Singapore Stock Market News
Venture Corporation Ltd - A developer of next generation products
StockFanatic
Publish date: Wed, 14 Mar 2018, 04:50 PM
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● We expect iQOS to contribute ~14% of revenue in FY18. According to PMI's management, iQOS device contributed ~US$160/900 mn to PMI's sales in FY16/17. Based on our estimates, ~3 mn and ~11 mn units of iQOS device was sold in FY16/17, and we expect ~20/23/26 mn units of iQOS device to be sold in FY18/19/20. We believe that iQOS contributed ~S$421 mn or 11% of Venture's overall revenue in FY17.
● Not a one-trick pony. Aside from iQOS and Novaseq, we believe that Venture likely has other businesses that are displaying strong growth too, given that the T&M/Med segment excluding Novaseq and iQOS grew 54% YoY in FY17, based on our estimates.
● Stay OUTPERFORM. We like Venture as it would launch more next-gen products that will drive growth with better margins. Net cash position of S$721.6 mn as of 4Q17 represents ~33% of NAV.
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