ViTrox (VTRX.KL): IH25 Results Beat Expectations; Maintain Buy

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ViTrox (VTRX.KL): IH25 Results Beat Expectations; Maintain Buy

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30 Jul 2026 09:42:14 ET │ 14 pages

ViTrox (VTRX.KL)

1H25 Results Beat Expectations; Maintain Buy

CITI'S TAKE

Buy ViTrox's 1H25 results beat expectations, with revenue surging +98% YoY

and core PATAMI jumping +146% YoY, underpinned by explosive AI Price (30 Jul 26 17:00) RM8.00

infrastructure demand. Margins expanded meaningfully (PBT margins Target price RM9.30↑

+5ppts YoY to 25%), reflecting operating leverage and better product mix, from RM6.30

with effective tax rate also lowered (16%; -5ppts YoY) given the tax Expected share price return 16.3%

incentives. Looking ahead, we continue to expect an even stronger 2H26 Expected dividend yield 0.6%

given the the sustained AI/data center tailwinds, with tax rates to also

Expected total return 16.8% continue trending lower as newer products gradually contribute more to

Market Cap RM15,159M the group's sales mix for greater tax incentives. Maintain Buy with higher

TP of RM9.30. US$3,707M

1H26 results beat expectations — 1H26 results saw revenue jump +98% YoY to

RM642m, and core PATAMI jumping +146% YoY to RM136m. Growth was primarily Steven ChanAC

driven by explosive AI infrastructure demand, given ViTrox's focus on advanced +60-3-2383-2595

packaging and high-precision inspection solutions directly targeting AI accelerators steven.chan@citi.com

and HBM. Margins saw an expansion (1H26 PBT margins rose 5ppts YoY to 25%)

from the structural manufacturing scale and more favourable product mix.

Additionally, 1H26 effective tax rate had also reduced to 16%, from 21% in 1H25,

amidst the impact of the tax exemptions. For the individual quarter of 2Q26, ViTrox

posted record-high quarterly earnings, with core PATAMI coming in at RM77m