Genpact stock just absorbed a 5% hit in the first full trading session after earnings, yet the quarter itself looked far more constructive than that price move suggests. Investors came in after a strong 30 day run and then sold on the headline, even as Genpact’s Advanced Technology Solutions revenue grew to about US$363m and helped lift adjusted diluted earnings per share to US$1.00.

The key development is a business services company placing greater emphasis on higher margin, data and artificial intelligence focused work while the market briefly concentrates on the red ink in today’s price chart.

Is Genpact’s 9.9x P/E and the large gap to a modeled US$108.83 fair value a genuine mispricing, or a warning sign about slower forecast…