Venture Corp - Going Back To Pre-COVID-19 Levels
- Venture Corp (SGX:V03)'s 1Q22 revenue grew 29.5% y-o-y to S$889.3m and was above our and Bloomberg consensus’ expectations.
- 1Q22 net profit grew 28.6% y-o-y to S$84.0m and was also above our and Bloomberg consensus’ expectations.
- Based on customers’ orders and forecasts, Venture Corp anticipates steady demand outlook across its various technology domains in FY22F. Venture Corp noted that recent new product launches by its customers have been successful.
- With its strength in R&D, Venture Corp has also been able to mitigate supply chain disruptions and expand its capabilities to fulfil more orders.
- We reiterate our ADD call on Venture Corp with a target price of S$23.32, based on an unchanged target P/E multiple of 17.3x (0.5 standard deviation above its 20-year average of 15.1x) on FY23F forecast EPS.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-04-29 2022-04-29
Previous report by CGS-CIMB:
2022-02-25 Venture Corporation - A Year Of Recovery
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