Group 1 - Endava (NYSE: DAVA) is a founder-led company in the IT services industry, characterized as a high-quality company with an 80% upside potential from current levels [1] - The current trading valuation of Endava reflects cyclical macroeconomic challenges rather than its long-term growth prospects [1] - The analysis focuses on identifying winners and losers in industries where corporate strategy plays a crucial role, emphasizing market structure, competitive positioning, and strategic catalysts [1]

5 月 30 日，由欧洲工商管理学院（INSEAD）与计然集团联合主办的2025亚太AI大会落幕。本次大 会以"智启未来，共塑人机共生新范式"为主题，携手亚太地区顶尖AI学者、行业领先企业家、学术机构 代表、资深投资人和NGO（非政府组织）精英，融汇东西方智慧，共同探讨人工智能从技术突破到伦 理挑战的多维议题。 神州数码董事长郭为应邀出席本次大会，分享关于AI时代企业管理的思考，并与各界专家共论AI 驱动的组织变革。同时，神州数码AI驱动的数字化转型案例《塑造未来，神州数码从数字化迈向AI驱 动型组织的转型之路》作为INSEAD携手神州数码共同推出的首个AI案例也正式发布。 AI时代的企业管理与组织变革 此次大会上，神州数码董事长郭为与INSEAD亚洲校区院长兼高管教育院长Sameer Hasija教授、 INSEAD教授及战略系主任陈国立，共同发布了神州数码推动自身数字化转型以及持续赋能企业数字化 转型案例——《塑造未来，神州数码从数字化迈向AI驱动型组织的转型之路》。目前，该案例已收录 在INSEAD商学院案例库中，接下来还将纳入INSEAD MBA课程体系，作为经典教学案例供全球学员学 习。 该案例系统 ...

Company Overview - Trace3 is a leading provider of digital transformation and IT solutions for commercial and enterprise clients, including many Fortune 500 companies [2] - Founded in 2002, Trace3 has established a strong market position with expertise in artificial intelligence, cloud, security, data and analytics, managed services, and emerging technology [2] - The company is well-positioned to benefit from the increasing demand for next-generation IT infrastructure and services as digital transformation and AI adoption accelerate [2] Strategic Investment - Apollo has agreed to acquire Trace3 from American Securities, with financial terms undisclosed; American Securities will retain a significant minority equity interest in Trace3 [1] - The partnership is expected to enhance Trace3's growth trajectory while maintaining its culture and commitment to innovation and client relationships [3] - Apollo aims to support Trace3 in meeting AI-related demand and expanding high-value service offerings, as well as pursuing strategic mergers and acquisitions to accelerate growth [3][4] Management and Expertise - Trace3's management team has successfully scaled the business and established it as a trusted partner in delivering advanced technology solutions [3] - Apollo has a strong track record in investing in the IT services and distribution sector, with prior investments in companies like Presidio and TD SYNNEX [4] Financial Context - American Securities has approximately $23 billion in assets under management and focuses on investing in North American companies with annual revenues between $200 million and $2 billion [9] - Apollo manages approximately $840 billion in assets as of June 30, 2025, and seeks to provide clients with innovative capital solutions [8]

Core Insights - Albert Anthony is a Croatian-American business author and media contributor with a focus on financial markets, launching a book titled "Financial Markets: The Next Generation" in 2025 [1] - He has a non-traditional financial background, having worked as an analyst in the IT sector for Fortune 500 companies, which has aided in establishing his own equities research firm, Albert Anthony & Company, in 2021 [1] - The firm operates 100% remotely, reflecting a modern approach to financial analysis and research [1] Company Background - Albert Anthony & Company was founded in 2021 and specializes in equities research, leveraging a data-driven and process-oriented approach [1] - The company does not engage in writing about non-publicly traded companies, small cap stocks, or startup CEOs, focusing instead on publicly available data [1] Media Presence - Albert Anthony has a significant media presence, contributing to platforms like Seeking Alpha and Investing.com, and has over 1,000 followers on these platforms [1] - He is set to launch a YouTube show titled "Financial Markets with Albert Anthony" in 2025, where he will provide market commentary similar to his written analyses [1] Educational Background - Albert Anthony has completed degrees and ongoing training from institutions such as Drew University and the Corporate Finance Institute, enhancing his expertise in financial markets [1]

