Equity Analysis /
Malaysia

MY : VS Industry Bhd - May be stormy now but it can’t rain forever

    CGS-CIMB
    31 March 2022
    Published byCGS-CIMB

    We view the margin inefficiencies impacting VSI as transitory and anticipate a much stronger FY23F from alleviation of its supply chain disruptions. Share price correction of 26% YTD likely prices in most of the negatives surrounding the EMS industry and provides an attractive entry point. Reiterate Add with a TP of RM1.33 (15.7x CY23F P/E, 5-year mean).