Venture Corporation - Phillip Securities 2023-02-27: Outlook Starting To Dim

Venture Corporation - Outlook Starting To Dim

  • Venture Corp (SGX:V03)'s FY22 results were within expectations. Revenue and PATMI were 102%/97% of our FY22e forecast. 4Q22 PAT rose 3.4% y-o-y. Gross margin was the weakest in seven years.
  • There was caution in the company’s outlook. The environment in the short term is uncertain. Healthcare, life science and semiconductor sectors are the medium-term opportunities with their long product cycles.
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  • Our target price for Venture Corp is lowered to S$19.70 (previously S$20.80), 16x P/E FY23e. The macro backdrop for electronic exports has declined significantly and the global economy slowing.

The Positive

Healthy growth in revenue.

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  • Pre-pandemic, revenue growth was a negative 4% from FY17 to FY19. We also expect revenue growth to slow in 2023 with the absence of the Malaysia re-opening lift experienced in 2022.

The Negative

Major decline in margins.

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Paul Chew Phillip Securities Research | 2023-02-27

Read also Phillip's most recent report:
2023-08-07 Venture Corporation - No Recovery Visible, Only Dividends.

Previous report by Phillip:
2023-05-08 Venture Corporation 1Q23 - Weakness To Persist.

Price targets by 5 other brokers at Venture Corp Target Prices.

Listing of research reports at Venture Corp Analyst Reports.

Relevant links:
Venture Corp Share Price History,
Venture Corp Announcements,
Venture Corp Dividends & Corporate Actions,
Venture Corp News Articles


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