Buy Or Sell Opportunity • 3h
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to RM0.25. The fair value is estimated to be RM0.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 20
Third quarter 2026 earnings released: RM0.008 loss per share (vs RM0.006 profit in 3Q 2025) Third quarter 2026 results: RM0.008 loss per share (down from RM0.006 profit in 3Q 2025). Revenue: RM804.0m (down 12% from 3Q 2025). Net loss: RM32.9m (down 238% from profit in 3Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. New Risk • Apr 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 27
Second quarter 2026 earnings released: RM0.008 loss per share (vs RM0.004 profit in 2Q 2025) Second quarter 2026 results: RM0.008 loss per share (down from RM0.004 profit in 2Q 2025). Revenue: RM769.5m (down 15% from 2Q 2025). Net loss: RM29.6m (down 292% from profit in 2Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 38% per year whereas the company’s share price has fallen by 34% per year. Price Target Changed • Mar 19
Price target increased by 7.2% to RM0.65 Up from RM0.61, the current price target is an average from 10 analysts. New target price is 124% above last closing price of RM0.29. Stock is down 64% over the past year. The company is forecast to post earnings per share of RM0.031 for next year compared to RM0.0095 last year. New Risk • Feb 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.0% net profit margin). Price Target Changed • Jan 15
Price target increased by 7.2% to RM0.66 Up from RM0.61, the current price target is an average from 10 analysts. New target price is 37% above last closing price of RM0.48. Stock is down 56% over the past year. The company is forecast to post earnings per share of RM0.031 for next year compared to RM0.0095 last year. Announcement • Jan 14
V.S. Industry Berhad Announces Update on Material Litigation V.S. Industry Berhad announced update on material litigation writ and statement of claim by NEP Holdings (Malaysia) Berhad (NEP), Lim Chang Huat (LCH) And Lim Chee Kon (LCK) (Plaintiffs) Against V.S. Industry Berhad (VSIB) and Datuk Beh Kim Ling (DB). As previously announced, the High Court had fixed 17 December 2025 for delivery of its decision, which was subsequently vacated and rescheduled to 9 January 2026. The Company announced that on 9 January 2026, the High Court found that on the totality of the evidence, LCH and LCK (the 2nd and 3rd Plaintiffs) have failed to discharge their burden of proof on balance of probabilities to establish any breach of the Shareholders’ Agreement by the Company and DB. Therefore, the High Court held thant their claims are without merit and were dismissed. The High Court further awarded costs of MYR 80,000.00 in favour of the Company and MYR 70,000.00 in favour of DB, to be paid jointly and severally by LCH and LCK. Price Target Changed • Dec 12
Price target decreased by 8.3% to RM0.61 Down from RM0.67, the current price target is an average from 10 analysts. New target price is 13% above last closing price of RM0.54. Stock is down 51% over the past year. The company is forecast to post earnings per share of RM0.031 for next year compared to RM0.0095 last year. Declared Dividend • Dec 06
Dividend of RM0.004 announced Shareholders will receive a dividend of RM0.004. Ex-date: 13th January 2026 Payment date: 28th January 2026 Dividend yield will be 1.7%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 173% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 05
First quarter 2026 earnings released: EPS: RM0.008 (vs RM0.008 in 1Q 2025) First quarter 2026 results: EPS: RM0.008 (in line with 1Q 2025). Revenue: RM1.08b (down 2.9% from 1Q 2025). Net income: RM30.6m (flat on 1Q 2025). Profit margin: 2.8% (in line with 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 20% per year. Announcement • Nov 27
V.S. Industry Berhad, Annual General Meeting, Jan 09, 2026 V.S. Industry Berhad, Annual General Meeting, Jan 09, 2026, at 10:30 Singapore Standard Time. Location: kingfisher 1, fraser place puteri harbour, residensi & hotel marina, persiaran tanjung, pengkalan puteri, 79000 iskandar puteri, johor darul takzim, Malaysia New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Major Estimate Revision • Oct 07
