Venture

Venture: has bought back shares for the first time ever. Maybank KE notes that although its first buyback involved a mere 24k shares at $7.69/sh, the co has a mandate for another 27m shares till the next AGM in Apr '13. Says this is obviously a signal to the mkt that mgt thinks its stocks is undervalued, given the exciting things expected to happen in 2013. Believes its cashflow could be stronger than expected, which opens up room for two things to happen -- either a raise in the ordinary dividend or for the current dividend of 55 cents to be maintained but to be paid twice a year. Notes mgt has always said that it has nothing against paying twice a year, but just needs to make sure its cashflow is sustainable. The stock is +0.4% at $7.77, vs the STI's -0.1%.