ViTrox hits new high as Q2 profit gets AI boost
PETALING JAYA: ViTrox Corp Bhd hit a new all-time high today after its second quarter net profit more than tripled on rising demand for artificial intelligence (AI) infrastructure.
Shares of the semiconductor equipment maker surged as much as 15% or RM1.20 to RM9.20 in the morning session. It pared its gains to close 8.8% or 70 sen higher at RM8.70 with 13.5 million shares traded.
Its shares have risen 114% year to date, in lockstep with the rising adoption of AI and advanced computing. The surge has driven its market capitalisation to RM16.48 billion, making ViTrox the most valuable technology company on Bursa Malaysia.
It its exchange filing yesterday, the company said its net profit for the second quarter ended June 30 (Q2 FY2026) increased 202.5% to RM85 million from RM28.1 million a year ago on stronger demand for AI-related technologies, improved operational efficiency and tax benefits from a subsidiary.
Quarterly revenue more than doubled year-on-year to RM374.9 million from RM183 million.
For the six months ended June 30, net profit surged 160% to RM136.24 million from RM52.3 million a year earlier, while revenue jumped 98% to RM642 million from RM324.2 million.
The stellar performance was attributed to strong demand for AI infrastructure, growth in automotive and consumer electronics, and global supply chain restructuring. Its unit ViTrox Technologies Sdn Bhd continued to benefit from income tax exemptions, supporting higher net profit.
The Penang-based group manufactures machines used to automatically inspect and detect defects in semiconductor components and printed circuit board assemblies.
Hong Leong Investment Bank said ViTrox exceeded its “street-high forecast” as faster capacity de-bottlenecking enabled the company to convert its strong orderbook into higher shipments.
“We see further upside from capacity expansion, average selling price (ASP) improvements, and potential market share gains in a supply-constrained environment,” it said in a note today.
The bank also upgraded its call on ViTrox to “buy” with a higher target price (TP) of RM9.85.
Apex Securities said it remains bullish on Vitrox’s earnings trajectory for the second half of 2026, and raised its TP to RM11.12, a potential 28% upside from the current price.
The company’s major shareholders are its managing director and group CEO Chu Jenn Weng, who holds a 25.73% stake, and senior executive vice-president Siaw Kok Tong with 17.26%, as of March 31.
