Stock Name: Venture
Company Name: VENTURE CORPORATION LIMITED
OCBC Investment Research in a June 27 research report says: "From our recent update with VMS, we gathered from management that its customers are still somewhat cautious in terms of their near-term outlook, citing the debt situation in Europe, the anemic economic recovery in the US and also mounting inflation rates in Asia.
"We believe that some customers may also have been affected by the twin disasters in Japan which disrupted the global electronics supply chain. However, management added that the overall sentiment is not overly negative and many of its customers are still looking to ramp up their programs in 2H11.
"We see the need to pare our forecasts for FY11, shading our revenue estimate lower by 3.1% and earnings by 6.3%. Our fair value also drops from $12.10 to $10.59, now based on 14x FY11F EPS (versus 15x previously) to reflect the more muted market sentiment. MAINTAIN BUY."
Company Name: VENTURE CORPORATION LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 10.59 |
OCBC Investment Research in a June 27 research report says: "From our recent update with VMS, we gathered from management that its customers are still somewhat cautious in terms of their near-term outlook, citing the debt situation in Europe, the anemic economic recovery in the US and also mounting inflation rates in Asia.
"We believe that some customers may also have been affected by the twin disasters in Japan which disrupted the global electronics supply chain. However, management added that the overall sentiment is not overly negative and many of its customers are still looking to ramp up their programs in 2H11.
"We see the need to pare our forecasts for FY11, shading our revenue estimate lower by 3.1% and earnings by 6.3%. Our fair value also drops from $12.10 to $10.59, now based on 14x FY11F EPS (versus 15x previously) to reflect the more muted market sentiment. MAINTAIN BUY."
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