This blogpost is a major re-calibration in my perception of reality. I thought Silverlake was an exceptionally strong stock, but it has declined in valuation, and faced competition from disruptive fintech — https://fifthperson.com/2018-silverlake-axis-agm/

Silverlake has a cost advantage operating out of Malaysia.

Silverlake has very strong client base — OC/UOB/CIMB/Maybank .. https://www.kgieworld.sg/securities/resources/ck/files/sg-report/Silverlake%20Axis%20(SILV%20SP)_Initiation%20OUTPERFORM_KGI%20Singapore%2020200709.pdf

— SGD 770M small-cap!   I thought it would be bigger than shopee and similar size to the big 3 banks.

— moat .. A core banking system is very expensive and complex software will cost hundreds of million to billions of dollars to replace.

— Jolt: I think the strengths [moat, dominance,,] are already baked into the current valuation and market cap

There are other tech stocks with a dominance and moat, but they all face the challenge of technology churn. One of my books on value investing pointed out this difference — In contrast, non-tech stocks can be cash cows over decades.

• BEA weblogic
• SUN
• Oracle
• Cisco
• IBM