【出版时间及名称】：2010年3月印度IT行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：32
        【目录或简介】：
Our analysis of “cloud-computing”,
suggests opportunity is still distant
 Near-term robust growth outlook is
driven by increased offshoring
 Remain positive on the sector; Prefer
Infosys and HCLT
Cloud-computing – a long-term opportunity: Excitement around
the industry growth prospects from cloud computing is building.
Our analysis suggests cloud computing is a robust growth
opportunity, but over the long term. Among the various cloudmodels,
growth will be driven by Business Process as a Service
(BPaaS), whereas other cloud models such as Infra-as-a-service and
Software-as-a-service (IaaS/SaaS) remain inconsequential for
Indian IT companies. While the top-4 IT services companies are
investing in these new engagement models, Infosys seemingly is
leading the race, closely followed by TCS. (Cloud computing,
simply described, offers IT resources to customers without upfront
capital commitments).
Near-term growth to remain robust, but led by offshoring: Our
confidence in the +20% sector growth expectations (next 2-3 years)
continue to increase, underpinned by a secular up-tick in
offshoring, in under-penetrated markets and services such as
remote management services (RMS). There are several reasons
why adoption of RMS will accelerate in the coming years, such as
1) significant fall in hardware costs, 2) declining bandwidth costs,
with higher capacity and reliability; 3) introduction of robust
remote monitoring tools and, 4) new engagement models that offer
better IP and data security
Competitive risks manageable: We continue to expect India to
dominate as the most attractive offshoring destination and global
competition to remain manageable for the foreseeable future. Loss
of vendor agnostic charm, questionable success of M&A in IT
services and materially higher blended costs/pricing, would keep
competitive pressure from the new “integrated players” at bay.
Remain bullish on long-term sector fundamentals. Current
valuations (c20x on FY11e) are close to the historic averages and
the upside is driven primarily by earnings upgrades. Infosys
remains our top pick, followed by HCLT. We do not change any
estimates/recommendations in this report.
Investment Summary 3
Cloud opportunity? 7
Offshoring still key 13
Offshoring to drive growth in near and medium term 13
Risks from “global players” to remain low 16
PE and Earnings upgrade 17
Financial Statements &
Annexure 19
Annexure 24
Disclosure appendix 27
Disclaimer 31