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Research by Maybank
Sell – TP RM3.40

“2Q24: ABI softness weighs"

ViTrox 2Q24 performance underwhelmed as it struggled to keep abreast with challenging industry headwinds. Pending briefing updates later this morning, we maintain FY24-26E earnings and our TP of MYR3.40. Our TP is pegged to 33x FY25E PER, at -1SD to its LT mean. SELL maintained on less-than-favourable risk-reward and lofty valuations (currently trading at 41x FY25E PER; 17% 3Y fwd earnings CAGR).

Analysts:
Anand Pathmakanthan
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Arvind Jayaratnam
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$KLSE-VITROX
Research by Maybank
Sell – TP RM3.40

“2Q24: ABI softness weighs"

ViTrox 2Q24 performance underwhelmed as it struggled to keep abreast with challenging industry headwinds. Pending briefing updates later this morning, we maintain FY24-26E earnings and our TP of MYR3.40. Our TP is pegged to 33x FY25E PER, at -1SD to its LT mean. SELL maintained on less-than-favourable risk-reward and lofty valuations (currently trading at 41x FY25E PER; 17% 3Y fwd earnings CAGR).

Analysts:
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com

$VITROX / 0097 (VITROX CORPORATION BERHAD)