天眼查App显示，近日，东莞市鸿利盛科技有限公司成立，注册资本30万人民币，经营范围为一般项 目：信息技术咨询服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；模具制 造；模具销售；金属制品销售；金属制品修理；五金产品制造；五金产品零售；非金属矿物制品制造； 专用设备修理；通用设备修理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The company is a partner of Huawei Ascend, delivering various configurations of products and solutions based on customer needs [1] Group 1 - The company collaborates with Huawei Ascend to provide tailored products and solutions [1]

Core Viewpoint - DXC Technology has officially opened a new office in Buenos Aires, Argentina, as part of its strategy to expand its presence in Latin America and enhance collaboration and innovation [1][2]. Company Expansion - The new office in Buenos Aires will serve as a strategic hub for DXC's Go-to-Market teams and leaders across various services including Business Process Services, Cloud, ITO, Applications, and Modern Workplace [2][5]. - This expansion follows recent office openings in Farnborough, UK, and Toronto, indicating a broader commitment to growth and customer success [5]. Commitment to Innovation - DXC's investment in Argentina reflects a long-term commitment to supporting customers and talent in the region, aligning with the country's role as an innovation hub in Latin America [4][5]. - The Buenos Aires office is designed to deepen partnerships with regional customers and accelerate project delivery, showcasing the company's focus on delivering excellence [2][5]. Market Context - According to IDC, Argentina's IT services market is expected to experience renewed momentum, highlighting the potential for digital transformation in the region [4].

Core Insights - Infosys has been recognized as the number one service provider in Cloud & Infrastructure Services in the UK&I for the second consecutive year, affirming its leadership in delivering high-quality solutions [1][4][7] - The company achieved an 80% client satisfaction score, indicating strong performance in understanding client needs and delivering transformative solutions [5][7] Company Performance - Infosys was ranked as an 'Exceptional Performer' in the Whitelane Research IT Sourcing Study 2025, highlighting its consistent high performance in cloud and infrastructure solutions [1][7] - The overall satisfaction scores for Infosys are 6% higher than the market average (74%) in cloud & infrastructure services, demonstrating its competitive edge [7] Market Dynamics - The study surveyed nearly 400 participants from top IT spending organizations in the UK&I, evaluating over 1,000 IT sourcing relationships and more than 1,100 cloud platform engagements [2] - The demand for agile, secure, and transformative cloud and digital solutions is expected to intensify, positioning companies like Infosys favorably in the evolving market landscape [4]

Summary of the Conference Call on India IT Services Industry Overview - The conference call focused on the **India IT Services** industry, discussing its evolution over the last two decades and analyzing key drivers of stock performance [1][3]. Core Insights - **Current Economic Cycle**: The US nominal GDP growth is expected to slow, with a weak multiplier effect due to volatile macroeconomic conditions and a technology transition cycle [6][9]. - **India IT Exports**: There is a prolonged slowdown in India IT exports, with a notable impact from the digital and cloud cycle, which experienced a temporary break due to COVID-19 [7][12]. - **Revenue Growth Trends**: Revenue growth recovery for India IT services is anticipated to be gradual, contrasting with previous cycles such as post-GFC and post-COVID-19 [12][70]. - **Market Fragmentation**: The global IT services market remains fragmented, with the top 20 vendors accounting for only about 28% of total spending [18][19]. Key Data Points - **Growth Rates**: The year-over-year growth rate for India IT/ITES exports has shown fluctuations, with a significant decline noted during macroeconomic slowdowns [7][82]. - **CIO Expectations**: According to the MS AlphaWise CIO Survey, 90% of CIOs expect stable to increased levels of IT spending over the next three years, although near-term growth expectations are lower than historical averages [84][87]. - **Revenue Composition**: The revenue mix for major players like Infosys, TCS, and Wipro shows a significant share in application implementation and managed services, indicating a shift in service offerings [96]. Additional Insights - **Global Capability Centers (GCCs)**: There has been an accelerated pace of GCC additions in India, with 120 GCCs expected to be added per year over FY24-25, reflecting the demand for low-cost tech talent [81][82]. - **Valuation Trends**: The two-year forward P/E ratios for major IT companies are currently lower than their five-year averages, indicating a cautious market outlook [97][100]. - **AI Adoption**: The adoption of AI is seen as a potential growth driver for India IT services, with expectations that it will not dilute margins but could enhance profitability depending on investment strategies [93][94]. Conclusion - The India IT Services industry is navigating a complex landscape characterized by macroeconomic challenges, evolving technology cycles, and shifting client expectations. The gradual recovery in revenue growth, coupled with the strategic adaptation of business models, positions the industry for potential long-term growth despite current headwinds [79][80].

