[%tsSt%] 
Research by Maybank
BUY – TP RM1.46

" Secures MYR1.5b new orders in PH”

We raised FY25/FY26E earnings forecasts for VSI by 4%/21% due to increased contributions from new orders in the PH. VSI announced it will start mass production for this order in 1QCY25, expecting additional sales contribution of MYR0.3b/MYR1.2b in FY25E/FY26E. We lower our PER target to 20.5x (+0.5SD to 5Y mean) from 23x (+1SD), resulting in a new MYR1.46 TP (on revised CY25E EPS), up from MYR1.41. The +0.5SD valuation accounts for potential earnings upside from another new customer expected to onboard by end-CY24, with earnings contribution anticipated in FY26E. Maintain BUY.

Analyst:
Loh Yan Jin
[%VbuP%]

$KLSE-VS 
Research by Maybank
BUY – TP RM1.46

" Secures MYR1.5b new orders in PH”

We raised FY25/FY26E earnings forecasts for VSI by 4%/21% due to increased contributions from new orders in the PH. VSI announced it will start mass production for this order in 1QCY25, expecting additional sales contribution of MYR0.3b/MYR1.2b in FY25E/FY26E. We lower our PER target to 20.5x (+0.5SD to 5Y mean) from 23x (+1SD), resulting in a new MYR1.46 TP (on revised CY25E EPS), up from MYR1.41. The +0.5SD valuation accounts for potential earnings upside from another new customer expected to onboard by end-CY24, with earnings contribution anticipated in FY26E. Maintain BUY.

Analyst:
Loh Yan Jin
lohyanjin.loh@maybank-ib.com