Is it the data collection that is refreshing ? If the data collection is refreshing , that could be causing the flicker. I've had that happen when using a repeater/checkbox component. You may want to store your vo collection in a dictionary/hash based on id. Then , when the new data comes in , you run some merge algorithm and use the "itemUpdatedAt" on the colllection.
It's actually an item in the data collection that is getting updated. Therefore the item renderer redraws itself with invalidateProperties on the data setter. Within commitProperties, this calls InvalidateDisplayList.