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM4.86b to RM4.29b. EPS estimate fell from RM0.051 to RM0.034 per share. Net income forecast to grow 263% next year vs 23% growth forecast for Electronic industry in Malaysia. Consensus price target down from RM0.85 to RM0.68. Share price fell 5.9% to RM0.56 over the past week. Reported Earnings • Oct 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.01 (down from RM0.053 in FY 2024). Revenue: RM3.79b (down 11% from FY 2024). Net income: RM36.7m (down 82% from FY 2024). Profit margin: 1.0% (down from 4.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 66%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 14% per year. Price Target Changed • Oct 01
Price target decreased by 9.9% to RM0.79 Down from RM0.88, the current price target is an average from 11 analysts. New target price is 32% above last closing price of RM0.60. Stock is down 38% over the past year. The company is forecast to post earnings per share of RM0.042 for next year compared to RM0.0095 last year. New Risk • Sep 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (3.5% net profit margin). Buy Or Sell Opportunity • Sep 03
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to RM0.68. The fair value is estimated to be RM0.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Announcement • Jun 20
V.S. Industry Berhad and Datuk Beh Kim Ling Announces Writ and Statement of Claim by Nep Holdings (Malaysia) Berhad, Lim Chang Huat and Lim Chee Kon V.S. Industry Berhad announce that the remaining claim by LCH and LCK (as the 2nd and 3rd Plaintiffs) in the KLHC Suit against the Company and DB for breach of Shareholders’ Agreement has been concluded before the High Court Judge on 16 June 2025. The matter is scheduled for case management on 7 July 2025 where the Court will provide directions regarding the filing of written submissions, hearing of oral submissions and the fixing of a decision date. Price Target Changed • Jun 13
Price target decreased by 8.5% to RM0.92 Down from RM1.00, the current price target is an average from 11 analysts. New target price is 19% above last closing price of RM0.78. Stock is down 32% over the past year. The company is forecast to post earnings per share of RM0.03 for next year compared to RM0.053 last year. Reported Earnings • Jun 12
Third quarter 2025 earnings released: EPS: RM0.006 (vs RM0.016 in 3Q 2024) Third quarter 2025 results: EPS: RM0.006 (down from RM0.016 in 3Q 2024). Revenue: RM909.4m (down 10.0% from 3Q 2024). Net income: RM23.8m (down 60% from 3Q 2024). Profit margin: 2.6% (down from 5.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Independent Non-Executive Director Beng Wee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 23
Price target decreased by 7.1% to RM1.02 Down from RM1.10, the current price target is an average from 12 analysts. New target price is 29% above last closing price of RM0.79. Stock is down 13% over the past year. The company is forecast to post earnings per share of RM0.031 for next year compared to RM0.053 last year. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Buy Or Sell Opportunity • Apr 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to RM0.69. The fair value is estimated to be RM0.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 35% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from RM4.53b to RM4.18b. EPS estimate also fell from RM0.055 per share to RM0.036 per share. Net income forecast to grow 21% next year vs 21% growth forecast for Electronic industry in Malaysia. Consensus price target down from RM1.31 to RM1.14. Share price rose 3.0% to RM0.86 over the past week. Price Target Changed • Mar 27
Price target decreased by 13% to RM1.14 Down from RM1.31, the current price target is an average from 12 analysts. New target price is 27% above last closing price of RM0.90. Stock is up 7.8% over the past year. The company is forecast to post earnings per share of RM0.038 for next year compared to RM0.053 last year. Declared Dividend • Mar 24
Dividend of RM0.004 announced Shareholders will receive a dividend of RM0.004. Ex-date: 11th April 2025 Payment date: 28th April 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 22
Second quarter 2025 earnings released: EPS: RM0.004 (vs RM0.005 in 2Q 2024) Second quarter 2025 results: EPS: RM0.004 (down from RM0.005 in 2Q 2024). Revenue: RM908.8m (up 2.8% from 2Q 2024). Net income: RM15.4m (down 20% from 2Q 2024). Profit margin: 1.7% (down from 2.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 21
