VS Industry active, up 1.94% on positive technicals, target price upgrade

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KUALA LUMPUR (March 7): VS Industry Bhd shares rose 1.94% in active trade this morning following a positive technical outlook and target price upgrade.

At 10am, VS Industry rose 2 sen to RM1.05 with 7.46 million shares traded.

RHB Research Institute Sdn Bhd has maintained its "buy" rating on VS Industry at RM1.03 with a higher target price of RM1.28 (from RM1.08), a 24% upside and 3.2% FY19F (July) yield.

In a note today, the research house said during a recent briefing, management provided further clarity on newly-secured job orders from Bissell.

"In addition, VS Industry remains optimistic that new job flows will be robust, thanks to pockets of opportunities arising from the US-China trade dispute.

"All in, we came away from this briefing feeling more comfortable with the visibility of its earnings and jobs flow outlook," it said.