We were impressed by PSYS strong performance in 4QFY21 USD revenue growth of 4.6% QoQ (100bp above MOFLSe) and 16.9% EBITDA margin (down 10bp QoQ despite a one-month wage hike impact). Order bookings of USD246m (1.6x book-to-bill ratio) in 4QFY21 points to good growth visibility for FY22E, especially with management commentary that the TCV run-rate of over USD200m will result in a quarterly revenue growth of 4.5-5% in USD terms. PSYS has reported best-in-class growth in the TSU business (18.4% YoY)...