V.S. Industry Berhad Declares Second Interim Dividend for the Financial Year Ending 31 July 2025, Payable on 28 April 2025 V.S. Industry Berhad declared second interim dividend of 0.4 sen per share for the financial year ending 31 July 2025. Ex-Date is 11 April 2025, Payment Date is 28 April 2025. Entitlement date is 14 April 2025. Declared Dividend • Jan 01
Dividend of RM0.006 announced Shareholders will receive a dividend of RM0.006. Ex-date: 16th January 2025 Payment date: 28th January 2025 Dividend yield will be 2.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 03
V.S. Industry Berhad Announces First Interim Dividend for the Financial Year End July 31, 2025, Payable on 31 December 2024 V.S. Industry Berhad announced first interim dividend of 0.4 sen per share for the financial year end July 31, 2025. Ex-Date: 16 December 2024. Entitlement date: 17 December 2024. Payment Date: 31 December 2024. Declared Dividend • Dec 02
Dividend of RM0.006 announced Shareholders will receive a dividend of RM0.006. Ex-date: 16th January 2025 Payment date: 28th January 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 8.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 01
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: RM0.053 (up from RM0.051 in FY 2023). Revenue: RM4.25b (down 6.7% from FY 2023). Net income: RM204.2m (up 4.4% from FY 2023). Profit margin: 4.8% (up from 4.3% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 52%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 4% per year. Announcement • Nov 29
V.S. Industry Berhad, Annual General Meeting, Jan 03, 2025 V.S. Industry Berhad, Annual General Meeting, Jan 03, 2025, at 10:30 Singapore Standard Time. Location: kingfisher 1, fraser place puteri harbour, residensi & hotel marina, persiaran tanjung, pengkalan puteri, 79000 iskandar puteri, johor darul takzim, Malaysia New Risk • Sep 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 128% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 128% per year for the foreseeable future. High level of non-cash earnings (233% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Jun 21
Dividend of RM0.004 announced Dividend of RM0.004 is the same as last year. Ex-date: 9th July 2024 Payment date: 26th July 2024 Dividend yield will be 1.5%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 83% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 20
Third quarter 2024 earnings released: EPS: RM0.014 (vs RM0.007 in 3Q 2023) Third quarter 2024 results: EPS: RM0.014 (up from RM0.007 in 3Q 2023). Revenue: RM1.01b (up 1.4% from 3Q 2023). Net income: RM54.4m (up 103% from 3Q 2023). Profit margin: 5.4% (up from 2.7% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • May 24
Price target increased by 7.4% to RM0.86 Up from RM0.80, the current price target is an average from 11 analysts. New target price is 17% below last closing price of RM1.04. Stock is up 33% over the past year. The company is forecast to post earnings per share of RM0.04 for next year compared to RM0.047 last year. Major Estimate Revision • Apr 03
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from RM4.35b to RM4.22b. EPS estimate also fell from RM0.045 per share to RM0.04 per share. Net income forecast to grow 28% next year vs 27% growth forecast for Electronic industry in Malaysia. Consensus price target up from RM0.80 to RM0.86. Share price rose 9.0% to RM0.91 over the past week. Declared Dividend • Mar 29
Dividend of RM0.003 announced Shareholders will receive a dividend of RM0.003. Ex-date: 15th April 2024 Payment date: 30th April 2024 Dividend yield will be 2.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Second quarter 2024 earnings released: EPS: RM0.004 (vs RM0.008 in 2Q 2023) Second quarter 2024 results: EPS: RM0.004 (down from RM0.008 in 2Q 2023). Revenue: RM895.0m (down 22% from 2Q 2023). Net income: RM16.0m (down 47% from 2Q 2023). Profit margin: 1.8% (down from 2.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 17% per year. Declared Dividend • Jan 19
Dividend of RM0.003 announced Shareholders will receive a dividend of RM0.003. Ex-date: 22nd February 2024 Payment date: 8th March 2024 Dividend yield will be 2.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 60% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 05
