SYS
Systems LimitedLAST · PKR
52W RANGE
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.
- Market cap
- 220bn
- P/E (ttm)
- 19.5×
- EPS (ttm)
- 7.71
- Dividend yield
- 1.3%
- Return on equity
- 22.4%
- Beta
- -0.05
- Free float
- 70%
- 52W high
- 174.40
- 52W low
- 100.00
- 1D change
- −0.75%
- YTD return
- −10.6%
Pakistan's largest IT-export company; delivery centers across MEA serving BFSI, telco and public-sector clients.
FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD
Structural IT-export growth, on sale after the de-rate
- 01
Buy, PKR 185 target: SYS is Pakistan's largest IT exporter, and a soft patch is an entry into a structural growth and FX-tailwind story.
- 02
USD-denominated export revenue across MEA — BFSI, telco, public sector — turns rupee weakness into a margin tailwind.
- 03
Delivery-centre scale and a blue-chip client base support durable double-digit revenue growth and a 22% ROE.
- 04
At ~20× our FY26E EPS the target is PKR 185; a structural grower warrants the premium the value names cannot.
| Metric | FY25A | FY26E | FY27E |
|---|---|---|---|
| Net profitPKR bn | 11.0 | 13.0 | 15.0 |
| EPSPKR | 7.7 | 9.1 | 10.7 |
| DPSPKR | 2.0 | 2.2 | 2.4 |
| P/E× | 19.5× | 16.5× | 14.0× |
| EPS growth% | — | +18.0% | +18.0% |
A = REPORTED · E = FAS ESTIMATE
Growth slows; the multiple compresses.
~15× stressed EPS
Double-digit growth; FX tailwind holds.
~20× FY26E
Acceleration plus a weak PKR re-rate.
~25× FY26E
Does SYS deserve a ~19× multiple?
Far above the market — priced for perfection.
Growth and USD revenue justify the premium; this is the one PSX name you buy on growth, not yield.
Revenue growth decelerating to single digits.
Is the FX tailwind sustainable?
A stable rupee removes the kicker.
Even on a stable PKR, dollar-revenue growth carries earnings; FX is upside, not the thesis.
Sharp PKR appreciation alongside slowing bookings.
Client concentration / competition?
Global IT-services competition compresses margins.
A diversified MEA book and sticky BFSI relationships defend margins.
Loss of a top client or a margin step-down.
| Assumption | Value | Basis |
|---|---|---|
| FY26E EPS | PKR 9.1 | FY25 base +18% growth |
| Target multiple | ~20× FY26E | growth premium, in line with 19.5× |
| FX tailwind | in margin | USD revenue, PKR cost base |
| 12-month target | PKR 185 | ≈20 × 9.1, rounded |
- 01Growth decelerationWATCH · Revenue / bookings growth
- 02PKR appreciationWATCH · PKR/USD
- 03Client concentrationWATCH · Top-client revenue share
- 04Global IT competitionWATCH · Margin trend, win rates
— GENERATED BY FIRST ASIA SECURITIES · NOT INVESTMENT ADVICE
| Symbol | Last | Chg % | P/E | M. Cap | 1Y |
|---|---|---|---|---|---|
| SYSSystems Limited— THIS PAGE | 150.05 | −0.75% | 19.5× | 220bn | |
| TRGTRG Pakistan | 65.95 | −1.09% | n/m | 36bn |
Source: PSX, First Asia Securities Research. Data as of 22 Jun 2026, EOD.