May be stormy now but it can’t rain forever
? We view the margin inefficiencies impacting VSI as transitory and anticipate a much stronger FY23F from alleviation of its supply chain disruptions.
? Share price correction of 26% YTD likely prices in most of the negatives surrounding the EMS industry and provides an attractive entry point.
? Reiterate Add with a TP of RM1.33 (15.7x CY23F P/E, 5-year mean).