VSI’s 1HFY7/22F core EPS was a miss (-37.2% yoy) owing to operational inefficiencies led by workforce and component shortages. We remain cautious on margin erosion from supply chain disruptions but anticipate a brighter FY23-24F following an alleviation of these issues. We reiterate our Add call, with a lower TP of RM1.33 (15.7x CY23F P/E).
Equity Analysis /
Malaysia