j.p. 摩根-美股-科技行业-美国it与bpo服务业2018年展望

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1、Completed12Dec201701:27AMESTDisseminated12Dec201701:35AMESTNorthAmericaEquityResearch12December2017IT&BPOServices2018OutlookAfterastrong2017(IT&BPOServicesoutperformedS&P500by1,100bps),weseePayments,Processors&ITamixed2018withgoodunderlyingperformancebutincreas

2、ingseparationbetweenServiceswinnersandlosers.WeassignapremiumtofirmsthatcandeliversustainableearningsTien-tsinHuang,CFAACgrowth,whichshouldfavorDigitalpure-playfirms(LXFT,EPAM,GLOB,and(1-212)622-6632VRTU)anduniqueearningspowerstockslikeDXC(top2018pick).Wealsose

3、etien-tsin.huang@jpmorgan.comattractivevalueatCTSHifitcanmeetStreetexpectations.WecontinuetorecommendBloombergJPMAHUANG“BuyWNS/SellEXLS”asatrade,anddowngradeSYNTtoUW(fromNeutral;J.P.MorganSecuritiesLLCACcoveredbyPuneetJain)onitslimitedearningsgrowthpotentia

4、lrelativetopeers.PuneetJain(1-212)622-1436Growthtrendsoverallshouldremainhealthyifmacrostayssteady.However,puneet.x.jain@jpmorgan.comDigitalmixwilldriverevenuegrowthdifferentiation;Digitalpure-playfirmssuchJ.P.MorganSecuritiesLLCasGLOBandEPAMarebestpositioned.

5、GivengreaterdisparityandcosttodeliverPanktiGandhirevenuegrowth,weplaceagreaterweightonmarginexpansionpotentialinour(91-22)61574110recommendations,whichiswhywecontinuetoOverweightDXC,CTSHandACN.pankti.b.gandhi@jpmorgan.comJ.P.MorganIndiaPrivateLimitedNosurprise

6、–Digitalwillbethetopthemeforthesector.DigitalremainsaCEEMEAMedia&Telecomsmulti-yeartopthemeintechnology,butin2018weseegreaterdemandfromclientsACAlexeiGogolevtotransformtheircoresystemofrecordstointegratebetterwithdigitalfrontends.(7-495)967-1029AIwillalsobeatop

7、themefor2018(seeJPM’sAIprimerpublishedNov28)alexei.gogolev@jpmorgan.comwithearlygrowthinflection,whilecloudgoesdeeperintothemainstream.WeBloombergJPMAGOGOLEVexpectmanypilotprojectsinblockchain,andexpectquantumcomputingtobeaJ.P.MorganBankInternationalLLCpopu

8、larbuzzwordin2018.Finally,weexpectDigitaltoolstoplayabiggerroleintheindustrializationofDigital/legacydelivery,aconceptwecall“industrializationthrough(andof)digital.”Upcoming