Venture

Venture: Announced results which were at the lower end of estimates. Rev at $574.3m, -2.3% yoy and -7.9% qoq, while net profit at $35.4m, -14.1% yoy and -8.3% qoq. Grp however note that weaker qoq declines were due to seasonal factors. Grp note that business sentiment of its customers remains encouraging with several customers anticipating improvements in 2H11 and is confident of supporting the business momentum of these customers and build further traction with several others. These customers span multiple product segments including test and measurement, medical and life sciences, networking, retail store solutions and industrial and grp expects to capture additional rev stream from a number of new opportunities. These programs will likely stream-in towards the end of the yr with more meaningful rev contributions beyond FY12. Overall, grp’s fundamentals remain strong, with a net cash position of $306.4m and at current price, trades at an annualized 15.3x FY12E P/E. Ratings as follow: Citi maintains Buy with $9.20 TP Maybank KE maintains Buy with $9.65 TP UOB Kay Hian maintains Buy with $8.68 TP