Venture

Re: Venture

Postby winston » Wed Apr 15, 2020 10:32 am

not vested

Impacted By Global Lockdown; Still BUY
Buy (Maintained)
Target Price (Return): SGD16.60 (+6%)
Price: SGD15.58
Market Cap: USD3,177m
Avg Daily Turnover (SGD/USD) 26.8m/19.1m

Maintain BUY, new SGD16.60 TP from SGD19.30, 6% upside with 4.5% FY20F yield.

With regards to the COVID-19 pandemic and countries going into lockdown, Venture has been significantly impacted.

Its production is mainly in Malaysia, where a government-mandated Movement Control Order has been in effect.

Although its Singapore and China units have resumed operations, the temporary halt in production at some of its factories compels us to cut FY20F PATMI by 13%, which leads to a lower TP.

Source: RHB

https://research.rhbtradesmart.com/atta ... c07492.pdf
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Re: Venture

Postby winston » Wed Apr 22, 2020 9:46 am

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Covid-19 eats into FY20 earnings

We expect global lockdowns to crimp FY20F earnings and recessionary conditions to limit the FY21F profit outlook.

Its balance sheet remains strong while long-term growth will be driven by leading medical science products from US customers.

Reiterate Add. Earnings cuts reflect current economic conditions.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 1E9F01789E
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Re: Venture

Postby winston » Tue May 05, 2020 10:00 am

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Illumina expects 2Q weakness

Venture’s key customer Illumina reported in its 1Q20 results announcement on 30 Apr that sequencing unit shipments were down yoy.

Citing the Covid-19 outbreak as a reason, Illumina said it was unable to provide guidance for FY20, but expects 2Q20 revenue to be much lower qoq.

Reiterate Add on Venture on long-term prospects and strong balance sheet.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 7AD5835ECD
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Re: Venture

Postby behappyalways » Sun May 10, 2020 4:24 pm

Venture Corp reports 33.6% drop in 1Q20 earnings to $60.3 mil on lockdown measures
https://www.theedgesingapore.com/capita ... n-measures
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Re: Venture

Postby winston » Mon May 11, 2020 9:08 am

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Venture Corp (VMS SP, NEUTRAL, TP: SGD15.10)

Hit By Supply Chain Disruptions; D/G To NEUTRAL


Company Update

Downgrade to NEUTRAL from Buy, new SGD15.10 TP from SGD16.60, 4% downside with c.4% FY20F yield.

Venture’s 1Q20 PATMI plunged by 34% YoY – as revenue fell from disruptions in global supply chains, and lockdowns in China, Spain, the US and Malaysia mainly impacted the latter half of 1Q20.

We cut FY20F PATMI by 8% to reflect the lower revenues and margins – which leads to a lower TP that is pegged to 15x FY20F P/E.

Source: RHB

https://research.rhbtradesmart.com/atta ... 93fe6d.pdf
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Re: Venture

Postby winston » Mon May 11, 2020 9:13 am

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Venture (VMS SP)

Share Price: SGD15.74
Target Price: SGD14.66
Recommendation: Hold

Constructive demand side view thus far

VMS’ 1Q20 net profit fell 33.6% to SGD60.3m, accounting for 20% of our FY20E.

While this was below typical 1Q seasonality due to Covid-19 disruptions, outlook on demand appears relatively stable thus far.

We raise FY20-22E EPS by 4-6% to reflect resilient than expected margins.

Hence, our ROE-g/COE-g TP rises to SGD14.66, now on 1.6x P/B (prev: 1.5x).

We upgrade the stock to HOLD given limited downside, but remain wary of softer than expected 2H20 demand recovery as key risk.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... b95979.pdf
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Re: Venture

Postby winston » Mon May 11, 2020 9:15 am

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Venture Corporation (VMS SP)
1Q20: Below Expectations Due To COVID-19 Disruptions; Downgrade To HOLD


1Q20 net profit fell 33.6% yoy and formed 19% of our full-year estimate, missing our
expectations.

The weakness was due to factory lockdowns and supply chain disruptions.

Visibility for 2H19 remains unclear as most customers have withdrawn fullyear guidance.

On the positive side, Venture continues to see healthy demand in certain technology domains and some its products are being used for COVID-19.

We reduce our 2020 EPS estimate by 7%.

Downgrade to HOLD with a lower target price of S$14.46. Entry price: S$13.20.

Source: UOBKH

https://research.uobkayhian.com/content ... 3b49365d52
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Re: Venture

Postby winston » Mon May 11, 2020 9:39 am

Venture Corporation
Exiting lockdown impact


Venture Corporation provided its 1Q20 update, with revenue/net profit down by 27.5%/33.6% yoy due to the impact of the Covid-19 outbreak.

The company guided that its normal operations had resumed by end-Apr and demand for most of its business segments remained strong.

Reiterate Add on Venture on its long-term prospects and strong balance sheet, which should help it weather through the Covid-19 impact.

TP: Sin$16.78

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E1C150FD9D
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Re: Venture

Postby winston » Mon May 11, 2020 1:17 pm

not vested

HOLD (downgrade from BUY)
Last Traded Price ( 8 May 2020): S$15.74 (STI : 2,591.88)
Price Target 12-mth: S$15.90 (1% upside) (Prev S$15.80)

What’s New

Weak 1Q20 performance, below expectations

Full resumption of production; working with customers to scale up demand-side

Cut earnings for FY20F/FY21F by 12%/7% on weaker 1Q20, and lower margins

Downgrade to HOLD on limited upside to TP of S$15.90

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdifjkhfj
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Re: Venture

Postby winston » Tue May 12, 2020 11:19 am

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Venture Corp: Looking past the lockdown

Venture Corporation Ltd’s (Venture) 1Q20 results were under expectations.

Revenue fell 27.5% YoY to S$673m, due to lockdown measures implemented in various countries.

Net profit fell 33.6% YoY to S$60.3m, constituting ~16% of our full-year forecast.

Despite the challenges, Venture has still managed to clock 9.0% in net profit margin.

We believe that supply-side constraints are starting to ease up, as most of its operating entities have received exemptions to operate without constraints on working hours or headcount by end-Apr.

On the demand-side, Venture notes that it sees continued strengths in demand from certain technology domains, as well strong demand for products that are being used to help COVID-19-infected individuals.

The group also believes that it can benefit from opportunities due to the inevitable realignment of the global supply chain, which we believe is an existing tailwind arising from the trade-war previously.

Venture remains in a strong financial position, with net cash increasing from S$713.4m in 4Q19 to S$852.5m in 1Q20.

Still, following adjustments, we take down our PATMI forecast by 10.2% and 9.3% for FY20 and FY21, respectively.

We apply a target P/E of 14.2x on our FY21F EPS, thereby deriving a FV of S$17.41 (previously S$18.09). Maintain BUY.

Source: OCBC
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