Broker Name: Maybank Investment Bank Berhad
Date of Report: March 27, 2026

Excerpt from Maybank Investment Bank Berhad report.

Report Summary

• V.S. Industry (VSI) reported 1HFY26 core profit of MYR3m, significantly below expectations, due to weaker margins and lower revenue, with only 3% of full-year estimates achieved. Revenue declined 9% YoY, pressured by soft demand, cost-down initiatives from customers, and rising costs, especially in Malaysia and Indonesia operations.
• Maybank downgraded VSI to HOLD and slashed the target price to MYR0.30 (from MYR0.61), citing persistent near-term headwinds such as weak demand, inability to pass through costs quickly, and rising raw material costs. Earnings forecasts for FY26–28 were cut by 18–33%. Key risks include continued soft consumer demand, margin compression, operational disruptions, and forex fluctuations.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking