Vitrox Corp To See Some Turbulence On Industry Headwinds
Vitrox Corp To See Some Turbulence On Industry Headwinds
Notwithstanding expected improvement in sequential 2Q24E earnings from order backlogs, Maybank Investment Bank (Maybank IB) expects the industry's outlook to be challenging for ViTrox Corporation Bhd (ViTrox).
儘管預計訂單積壓導致的 2Q24E 連續收益將有所改善，但馬來亞銀行投資銀行（Maybank IB）預計，VitroX Corporation Bhd（VitroX）的行業前景將充滿挑戰。
Maybank IB has lowered their FY24-26E earnings forecast by 20%/16%/14% and their TP to MYR3.40 (-14%) on ViTrox. While they continue to like ViTrox for its strong management team and diversified exposure to key high-growth industries (5G/EVs/AI), Maybank IB has downgraded their call to SELL on current valuations.
Maybank IB已將VitroX的 FY24-26E 收益預期下調了20％/16％/14％，並將目標股價下調至3.40令吉（-14％）。儘管他們繼續喜歡VitroX的強大管理團隊和對關鍵高增長行業（5G/EV/AI）的多元化敞口，但馬來亞銀行IB已根據當前估值下調了對賣出的看漲期權。
Maybank IB, in a note today, said following slow 1Q24 core net profit of MYR17.7m (-51% YoY, -35% QoQ), they expect sequential improvement in 2Q24E on delivery improvements in the OSAT-centric MVS-T/S segments.
馬來亞銀行在今天的一份報告中表示，繼24年第一季度核心淨利潤緩慢達到1770萬馬幣（同比下降51％，環比下降35％）之後，他們預計，由於以OSAT爲中心的MVS-T/S細分市場的交付改善，2Q24E 將持續改善。
Underpinned by order backlogs, Maybank IB expects 2Q24E segmental turnover to rise +65%/+60% QoQ for MVS-T/S respectively.
在訂單積壓的支持下，馬來亞銀行IB預計，MVS-T/S的 2Q24E 分部營業額環比將分別增長65％/+60％。
However, beyond 2Q24E earnings, both segments face headwinds from (i) capacity constraints in material sourcing/lead-times, (ii) slower pace of OSAT recovery in the automotive, industrials and telco end-markets.
但是，除了 2Q24E 收益外，這兩個細分市場都面臨不利因素，即（i）材料採購/交貨時間的產能限制，（ii）汽車、工業和電信終端市場的OSAT復甦步伐放緩。
The bank noted that the ATE market dynamics in China, ViTrox's largest geographical market, has structurally shifted in recent quarters. There could be margin pressures for R&D and marketing spend to improve on product features to defend their market share position.
VIT a small step towards addressing talent shortage
該銀行指出，VitroX最大的地域市場中國的ATE市場動態在最近幾個季度發生了結構性變化。研發和營銷支出可能會面臨利潤壓力，以改善產品功能以捍衛其市場份額地位。
VIT 是解決人才短缺問題的一小步
Separately, ViTrox announced yesterday the construction of its MYR46m research and training facility, VIT. Completion is expected in Jan 2026. VIT aims to supplement its existing ViTrox College initiative, allowing it to more than double its student intake capacity from 200 to 450 annually.
另外，VitroX昨天宣佈建造其4600萬馬幣的研究和培訓設施VIT。預計於 2026 年 1 月完工。VIT旨在補充其現有的VitroX學院計劃，使其每年招收的學生人數增加一倍以上，從200人增加到450人。
譯文內容由第三人軟體翻譯。