Venture Corporation - Event Horizon; Downgrade To HOLD. | I3investor

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Venture Corporation - Event Horizon; Downgrade To HOLD.

StockFanatic

Publish date: Thu, 05 Jul 2018, 02:14 PM

VMS' stellar 2017 was driven by IQOS. Our deep dive into the supply chain has revealed reasonable evidence to suggest a revenue contribution of 25% and gross profit contribution of 40% from the device. With IQOS production slowing down and shifting away to its competitor, VMS' earnings are at risk of declining in 2018 and beyond. Growth and margins are expected to normalise and we cut earnings forecasts by 16-34% for 2018-20. Downgrade to HOLD, with a lower target price of S$18.20. Entry price: S$14.00.

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