- Venture Corp (SGX:V03)'s FY25 results were within expectations. Revenue/PATMI were 101%/99% of our FY25e forecast. 2H25 PAMI declined 6% y-o-y to S$114mil, dragged down by a similar 6% fall in revenue. The pace of contraction in 4Q25 revenue was slower at 3% y-o-y.
- - Read this at SGinvestors.io -
- Venture Corp’s guidance reflected a more positive trajectory. There were more identifiable product initiatives to accelerate the growth momentum into 2026. The areas of growth were consumer lifestyle, semiconductors and network equipment in data centres.
The Positive
Improving margins.
- - Read this at SGinvestors.io -
The Negative
Declining revenue.
- Revenue has been declining since the FY17 peak. 4Q25 fell only 3% y-o-y to S$645mil, which we believe is largely due to the weakening US$.
- The new product replacement cycle of consumer lifestyle was a primary drag on revenue.
Outlook
- Read more at SGinvestors.io.
