Venture (VENM.SI): Tech Segment Drives Growth Back

研报英文原文证据摘录

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06 Aug 2026 08:31:38 ET │ 12 pages

Venture (VENM.SI)

Tech Segment Drives Growth Back

CITI'S TAKE

Venture's performance in the first half of 2026 marks a positive turn, with

revenue of S$1,355 million (+7% YoY) and a net profit of S$119 million

(+6% YoY). This result was bolstered by accelerating momentum in the

second quarter, which saw revenue jump 16% and net profit climb 12%

sequentially over 1Q26. The 1H26 net profit is broadly in line with

expectations, representing approximately 48% of full-year consensus

estimates with the street likely needing sustained proof of revenue revival.

Growth was fueled by double-digit expansion in the technology-focused

Portfolio B, which is benefiting from demand in AI-related sectors. This

strength is partially offset by continued, albeit moderating, weakness in

the consumer-centric Portfolio A. We believe the decision to raise the

interim regular dividend by 30c (vs. 25c regular + 5c special in

1H25) signals confidence in sustained performance. At 5% yield and 20x

PER, we find Venture non-compelling.

Neutral

Short-Term View: Upside

Price (06 Aug 26 17:06)

S$16.21

Target price

S$16.30

Expected share price return

0.6%

Expected dividend yield

4.9%

Expected total return

5.5%

Market Cap

S$4,679M

US$3,652M

Arthur PinedaAC

Tech drives revival — The group's revenue performance highlights a tale of two

portfolios. Portfolio B (comprising Test & Measurement, Networking &

Communications, and Semiconductor equipment) was the star performer, with

revenue growing 26% year-on-year in 2Q26. This surge was largely driven by

capturing additional business across multiple end markets, especially those

supporting AI-related infrastructure, and showed an impressive 20% QoQ growth. In

contrast, Portfolio A (Life Science, Medtech, and Lifestyle Consumer) saw revenue

decline by -9% YoY in 2Q26. However, this portfolio showed signs of a turnaround,

with revenue growing +7% sequentially from 1Q26, suggesting that the worst may be

over as new product launches are expected in the second half of the year.

Yield support — Venture has declared an interim ordinary dividend of 30 cents per

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