Venture: Citi maintains Buy, after Key takeaways from Client Conference Call. Note that minimal near-term impact to grp following Jap earthquake, and expect Inventory levels to remain high, with Logistics and power in Jap more of an issue rather than plant destruction. Expectations for FY11 remains unchanged and house continue to like grp for its strong net cash position $239m as at FY10 and strong div yield of 6%....
Similarly, UOBKayHian maintains its Buy Call on grp with $11.88 TP, citing that grp provides a defensive play on a recovery in the tech sector due to its high-value high-mix business model, consistently positive free cash flow, cash-rich balance sheet and attractive dividend yield. Ex-cash FY12F P/E of 8.8x looks undemanding against 2012F EPS growth of 14.8%.
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