Venture Corp

Venture Corp: UOB Kay Hian maintains Buy with $8.05 TP. House note that Venture achieved steady sequential growth in 2H13, driven by expansion in the RSS and industrial segments. Product transfers from Oclaro are also on track with revenue contribution expected to double on a y/y basis. Demand from most existing customers is showing signs of recovery. Venture secured 12 new customers in 2012 (8 new customers from test & measurement/medical, 2 from RSS/industrial, 1 each from printing & imaging and networking & communications) and will benefit from increasing revenue contributions from new customers and new products in 2H13 and 2014. Overall, maintain BUY due to attractive dividend yield of 6.8%.