Downgrade ACCUMULATE with a reduced target price of US$14.80
FY23e revenue growth of 15% YoY is still the fastest amongst CX peers, with the average around 8-10%. Adj. EBITDA margins of ~31% are similar to FY22e levels, and in line with the company’s expectations as it continues expanding geographically. We downgrade to ACCUMULATE with a reduced DCF target price of US$14.80 (prev. US$15.50), a WACC of 10.4%, and a terminal growth rate of 3.0%.