KUALA LUMPUR (Dec 17): Earnings forecasts for VS Industry Bhd were lowered after its net profit for the first quarter ended Oct 31, 2021 (1QFY22) failed to meet analysts' expectations. He reiterated his "sell" call on VS Industry and revised down his target price (TP) to 98 sen from RM1.03. According to the research house, VS Industry’s 1QFY22 core earnings came in below expectations, accounting for 10% of its FY22 net profit forecast and 11% of the consensus. However, it maintained its "buy" call on VS Industry with a TP of RM1.61. At 11.16am on Friday, VS Industry was one sen or 0.77% lower at RM1.29, valuing the group at RM4.94 billion.

Source: The Edge Markets December 17, 2021 23:32 UTC