Venture

Venture: Well poised for growth
- USD expected to further appreciate against SGD.
- With more than 90% of Venture’s revenue denominated in USD, the forecasted strengthening of USD against SGD will likely boost its revenue growth in at least 2H16 and 1H17.
- More recently, VMS has completed the acquisition of a 123,706 sqm plot of land in Penang, Malaysia, for MYR33.3m.
- OCBC believes Venture is now better poised for further expansion, given that average utilization is already at ~80%, especially since it has been acquiring new customers and gaining market share with existing customers over the past few years.
- OCBC reiterates Buy with TP raised to $9.35 from $9.00.