2Q26 revenue guidance beaten by MYR100mn ABI/MVS momentum intact, management upbeat heading into 2H26E, maintain Buy with higher TP of MYR9.27

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2Q26 revenue guidance beaten by MYR100mn ABI/MVS momentum intact, management upbeat heading into 2H26E, maintain Buy with higher TP of MYR9.27

Global Markets Research

ViTrox Corp VTRX.KL VITRO MK 30 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 revenue guidance beaten by MYR100mn Remains Buy

Target priceABI/MVS momentum intact, management upbeat heading Increased from MYR 9.27into 2H26E, maintain Buy with higher TP of MYR9.27 MYR 6.68

2Q26 review: Topline (up 40% q-q/105% y-y) beat led by AI infrastructure demand Closing30 July 2026price MYR 8.00

Vitrox’s 1H26 core profit of MYR134.9mn formed 58% of both our/Bloomberg consensus

estimates for the full year, which we deem above our expectations. 2Q26 revenue at Implied upside +15.9%

~MYR375mn was up 40% q-q and 105% y-y, underscored by strong shipment volumes

and customer pull-ins across both its core businesses of Automated Board Inspection Market Cap (USD mn) 3,709.0

(ABI) and Machine Vision System (MVS). This was led by robust AI infrastructure ADT (USD mn) 7.0

demand, particularly for advanced packaging and high-precision inspection solutions

supporting AI accelerators and high-bandwidth memory (HBM) applications, while supply Relative performance chart

chain restructuring continued to deepen customer engagements across the

automotive/consumer sector. We highlight that 2Q revenue beat management’s guidance

of MYR252-274mn (note), exceeding the upper end of the guided range by

c.MYR100mn. On the other hand, profitability improved in tandem with the topline growth,

with the impact flowing through to the bottom line as 2Q26 NPM expanded to ~22.6% (vs

19.1% in 1Q26/15.3% in 2Q25), driven by disciplined cost management initiatives and a

lower effective tax rate. 2Q26 core profit at MYR76.5mn was up 31% q-q/162% y-y.