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Dolat Capital Report
With macro uncertainties looming large in the banking, financial services and insurance we believe IT Services sector would continue to remain under pressure as global enterprises may continue to tone down their IT budgets in CY23.
HFS Research in their recent survey with 600 IT spend decision makers (G2000 enterprises) expect IT spend growth at 3% on average for CY23 against 11% growth achieved in CY22.
Thus, we believe there is a dire need to drop the recent performance led growth optimism and prefer right-value stocks as growth differential would narrow down across peers given weak demand environment.
At this point we have identified two such opportunity wherein the switch in weights/allocation would provide much needed risk-adjusted performance.
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