- Venture Corp (SGX:V03)'s 2023 results were within expectations. Earnings weakness persisted into the 4Q23, with PAT declining 25% y-o-y to S$67.4mil. The final dividend was unchanged at 50 cents and full-year at 75 cents.
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- We believe driving growth will be new products by customers in semiconductor equipment, data centres connections, and medical and luxury consumer products. Visibility to earnings growth is poor and depends on customer confidence to launch new products.
- Our FY24e earnings forecast for Venture Corp are raised a marginal by 2% to S$287mil.
The Positive
Record net cash.
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- Inventory is beginning to normalise to S$822mil but remains higher than pre-pandemic levels of S$706mil, despite the lower revenue.
- Interest income has almost tripled to S$28mil, accounting for 8% of earnings.
The Negative
Sluggish revenue and earnings.
- Read more at SGinvestors.io.
