【出版时间及名称】：2010年4月印度IT行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：34
        【目录或简介】：
Expect India to remain the most attractive
offshoring destination for IT services
 Other emerging markets are an
opportunity, rather than a threat; TCS
has a lead
 Remain bullish on long-term sector
fundamentals. Top pick: Infosys
India remains the most attractive offshore destination. We
believe that India’s attractiveness as the most preferred offshoring
destination, particularly for developed economies, remains intact.
India’s favourable demography, cost advantage, protection of
intellectual property (IP) rights and strong language and technical
skills are significant competitive advantages over emerging
markets. Despite near-shore advantages such as time-zone
proximity being obvious for some countries in Latin America
(LatAm) and Eastern Europe, we do not expect clients to
meaningfully transition their offshore centres away from India.
Concerns about LatAm or other emerging markets beating India as
an offshore destination, therefore, are overblown.
Other emerging markets are an opportunity, rather than a
threat. The IT services sector in various emerging markets is
growing robustly on the back of buoyant economic growth. For
instance, the domestic IT market in LatAm is c10x India’s, and is
expected to grow to USD70bn by 2012, offering a potential market
opportunity of USD3bn for Indian IT companies. Expansion in
these regions therefore is directed towards capitalising on local
opportunity, rather than offshoring opportunity.
TCS appears to have taken the lead in pursuing opportunities
in other emerging markets, with +6,000 employees and c5%
revenue from LatAm vs. less than 500 for Infosys and Wipro.
While Infosys has a stronger presence in Eastern Europe (Poland
and Czech Republic), both TCS and Infosys employ a workforce of
over 1,000 in China. Wipro has stronger traction in Asia Pacific,
but lags behind in LatAm and Eastern Europe.
Remain bullish on long-term sector fundamentals. The current
sector valuation (c20x on FY11e) is close to the historic average
and the upside is driven by earnings growth. We prefer Infosys in
the sector, followed by HCL and TCS.