Venture: (S$8.90) 2Q16 results in line as R&D focus gains traction
- 2Q16 net profit of $43.4m (+20.3%) matched expectations, making up 49% of FY16 consensus forecast.
- Venture generated operating cash flow of $33.6m (+15.2%) with its net cash hoard ballooning to $248.5m (+84%).
- This set of results reaffirms Maybank KE’s conviction that Venture is on the cusp of being able to pocket a greater slice of its customers’ economic value chain through its intense R&D focus.
- At last call, Maybank KE had a Buy on the counter with TP of $9.60.
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