Venture Corporation - UOB Kay Hian 2024-02-23: 2023 In Line; Expect A Better 2H24 Than 1H24

Venture Corporation - 2023 In Line; Expect A Better 2H24 Than 1H24

Venture Corp (SGX:V03) | SGinvestors.ioVenture Corp (SGX:V03)
  • Venture Corp's 2023 earnings of S$270m (-27% y-o-y) are in line with our forecasts. 2023 revenue fell 22% y-o-y due to soft customer demand and ongoing inventory destocking. Based on the feedback of Venture Corp's customers, the demand schedule is expected to be stronger in 2H24 vs 1H24.
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FY23 Results in line with expectations.

  • Venture Corporation (SGX:V03)’s 2023 earnings of S$270m (-27% y-o-y) were in line with expectations, forming 101% of our full-year estimate.
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  • 2023 net margin fell 0.7ppt to 8.9%, mainly due to higher tax, inflationary cost pressure and lower operating leverage as revenue declined

Expect stronger 2H24 vs 1H24.

  • Based on customers’ feedback, Venture Corp expects that the demand schedule will be stronger in 2H24 vs 1H24.
  • To recap, Venture Corp was still coming off the high base quarter in 1Q23 where it recorded earnings of S$74m, before normalising in 2Q23- 4Q23 with earnings of S$63-67m.

Actively investing

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2024-02-23

Previous report by UOB:
2024-01-29 Venture Corporation - Expect Earnings Recovery In 4Q23 & 2024; Raise Target Price By 16%.

Price targets by 6 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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