Venture

Re: Venture

Postby winston » Mon Oct 21, 2019 8:56 am

vested

Taking a breather at S$15.98

Given global GDP growth concerns and slower revenue growth for Venture’s customers, we now think 2H19 may be weaker than 1H19.

We keep our Add call but cut FY19F core EPS by 2.8% to reflect the above view.

We will reassess our FY20-21F forecasts post 3Q19 results (8 Nov).

Technically, we suggest locking in profits with better re-entry levels at S$14.70-15.00.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 2CCA1BB293
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Re: Venture

Postby winston » Thu Oct 31, 2019 10:17 am

not vested

Venture - Tempering expectations; LT growth drivers intact (VMS SP, CP SGD15.29, BUY, TP
SGD18.85, Technology)


Texas Instruments (TXN US, Not Rated) is observing broad-based weakness across end-markets, including those VMS participates in, due to the trade war.

We see this as a short term headwind on VMS’ volumes and lower our FY19-21E EPS by 2-8%. ROE-g/COE-g TP is largely unchanged at SGD18.85, now based on 2.1x FY20E P/B from FY19E previously.

As
i) LT growth drivers are intact;
ii) this headwind appears priced in; and
iii) 5% dividend yields are well supported by FCF, we remain BUYers on dips.

Source: Kim Eng

https://www.kelive.com/KimEng/servlet/P ... &rid=50832
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Re: Venture

Postby winston » Thu Oct 31, 2019 10:17 am

not vested

Venture - Tempering expectations; LT growth drivers intact (VMS SP, CP SGD15.29, BUY, TP
SGD18.85, Technology)


Texas Instruments (TXN US, Not Rated) is observing broad-based weakness across end-markets, including those VMS participates in, due to the trade war.

We see this as a short term headwind on VMS’ volumes and lower our FY19-21E EPS by 2-8%. ROE-g/COE-g TP is largely unchanged at SGD18.85, now based on 2.1x FY20E P/B from FY19E previously.

As
i) LT growth drivers are intact;
ii) this headwind appears priced in; and
iii) 5% dividend yields are well supported by FCF, we remain BUYers on dips.

Source: Kim Eng

https://www.kelive.com/KimEng/servlet/P ... &rid=50832
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Venture

Postby behappyalways » Sun Nov 10, 2019 5:17 pm

Venture posts 5.5% increase in 3Q earnings to $85.2 mil on higher revenue
https://www.theedgesingapore.com/capita ... er-revenue
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Re: Venture

Postby winston » Mon Nov 11, 2019 9:30 am

not vested

Venture Corp (VMS SP, NEUTRAL, TP: SGD16.30)

Decent 3Q19 But Murky Outlook Ahead

Results Review

Downgrade to NEUTRAL from Buy with TP maintained at SGD16.30, 2% downside.

Despite the US-China trade war still ongoing, Venture has managed to deliver decent 3Q19 results with PATMI rising 5.7% YoY, in line with our estimates.

However, we expect a weaker 4Q19 vs 4Q18.

With its share price reaching above our TP, we downgrade Venture’s call but keep TP at SGD16.30, pegged to 13x FY19F P/E while awaiting for a clearer outlook for FY20F.

Source: RHB

https://research.rhbtradesmart.com/atta ... 0d4ef2.pdf
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Re: Venture

Postby winston » Mon Nov 11, 2019 10:27 am

not vested

Venture(VMS SP)

Share Price: SGD16.60
Target Price: SGD16.91
Recommendation: Hold

Earnings recovery may take longer; D/G to HOLD

Given the limited upside to our revised TP after the 12% share price gain over the past 3
months and more challenging near-term operating environment, we D/G VMS to HOLD.

We lower FY20-21E EPS by 3-9% to factor in a slower recovery and weaker margin
assumptions and hence lower our ROE-g/COE-g TP by 10% to SGD16.91 (1.8x FY20E P/B, previously 2.1x).

3Q19 PATMI (+6% YoY) was in line with our/consensus estimates due to the low 3Q18 base.

A worsening outlook is the key downside risk.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... b02b0e.pdf
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Re: Venture

Postby winston » Mon Nov 11, 2019 10:29 am

not vested

Opportunity knocks for long-term investors

3Q19 core net profit of S$85.2m was 5.4% above our S$80.8m forecast.

9M19 core net profit formed 76% of our full-year estimate.

There are still headwinds and uncertainties over the next twelve months, but opportunities in supply chain shifts and new product launches are also intact.

Downgrade to Hold from Add. TP rises to S$16.88 as we roll over to FY21.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... A83BFB1562
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Re: Venture

Postby winston » Mon Nov 11, 2019 10:49 am

not vested

Venture Corporation (VMS SP)
3Q19: Slight Miss On Weaker Margins, Expect A Soft 4Q19; Downgrade To HOLD


3Q19 net profit (+5.5% yoy, -6.2% qoq) missed our and consensus expectations by 6.5%, with
9M19 net profit forming around 73% of both full-year forecasts.

Near-term outlook is expected to be weak as the volatile economic environment has caused
margin pressure and clients to delay several new product launches.

Downgrade to HOLD.

We trim our 2019-20 EPS forecasts by 4-9% and our target price by 5.8% to S$16.67 (rolling valuation to 2020, based on 14.0x long-term mean PE).

Entry price: S$15.10.

Source: UOBKH

https://research.uobkayhian.com/content ... d8c4c5aea1
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