Venture Corporation - DBS Research 2024-05-06: Improving Outlook

Venture Corporation - Improving Outlook

Venture Corp (SGX:V03) | SGinvestors.ioVenture Corp (SGX:V03)
  • Venture Corporation (SGX:V03) reported 1Q24 revenue of S$667mil, -18.9% y-o-y and -9.5% q-o-q, due to lower overall customer demand amid some remaining headwinds.
  • The life sciences sector and certain segments of the network and communications market still saw some destocking in 1Q 2024. Net profit came in at S$60.1mil, (-18.3% y-o-y, -9.9% q-o-q).
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Net margins stable at 9.0%.

  • With increasing focus on operational execution and productivity enhancements, net profit margin was stable at 9.0% for 1Q24, vs 9.1% in 4Q23 and 8.9% in FY23.

Stronger balance sheet with bigger war chest.

  • Venture Corp’s net cash position, with zero borrowings, improved to S$1.19bn (~29% of current market cap) as at 31 March 2024, up 12.7% from S$1.056bn as at end-4Q23. Working capital also improved by S$66.9mil compared to end-4Q23.

Expecting a sequential improvement in revenue and a better 2H24 vs 1H24.

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  • Based on customers’ feedback, Venture Corp is starting to see demand strengthening in several technology domains for the rest of 2024. This observation is in line with our view of a more significant recovery for the downstream players in 2H24/end-2024.

Data centres a key growth area.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Lee Keng LING DBS Group Research | 2024-05-06

Previous report by DBS:
2024-02-23 Venture Corporation - Commendable Margins Despite Challenging Environment; On The Path To Recovery.

Price targets by 4 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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