Digital Download – IGV fails to capitalise

研报英文原文证据摘录

Digital Download – IGV fails to capitalise

bated by SCT HOLD

clients distracted with industry-wide cyber concerns. An element of this is related to IBM's SGE BUY

own mainframe refresh cycle but this message also raises the possibility that AI spend is . TEMN BUY

being made at the expense of traditional software/ services budgets. IBM shares fell 26% on Source: Jefferies

the week. Elsewhere, following on from "uninspiring" results from TCS, HCL reported solid

results, but unchanged guidance implies relatively soft sequential trends for the rest of the year. Chart 4 - Weekly Share Performance, 2026YTD

Meanwhile, Wipro announced another soft set of results leading to negative forecast revisions. 15.0%

We accept these prints don't inspire confidence, but reporting requirements mean that this 10.0%

early phase of results season is often characterized by soft news, like IBM. The companies 5.0%0.0%

-5.0%trading in line with expectations tend to announce in sync with planned release dates. As a

result, we would expect newsflow to improve. -10.0%

.

Source: Jefferies, Factset

Results season: The European results season starts this week with Temenos on July 22nd.

We think results will be solid and the recent announcement that Temenos has signed a leading

US regional bank at the start of 3Q26 should underpin FY guidance, irrespective of the shape of

actual 2Q numbers. Strong coffee is then the order of the day for July 23rd with Dassault pre-

market and SAP after-market. We think results from Dassault will be uninspiring and reflect

amongst the slowest growth in the sector. Eyes will also be on reports in the FT that Dassault is

in talks to acquire ArisGlobal for $2bn. The share price reaction to the headlines suggests that