KUALA LUMPUR (July 31): Vitrox Corporation Bhd (KL:VITROX) surged on Friday after its recently-ended quarter outperformed expectations and analysts scrambled to raise their forecasts.
Demand for artificial intelligence (AI) infrastructure has proven stronger than expected and an expanding product pipeline and tax incentives will support earnings growth in the remaining months of 2026, according to CIMB Securities, Hong Leong Investment Bank and Apex Securities.
“We remain bullish on Vitrox’s earnings trajectory” for the second half of 2026, Apex Securities said and raised its target price to RM11.12, the highest among 14 research houses covering the stock.
Shares of Vitrox rose as much as 15% or RM1.20 to RM9.20, a new record for the semiconductor equipment maker. The stock ended the day at RM8.70 after nearly 14 million shares exchanged hands.
The surge also added over RM1 billion to its market capitalisation. Shares of ViTrox have more than doubled so far this year, making it worth over RM16 billion and the most valuable technology firm on Bursa Malaysia, thanks to massive adoption of artificial intelligence and advanced computing.
ViTrox mainly manufactures machines used to automatically inspect and detect defects in semiconductor components and printed circuit board assemblies.
Post-results, ViTrox enjoys 10 ‘buy’, two ‘hold’ and two ‘sell’ calls with the average target price rising to RM9.21, according to the research houses tracked by Bloomberg.
“The increasing complexity of AI chips, growing high-bandwidth memory adoption, and rising AI server content are accelerating demand for advanced vision and X-ray inspection systems,” CIMB Securities said.
Even after the latest revisions, “we see room for further upside should ViTrox continue to expand capacity ahead of schedule and take market share in this tight supply environment,” Hong Leong Investment Bank added.