FIRST ASIA SECURITIES
PakistanSri LankaPREV
EquitiesFixed Income
DATA AS OF 13 JUL 2026 · EOD

SYS

Systems Limited
TECHNOLOGY

LAST · PKR

141.86
−1.65 ▼ −1.15%
P/E 19.5× · YIELD 1.3% · ROE 22.4%

52W RANGE

105.31169.03
57% OF RANGE · YTD −15.4%
01 / SYS — 1 YearAS OF 13 JUL 2026 · EOD
PERIOD 1Y · 250 SESSIONS▲
The Call
BUY+30%
185.00PKR · 12-MO
~20× FY26E

Double-digit growth; FX tailwind holds.

Risks to our view
02 /

FAS DESK · FIRST ASIA SECURITIES RESEARCH · 23 JUN 2026 · EOD

Structural IT-export growth, on sale after the de-rate

  1. 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.

  2. 02

    USD-denominated export revenue across MEA — BFSI, telco, public sector — turns rupee weakness into a margin tailwind.

  3. 03

    Delivery-centre scale and a blue-chip client base support durable double-digit revenue growth and a 22% ROE.

  4. 04

    At ~20× our FY26E EPS the target is PKR 185; a structural grower warrants the premium the value names cannot.

Where we differ from the street
Street viewOur viewWe change our mind if
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.
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.
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.

— FIRST ASIA SECURITIES RESEARCH · NOT INVESTMENT ADVICE