Venture

Venture: Announced muted set of 2Q12 results, which was in-line with recent downgrades. Rev at $611.8m, -2.7% yoy and +6.5% qoq, while net profit at $33.5m, -20.3% yoy and -5.4% qoq. Grp note that muted earnings were due to weaker customer’s demand which continues to be impacted by current global economic conditions. However, it will intensify its unique alliance and total customer satisfaction management for its diverse customer base. Grp also plans to engage customers strategically to provide superior support and operational excellence across the entire value-chain.Venture expects to launch several new products from existing and new customers towards the end of the year with growing contributions beyond FY2012. Grp fundamentals remain strong with a net cash position of $227.5m. No div declared for the qtr. Ratings as follow: UOB Kay HIan maintains Hold with $7.60 TP