Venture Corporation - Maybank Research 2023-04-25: Knuckle Down For Tough Times; Downgrade To HOLD

• Downgrade Venture Corp (SGX:V03) to HOLD from BUY as we expect global demand to further weaken as the macro outlook darkens. We cut our FY23/24 NPAT forecasts for Venture Corp by 10.3% and 10.2%, respectively, which lowers our target price for Venture Corp to S$17.32 from S$20.20, based on a lower FY23E P/E of 15x from 16x.
• - Read this at SGinvestors.io -
• We prefer Aztech Global (SGX:8AZ) due to strong orders from its key customer.

Demand likely to weaken further

• - Read this at SGinvestors.io -
• As a result, we expect global demand to weaken further and we cut our respective FY23 revenue and NPAT forecasts for Venture Corp by 12.8% and 14.8%. However, we expect margins to be sustained as management has a good track record in protecting margins even during tough times.

Expect a weaker 1Q23E for Venture Corp

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-13 Venture Corp - Ramping Up New Product Introductions.

Previous report by Maybank:
2025-08-07 Venture Corp - More Contact Wins & More Stable Outlook.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Venture Corp News