2Q26 earnings call takeaways

研报英文原文证据摘录

2Q26 earnings call takeaways

Global Markets Research

ViTrox Corp VTRX.KL VITRO MK 31 July 2026

EQUITY: TECHNOLOGY

Rating2Q26 earnings call takeaways Remains Buy

Target priceBullish management outlook backed by robust order Increased from MYR 10.17pipeline; maintain Buy with higher TP of MYR10.17 MYR 9.27

2Q revenue beat management’s upper end of the guided range by c.MYR100mn Closing31 July 2026price MYR 8.70

Following its 2Q26 results yesterday (note), Vitrox hosted an earnings briefing earlier

today (31 July). Geographically, China remained the key market with a 27% revenue Implied upside +16.9%

contribution in 1H26, followed by the US, Malaysia and Taiwan accounting for 15%, 14%

and 10%, respectively. Local/overseas 2Q26 revenue contribution was 16%/84%. Market Cap (USD mn) 4,035.5

Segmentally speaking, automated board inspection (ABI)/tray-based machine vision ADT (USD mn) 7.0

system (MVST)/standard machine vision system (MVSS) accounted for 64%/30%/5% of

2Q revenue. Relative performance chart

3Q26E revenue guidance stands at MYR360-402mn; order pipeline remains healthy

For MVSS, management guided for 3Q26E revenue of MYR20-22mn and expects vision

system deliveries to exceed c.500 units/month (more than double the 1H26 average).

Management remains confident on volume growth going forward despite

component/labour constraints. As for MVST, Vitrox projects 3Q revenue within MYR100-

120mn range and estimates a likely delivery of 70-80 machines in the same quarter

(delivered 58/70 units in 1Q26/2Q26). Backlog remained healthy at >170 units for

shipment over the next six months, while rolling funnel demand stood at ~MYR243mn.

For ABI, management expects a revenue rate of MYR240-260mn in 3Q26E, supported by