By Ronnie Harui
Venture Corp. shares climbed Monday morning after the Singapore-listed provider of technology services, products and solutions reported its third-quarter net profit rose by more than 26%.
Venture's shares were recently 3.2% higher at S$16.64, after earlier climbing as much as 4.7% to S$16.89, its highest intraday level since Oct. 11.
The company said third-quarter net profit increased to 97.4 million Singapore dollars (US$69.2 million) from S$77.0 million for the same period a year earlier, according to a filing after trading hours on Friday. Revenue rose to S$1.02 billion from S$769.9 million.
Favorable industry trends for electronic-manufacturing services players and consistent business execution by Venture have been key operational drivers, Citi Research analyst Jame Osman said in a research report, noting the company's third-quarter result was a solid beat. Venture's underlying customer demand seems robust over the near term despite broader macroeconomic risks, he added.
Citi raised its 2022-2024 earnings-per-share estimates for Venture by 2%-4% to factor in the company's higher revenue-growth trends. The bank lifted its target price for the stock to S$22.70 from S$22.40 while reiterating a buy rating.
Write to Ronnie Harui at ronnie.harui@wsj.com
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November 07, 2022 at 09:28AM
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Venture Corp. Shares Climb After Company's Third-Quarter Net Profit Jumped - MarketWatch
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