Venture (S$8.33): 1Q16 in line; quality yield stock
- 1Q16 net profit of $35.8m (+10.1% y/y) within expectation, as new products gained traction and pretax margin expanded.
- FCF generation of $92.8m (1Q15: $37.2m) on working cap improvement.
- Net cash of $1.45/share
- 1Q16 reflected steady growth via value creation.
- Trading at 13.9x forward consensus P/E, 6% indicative yield. Sits on Market Insight yield portfolio.
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