V.S. Industry Berhad Approves Final Dividend for the Financial Year Ended July 31, 2023 V.S. Industry Berhad at its AGM held on 5 January 2024 approved final dividend of 0.5 sen per ordinary share for the financial year ended 31 July 2023. Major Estimate Revision • Dec 27
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from RM5.04b to RM4.75b. EPS estimate also fell from RM0.061 per share to RM0.052 per share. Net income forecast to grow 33% next year vs 34% growth forecast for Electronic industry in Malaysia. Consensus price target down from RM0.99 to RM0.88. Share price fell 2.4% to RM0.81 over the past week. Reported Earnings • Nov 30
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: RM0.047 (up from RM0.045 in FY 2022). Revenue: RM4.60b (up 18% from FY 2022). Net income: RM178.8m (up 4.7% from FY 2022). Profit margin: 3.9% (down from 4.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 7.0%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 28
Price target increased by 10% to RM0.99 Up from RM0.90, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of RM0.99. Stock is up 2.6% over the past year. The company is forecast to post earnings per share of RM0.061 for next year compared to RM0.048 last year. Reported Earnings • Sep 27
Full year 2023 earnings released: EPS: RM0.048 (vs RM0.044 in FY 2022) Full year 2023 results: EPS: RM0.048 (up from RM0.044 in FY 2022). Revenue: RM4.60b (up 18% from FY 2022). Net income: RM183.9m (up 10% from FY 2022). Profit margin: 4.0% (down from 4.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Announcement • Sep 27
V.S. Industry Berhad Announces Fourth Interim Dividend for the Financial Year End 31 July 2023, Payable 27 October 2023 V.S. Industry Berhad announced Fourth Interim Dividend of 0.5 sen per ordinary share for the Financial Year End 31 July 2023. Ex-Date 12 October 2023. Entitlement date 13 October 2023. Payment Date 27 October 2023. New Risk • Jun 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Large one-off items impacting financial results. Announcement • Jun 16
V.S. Industry Berhad Declares Third Interim Dividend for the Evening Year Ended 31 July 2023, Payable on 28 July 2023 V.S. Industry Berhad declared Third Interim Dividend of 0.4 sen per share for the evening year ended 31 July 2023, payable on 28 July 2023. Ex-Date 11 July 2023 and Entitlement date 12 Jul 2023. Reported Earnings • Jun 16
Third quarter 2023 earnings released: EPS: RM0.007 (vs RM0.013 in 3Q 2022) Third quarter 2023 results: EPS: RM0.007 (down from RM0.013 in 3Q 2022). Revenue: RM996.8m (up 7.5% from 3Q 2022). Net income: RM26.8m (down 48% from 3Q 2022). Profit margin: 2.7% (down from 5.5% in 3Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • May 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be RM0.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 7.7%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Major Estimate Revision • Mar 29
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from RM4.64b to RM4.48b. EPS estimate also fell from RM0.063 per share to RM0.055 per share. Net income forecast to grow 42% next year vs 37% growth forecast for Electronic industry in Malaysia. Consensus price target down from RM1.05 to RM0.93. Share price fell 4.9% to RM0.78 over the past week. Price Target Changed • Mar 24
Price target decreased by 8.4% to RM0.94 Down from RM1.03, the current price target is an average from 10 analysts. New target price is 21% above last closing price of RM0.78. Stock is down 22% over the past year. The company is forecast to post earnings per share of RM0.058 for next year compared to RM0.044 last year. Reported Earnings • Mar 23
Second quarter 2023 earnings released: EPS: RM0.008 (vs RM0.012 in 2Q 2022) Second quarter 2023 results: EPS: RM0.008 (down from RM0.012 in 2Q 2022). Revenue: RM1.15b (up 13% from 2Q 2022). Net income: RM30.4m (down 32% from 2Q 2022). Profit margin: 2.6% (down from 4.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be RM1.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has grown by 8.4%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings is also forecast to grow by 15% per annum over the same time period.