V.S. Industry (VSI MK) (Buy) - 3QFY26 earnings call takeaways

研报英文原文证据摘录

V.S. Industry (VSI MK) (Buy) - 3QFY26 earnings call takeaways

Global Markets Research

V.S. Industry VSID.KL VSI MK 1 July 2026

EQUITY: TECHNOLOGY

Rating3QFY26 earnings call takeaways Remains Buy

Target priceOrder recovery/Philippines turnaround underway; Remains MYR 0.26

maintain Buy with unchanged TP of MYR0.26

Closing price

30 June 2026 MYR 0.20Philippines operations breakeven in sight; order recovery observed

VS hosted an earnings briefing on 24 June post its 3Q results released on 19 June (note). Implied upside +30.0%Management highlighted that contributions from customer X in 3Q were impacted by reduced

order volumes and product re-engineering activities which resulted in absence of contribution Market Cap (USD mn) 194.4

from several higher margin sub-assembly components. Encouragingly, order momentum has ADT (USD mn) 2.8

improved since April, underpinned by several new model ramp-ups which are now in

production, with monthly revenue from customer X recovering to MYR95mn in April (MYR75-

80mn/mth during Jan-March) and MYR100-130mn from May onwards. Meanwhile, its Relative performance chart

Philippines operations, which serve the same premium customer, continues to progress with

the first model running steadily and second model ramping up following the completion of in-

house mould fabrication. It further added that monthly revenue at the facility improved to

USD10mn as of May (vs ~USD3-4mn /mth in 2QFY26), with losses narrowing significantly,

and expects to financially break even upon achieving a monthly revenue run-rate of

~USD12mn, potentially by July.

Other customers remain broadly stable; volumes pickup up since April

On its US-based customer, management has revealed that three new models introduced in