Venture Corp braces for near-term headwinds as customers mull M&As

But profits jump 11.6% in Q2.

Despite an impressive performance in Q2, Venture Corp still cautioned that continuint mergers and acquisitions and consolidation activities among some of its customers may result in some near-term uncertainties.

According to OCBC, these include Agilent Technologies’ split into two publicly traded companies (both of which will remain as customers of VMS), the recent Honeywell acquisition of Intermec and Oracle’s ongoing takeover exercise of Micros Systems.

VMS) reported an impressive 11.6% YoY jump in its 2Q14 PATMI to S$33.5m on the back of a 2.3% growth in revenue to S$601.1m.

“We believe VMS’s 2H14 seasonal strength will pan out in accordance to our expectations. Encouragingly, management highlighted that the business sentiment of most of its customers has been generally positive. Given VMS’s recent robust share price performance, we believe the positives from recent strong global manufacturing PMI data points and VMS’s continued recovery momentum have been priced in by the market. Despite an attractive forecasted FY14F dividend yield of 6.2%, we believe total potential returns are now limited,” noted the report.

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