Venture Corp hit by a bleak 2Q12

But wait till Oclaro adds US$200m of revenue by 2H12.

Fortunately, CIMB sees catalysts from sales and profit growth in 2H.

Here's what CIMB has to say:

What Happened
Our recent conversation with the company suggests that 2Q was relatively muted vs. the March quarter, which is fairly in line with its post-1Q12 results guidance. The company had earlier guided flat to marginal qoq increase in revenue as order flows in most product segments were slow due to the uncertain economic environment.

The company, however, continues to see good traction in the medical and life science sectors, although contributions from these segments remain insignificant. The transition of Oclaro’s manufacturing from Shenzhen (China) to Penang (Malaysia) is going smoothly and on track to start contributing in 2H12. We understand from our industry contacts that Oclaro could add US$200m of revenue p.a. to Venture when the transition is complete.

What We Think
There were no major surprises from our conversation as we had already assumed a soft 2Q12 and that yoy growth would only resume in 2H12 on the back of new programmes and maiden contributions from new customers like Oclaro. We do not foresee any major changes for its POS business with IBM (now Toshiba) as most of its projects are on an ODM basis and Toshiba is unlikely to move in-house. We believe 2Q12 results were a non-event and think that investors will be more interested in its 2H12 outlook.

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