Vitrox: Buy Recommendation

Hong Leong Investment Bank has reiterated “Buy” recommendation for Vitrox Corporation Bhd with a lower trading price of RM22.80 (from RM23.28) pegged to unchanged 48x of FY22 EPS, reflecting the downward earnings revision.

“We opine that global CM/EMS’ large-scale relocation, expansion and order diversion activities will create an insatiable demand for its products. ViTrox’s technology leadership and asset-light business model will continue to drive growth going forward.”

It said that ViTrox is cautiously optimistic on FY21 business prospect. It will continue to strengthen operational efficiencies and elevate its focus on the material sourcing process, apart from making every effort to protect the safety and health of employees in order to fulfil the delivery commitment to customers.

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