Further Decline Expected For ViTrox Due To Market Passive Demand
Further Decline Expected For ViTrox Due To Market Passive Demand
However, Maybank IB said although ViTrox's backlog of orders from markets in Taiwan China, Mainland China and India valued at RM37 million at the end of 2Q would offset the weakness in the Western markets, competition from local Chinese suppliers and the slow pace of recovery in 2H24 pose significant challenges.Maybank Investment Bank Bhd (Maybank IB) forecasted that ViTrox Corp Bhd is expected to face continued headwinds in its third quarter performance for the financial year 2024 (3Q24) as the outlook for the automated test equipment sector remains tough and recovery is only anticipated from the second half of 2025 (2H25) onwards.
馬來亞銀行投資銀行有限公司（Maybank IB）預測，由於自動化測試設備行業的前景仍然艱難，預計VitroX Corp Bhd的2024財年（3Q24）第三季度業績將持續面臨阻力，預計要從2025年下半年（2H25）開始復甦。
As such, Maybank IB maintains a cautious stance on ViTrox, reiterating a SELL call with a target price (TP) of RM3.40, based on 33 times the estimated price-to-earnings ratio (PER) for FY25.
因此，馬來亞銀行Ib對VitroX保持謹慎立場，根據25財年估計市盈率（PER）的33倍，重申了賣出看漲期權，目標價（TP）爲3.40令吉。
The research house said the subdued demand, particularly in the global electronics manufacturing services (EMS) and surface-mount technology (SMT) markets in North America and Europe, has weighed on the company's performance, with a further decline expected in the short term.
該研究機構表示，需求疲軟，尤其是北美和歐洲的全球電子製造服務（EMS）和表面貼裝技術（SMT）市場的需求疲軟，打壓了該公司的業績，預計短期內將進一步下滑。
However, Maybank IB said although ViTrox's backlog of orders from markets in Taiwan China, Mainland China and India valued at RM37 million at the end of 2Q would offset the weakness in the Western markets, competition from local Chinese suppliers and the slow pace of recovery in 2H24 pose significant challenges.
但是，Maybank Ib表示，儘管VitroX在第二季度末從中國臺灣、中國大陸和印度市場積壓的價值3700萬令吉的訂單將抵消西方市場的疲軟，但來自中國本地供應商的競爭以及24年下半年的緩慢復甦步伐構成了重大挑戰。
Adding to these difficulties is the strengthening of the Malaysian Ringgit against the US dollar, which is likely to impact the translation of orders and weigh on overall financial performance in 3Q24 and 4Q24. The potential foreign exchange impact has led Maybank IB to lower its earnings estimates for FY24 by 26%, though the forecasts for FY25 and FY26 remain unchanged.
令這些困難雪上加霜的是馬來西亞令吉兌美元的走強，這可能會影響訂單的轉換，打壓24年第三季度和24年第四季度的整體財務表現。潛在的外匯影響導致馬來亞銀行將24財年的收益預期下調了26％，儘管對25財年和26財年的預測保持不變。
While ViTrox's long-term prospects are bolstered by a strong management team and a diverse portfolio across key growth industries, analysts are sceptical about any significant improvement in the industry's dynamics in the near term. The company's share price currently stands at RM3.59, with the TP reflecting a 5% downside.
儘管強大的管理團隊和關鍵成長行業的多元化投資組合支撐了VitroX的長期前景，但分析師對該行業的動態在短期內是否有任何重大改善持懷疑態度。該公司的股價目前爲3.59令吉，目標股價下跌了5％。
On that note, the upcoming months will be critical as ViTrox navigates a challenging operating environment, with its performance closely tied to external market conditions, particularly in China and the broader global EMS/SMT landscape.
就此而言，接下來的幾個月將是至關重要的，因爲VitroX正在應對充滿挑戰的運營環境，其表現與外部市場狀況密切相關，尤其是在中國和更廣泛的全球EMS/SMT格局。
譯文內容由第三人軟體翻譯。
