- 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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