KUALA LUMPUR (Nov 20): ViTrox Corp Bhd fell as much 2.53% or 14 sen this morning to become one of the top losers in Bursa Malaysia, as investors looked for profit taking opportunities, after it hit a record high of RM5.85 on Nov 13. 

The counter opened at RM5.51 and as at 10:00am, ViTrox stood at RM5.40, after 711,000 shares exchanged hands. 

ViTrox's shares fell despite announcing last week of better financial quarter results for the third consecutive quarter, and declaring a tax-fee interim dividend of 1.5 sen per share for its ordinary shareholders.

The decline in the stock price also came, following an analyst caution that the company’s latest earnings results should have been priced in its current rich valuation.

Hong Leong IB Research analyst Tan J Young said in a note today that the remaining challenges for ViTrox include raw material sourcing, floor space constraint, seasonal closure and relocation to new Batu Kawan Campus 2.0.

Tan said the vision inspection system developer reported a net profit of RM22.41 million for its third quarter ended June 30,2017 (3QFY17), up 41.18% from RM15.87 million a year earlier, lifted by higher revenue from its two business divisions.

Quarterly revenue rose 46.34% to RM84.36 million, from RM57.65 million in the same quarter last year, driven by its automated board inspection (ABI) and machine vision system (MVS) divisions.

Revenues from ABI and MVS recorded increases of 55% and 30% respectively, on higher demand from a widened customer base and positive acceptance of its products.

HLIB reiterated it's 'Hold' call for ViTrox, with a higher target price at RM4.99.