KUALA LUMPUR (July 30): Hong Leong IB Research has maintained its “Hold” rating on ViTrox Corp Bhd at RM6.50 with a higher target price of RM6.72 (from RM5.24) and said ViTRox remains upbeat with space constraint solved after moving into Campus 2.0.
In a note today, the research house said mixed performance projections for different products and that 3Q18 guidance is conservative given that it is still early of the quarter and 3Q is seasonally stronger.
“Bill-to-book is admirable at 1.3x ended 2Q18. We raise our FY19-20 forecast as well as target price to RM6.72.
“However, we maintain Hold as valuation appears to be very rich relative to industry standard,” it said.
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Goreng Goreng Goreng.....
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