Excerpts from CGSCIMB report
Venture Corporation (SGX: V03)
Venture Corporation reports FY23F results on 22 Feb 2024. We think FY23F net profit could fall 27.9% yoy as customers’ orders could remain weak. The overall revenue outlook may continue to remain weak over FY24-25F. Hence, we reduce our FY24-25F revenue forecasts by 1.5-2.0%. We reiterate our Add call with a lower TP of S$15.90 as our FY25F 2.0% cut in revenue forecast leads to a 4.3% decrease in EPS forecast.
Read through from Plexus (PLXS US, NR, CP: US$99.50)
On 16 Jan 2024, Plexus announced that it would not meet its 1QFY9/24F revenue guidance of US$990m to US$1.03bn (issued in Oct 2023) as the company experienced continued market-driven inventory corrections and incrementally weaker demand. Plexus now expects 1Q24F revenue of US$980m-985m (1.0-4.4%) lower than previously guided. In its 9M23 business update press release, Venture said its performance was affected...
