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VS Industry Set For Major Rebound In 2HFY25 After Challenging Start To FY25

VS Industry Set For Major Rebound In 2HFY25 After Challenging Start To FY25

VS行業板塊在FY25開局艱難後,預計在FY25下半年將迎來重大反彈。
Business Today ·  2024/12/09 02:11

RHB Investment Bank Bhd (RHB Research) has reiterated its BUY call on VS Industry Bhd despite a revised target price of RM1.33, down from RM1.39, from the research house. RHB Research highlighted expectations of robust earnings recovery in the second half of the financial year 2025 (2HFY25), buoyed by new product launches and improved seasonality.

儘管該研究機構將目標價從1.39令吉下調至1.33令吉,但該投資銀行有限公司(RhB Research)重申了對VS Industry Bhd的買入看漲期權。RhB Research強調了在新產品發佈和季節性改善的推動下,對2025財年(2HFY25)下半年盈利強勁復甦的預期。

VS Industry experienced a challenging start to FY25, with its 1QFY25 core net profit declining 38% year-on-year to RM31 million. Key factors included unfavourable foreign exchange rates, RM7 million in losses from subsidiary HT Press Work Sdn Bhd due to high product rejection rates, and inventory adjustments by a US-based customer ahead of new product launches. However, RHB Research projects a gradual quarter-on-quarter recovery leading to a sharp rebound in the latter half of FY25.

VS Industry在25財年開局充滿挑戰,其 1QFY25 核心淨利潤同比下降38%,至3100萬令吉。關鍵因素包括不利的外匯匯率、子公司Ht Press Work Sdn Bhd因產品拒收率高而蒙受的700萬令吉的損失,以及美國客戶在新產品發佈前進行的庫存調整。但是,RhB Research預計,逐季逐步復甦,將導致25財年下半年大幅反彈。

Customer X, a significant contributor to VS Industry's growth, has awarded the company two new orders valued at RM100 million annually, with production commencing in February or March 2025. Additionally, VS Industry is pursuing RM800 million worth of floorcare segment jobs that could materialise by early 2025. Operations in the Philippines are also expected to execute RM1.2 billion worth of orders starting April 2025, potentially driving a 77% growth in FY26.

客戶X是VS Industry增長的重要貢獻者,已授予該公司兩份每年價值10000萬令吉的新訂單,將於2025年2月或3月開始生產。此外,VS Industry正在尋求地板護理領域價值80000萬令吉的就業機會,這些工作可能在2025年初實現。預計從2025年4月開始,菲律賓的業務還將執行價值12令吉的訂單,有可能推動26財年77%的增長。

Efforts to diversify into the medical industry have shown initial promise, although progress has been hampered by stringent qualification requirements. VS Industry has invested around RM3 million to RM4 million in this venture, which management believes could yield higher profitability and more stable demand compared to the consumer electronics segment.

儘管嚴格的資格要求阻礙了進展,但多元化進入醫療行業的努力已顯示出初步希望。VS Industry已向該合資企業投資了約300萬至400萬令吉,管理層認爲,與消費電子領域相比,這可以帶來更高的盈利能力和更穩定的需求。

RHB Research cautioned that risks to its recommendation include delays in expansion plans and a potential loss of market share, but noted that successful execution of current projects could drive margin enhancement and a re-rating of the stock.

RhB Research警告說,其建議的風險包括擴張計劃的延遲和市場份額的潛在損失,但他指出,當前項目的成功執行可能會推動利潤率的提高和股票的重新評級。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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