We maintain our forecasts for FY23e and BUY rating with a target price of US$424.00. We are still bullish on the company's ability to grow its revenue and user base moving forward, even in the face of
multiple social and macro-economic headwinds. While the acceleration of IT-services industry growth drivers -- cloud and analytics -- appears sustainable through the rest of 2023, driven by the need for digital transformation. Some security-product spending could rise as more people shift to a hybrid work model, while cyberattack threats are rising. A shift to the cloud is the main contributor as enterprises hasten upgrades of legacy infrastructure.