Merrill Lynch neutral on Subex Azure "FII" Feb 06

Merrill Lynch has recommended neutral rating on Subex, in its report dated 04 February, 2008. “We reiterate Neutral as earnings recovery is due only after 4Q, which too is likely to be sluggish. While valuations are attractive we would need to see stability in order intake and improvement in implementation before revisiting ratings. Key risks: higher exposure to discretionary spends, though US revs only at 20%.”