Venture: CIMB has an Outperform call with $11.98 TP, calling the stock a ‘Big Cap Ang Pow’. Note that with Venture, investors can sleep easy as the Company generates strong free cashflow and has a consistent track record of paying at least $0.50 Div….
Expect 4Q10 numbers to shine, based on forecast, 4Q10 profit could grow 7% qoq and 210% yoy, with upside still on mean reversion. Add that Venture’s average historical P/BV of 1.52x translates into a value of S$11.36 on our CY11 BVPS forecast. Mean reversion to historical P/E of 13.72x implies a value of $10.70 to $12.76.
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