Financial Data and Key Metrics Changes - Revenue for Q2 2025 reached $1,250 million, up 7% year over year, with adjusted EPS growing 11% year over year to $0.88, exceeding guidance [7][23] - Gross and adjusted operating income margins improved by 50 and 40 basis points year over year, respectively [7][22] - Operating cash flow was $177 million, down from $209 million in the prior year [23] Business Line Data and Key Metrics Changes - Advanced technology solutions revenue was $293 million, up 17% year over year, representing 23% of total revenue [20] - Core business services revenue was approximately $962 million, up 4%, primarily driven by digital operations [20] - Data, Tech, and AI accounted for 48% of total revenue, growing 10% year over year [19] Market Data and Key Metrics Changes - Revenue growth was led by High-tech and Manufacturing at 13%, followed by Financial Services at 6%, and Consumer and Healthcare at 1% [22] - Non-FTE revenue accounted for 46% of Q2 revenue, consistent with the previous year [22] Company Strategy and Development Direction - The company introduced "Genpact Next," a strategy aimed at establishing itself as a leader in advanced technology solutions, focusing on capabilities, clients, and catalysts for growth [8] - Partnerships contributed significantly to growth, with partner-related revenues growing over 70% year over year, representing 10% of total revenue [15] Management's Comments on Operating Environment and Future Outlook - Management raised full-year revenue guidance to 4% to 6% growth, up from 2% to 5%, and adjusted operating income margin expectations to 17.4% [17][24] - The company is excited about its future as it transitions to an AI-first model, leveraging advanced technology solutions to enhance its competitive position [18][92] Other Important Information - The company closed four large deals in Q2, with a strong pipeline for future growth [21] - The AI Gigafactory is operational across all verticals, with over 45 clients onboarded and more than 270 GenAI solutions in production [11] Q&A Session Summary Question: Insights on pipeline conversion and new bookings - Management noted that inflow and conversion remain healthy, with several large deals closed in Q2 and ongoing discussions for others [32][33] Question: Impact of Gen AI on traditional contracting - Management indicated that Gen AI is a tailwind for the business, with incremental revenue from expanded scope and new clients [34][36] Question: Advanced technology solutions pipeline and project length - The pipeline for advanced technology solutions is growing rapidly, with faster conversion rates and a significant portion being amortized and non-FTE [42][43] Question: Growth rates across segments - Management reported strong growth across all segments, with high-tech and manufacturing leading at 13% [45] Question: Sequential trends and guidance implications - Management expressed confidence in achieving the full-year guidance, emphasizing a strong pipeline and execution [51][52] Question: AI adoption across processes and verticals - AI adoption is broad-based across sectors, with strong demand from both existing and new clients [69] Question: Pricing environment and irrational pricing behavior - Management did not observe any irrational pricing behavior, noting a shift towards value-focused pricing models [70][71] Question: Midterm growth targets and pipeline confidence - Management remains confident in achieving midterm growth targets, citing a healthy pipeline and strong execution [78][79] Question: Convergence of IT services and BPO due to AI - Management acknowledged a convergence in client needs, focusing on value delivery rather than traditional service categories [81][82]