TOTVS: +ve read from SAP Q2: Cloud resilience but rising token costs; GLOB/CINT: Infosys‘ guide cut suggests soft demand backdrop

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TOTVS: +ve read from SAP Q2: Cloud resilience but rising token costs; GLOB/CINT: Infosys‘ guide cut suggests soft demand backdrop

cheaper models gaining traction across the market, we see the potential ramp up in

token costs as more manageable. Following yesterday's decline, TOTVS is trading at

a 14x 12-month forward P/E, implying a 31% discount to global peers (vs. 23% LTM

average).

GLOB/CINT: Infosys' guidance cut suggests a soft demand backdrop

What happened: UBS India IT Services analyst Aditya Chandrasekar shared key

highlights from Infosys' Q1FY27 results. Overall, revenue came in below

expectations, and FY27 guidance was cut.

Revenue miss, AI revs accelerating: Revenue growth came in below UBS and

consensus expectations, while margins were broadly in line. AI revenue

reached 8.2% of total revenue (vs. TCS at 9% and HCLTech at 5%), and grew

strong double digits QoQ.

Weaker FY27 organic growth outlook: Infosys cut FY27 revenue growth

guidance to 1.5-3% YoY in constant currency, from 1.5-3.5%, with acquisitions

now contributing more of the total (1.7%, vs 0.25% before). On an organic

basis, this lowers the growth midpoint to ~0.5%, from about 2.25% previously,

a cut of roughly 170bps. Margin guidance was maintained at 20-22%.

Pricing and volume pressure: Management attributed the cut to (i) around 1%

from a European manufacturing client; (ii) around 50bps from a one-off client

termination; (iii) around 0.75-1% from a shift to offshore; and (iv) weaker than

expected pricing (due to competitive intensity, as well as higher productivity

pass through expectations), alongside softer volumes.

UBS's take: Negative read for GLOB/CINT. So far, results from peers have been

broadly negative, with guidance cuts at Infosys and Accenture adding to Wipro's soft