") ratio of 36x TDCX Inc. ( NYSE:TDCX ) may be sending very bearish signals at the...

매출 및 비용 세부 내역

TDCX가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NYSE:TDCX 매출, 비용 및 순이익 (SGD Millions)
날짜매출순이익일반관리비연구개발비
31 Dec 23658120370
30 Sep 23676113390
30 Jun 23685112400
31 Mar 23677110400
31 Dec 22664105380
30 Sep 22642109360
30 Jun 22618108330
31 Mar 22588104320
31 Dec 21555104310
30 Sep 21521102290
30 Jun 2147792280
31 Mar 2145089270
31 Dec 2043586260
31 Dec 1933074230
31 Dec 1818135100

양질의 수익: TDCX는 고품질 수익을 보유하고 있습니다.

이익 마진 증가: TDCX의 현재 순 이익률 (18.3%)은 지난해 (15.8%)보다 높습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: TDCX의 수익은 지난 5년 동안 연평균 14.4% 증가했습니다.

성장 가속화: 지난 1년간 TDCX 의 수익 증가율(14.5%)은 연간 평균(14.4%)을 초과합니다.

수익 대 산업: TDCX의 지난 1년 수익 증가율(14.5%)은 Professional Services 업계의 8.7%를 상회했습니다.

자기자본이익률

높은 ROE: TDCX의 자본 수익률(18.5%)은 낮음으로 평가됩니다.

총자산이익률

투하자본수익률

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기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2024/06/20 12:39
종가2024/06/20 00:00
수익2023/12/31
연간 수익2023/12/31

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분석가 소스

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분석가기관
Pang VittayaamnuaykoonGoldman Sachs
Shuo Han TanHSBC
Ranjan SharmaJ.P. Morgan