- Venture Corp's earnings are expected to contract to 7-year lows in FY24e.
- 9M24 results were below expectations. Revenue and PATMI were 69%/68%, respectively, of our FY24e forecasts. 3Q24 net profit declined 3.8% y-o-y to S$60.6mil as revenue declined 2% y-o-y.
- - Read this at SGinvestors.io -
- We lower our FY24e revenue and PATMI forecast for Venture Corp by 5% and 6%, respectively. Our NEUTRAL recommendation is unchanged.
The Positive
Ample cash flow.
- - Read this at SGinvestors.io -
- The annual FCF of around S$400mil is more than sufficient to cover the current Venture Corp's dividends of S$218mil. It does not even impact the current S$1.19bn cash pile.
- There is ample room for Venture Corp to return more cash to shareholders.
The Negative
Lack of momentum.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | http://www.poems.com.sg/ 2024-11-11
Previous report by Phillip:
2024-08-08 Venture Corporation - Some Stability Creeping Up.
Price targets by 3 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
