MY : VS Industry Bhd - 1-for-1 bonus goes ex

VSI’s 1-for-1 bonus issue went ex today, enlarging its share base to 3.8bn. The bonus issue also includes the issuance of 1-for-5 free warrants. We expect a strong ramp-up in contribution from its newer customers, in line with its recent aggressive capacity expansion rollout. Reiterate Add, with an ex-bonus adjusted TP of RM1.48 (19x CY22F P/E).

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