Vitrox shares down despite stronger Q2 net profit

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KUALA LUMPUR: Vitrox Corporation Bhd's shares fell in the early trade on Monday, despite posting stronger results for the second quarter ended June 30, 2022 (Q2 2022).

At 10.06 am, Vitrox's shares were down 10 sen to RM7.59 with 109,700 units transacted.

In a filing with Bursa Malaysia on Friday, the company announced that its net profit improved to RM51.35 million in Q2 2022 from RM50.64 million in Q2 2021, mainly due to the strengthening of the US dollar.

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Revenue, however, declined to RM189.40 million from RM196.19 million previously, mainly attributed to lower sales demand for its machine vision system as China’s Q2 2022 COVID-19-related lockdowns sapped demand appetite from its Chinese and Taiwanese customers.

In a note, Maybank Investment Bank Bhd said Vitrox is likely to remain resilient in the second half of 2022 (2H22) on signs of supply chain bottlenecks easing and management’s ability to pass on most input cost increases to end-customers via long-standing relationships, brand loyalty and intrinsic product stickiness.

"Barring a lengthy recession, Vitrox’s business model is also relatively insulated from shorter-term cyclical downturns owing to the seasonal time lags (six to nine months) that act as a natural hedge between the two overarching customer segments it primarily serves, namely, outsourced semiconductor assembly and test and electronics manufacturing services,” it said.

As such, Maybank Investment has maintained its ‘buy’ call on Vitrox, but with a lower target price of RM8.80 per share. - Bernama