KUALA LUMPUR: V.S Industry Bhd, which has been on an uptrend, rose in early trade Wednesday.
The integrated EMS player added 1.23%, or two sen to RM1.64 with over 1.3 million shares traded at 9.29am. The counter has fallen about 24% so far this year.
RHB Retail Research said V.S Industry is poised for a rebound from the recent pullback, after it bounced off the immediate support recently – forming a “higher low” bullish pattern.
“If it manages to breach the recent all-time high of RM1.73, the momentum is expected to propel the stock towards the uncharted territory of RM1.90, before reaching the RM2.00 psychological resistance.
“However, this expectation will be cancelled if it falls below the support of RM1.53 – voiding the previous breakout level,” RHB said.
The Employees Provident Fund (EPF) has emerged as a substantial shareholder in VS Industry recently after the former raised its direct stake to 5.212% comprising 198.9 million shares.
VS Industry recently reported a record net profit of RM245.34mil for FY21, which has more than doubled year-on-year. Revenue also increased by 23.4% to RM4bil from RM3.24bil a year ago.