Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<li>After a gap of over fifteen years from formal coverage of <a href="https://www.smartkarma.com/entities/venture-corp-ltd" target="_blank" data-smartkarma-citation="entities:9251:1" rel="noopener">Venture Corp (VMS SP)</a>, I took a look again this week, not much seems to have changed.</li>
<li>Venture Corp's management hankering for "charm" in its contracts, with respect to NOT just return on investment but also return on effort will be the primary risk for growth</li>
<li>Excellent anchor customers have boosted margins. The tech slowdown might entice larger EMS to be more aggressive and chase these businesses placing margins at risk.</li>
</ul>


After a gap of over fifteen years from formal coverage of Venture Corp (VMS SP), I took a look again this week, not much seems to have changed.
Venture Corp's management hankering for "charm" in its contracts, with respect to NOT just return on investment but also return on effort will be the primary risk for growth
Excellent anchor customers have boosted margins. The tech slowdown might entice larger EMS to be more aggressive and chase these businesses placing margins at risk.


Venture Corporation - A Dialogue from the Past Might Give Some Insight on the Future

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.</li><li>Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.</li></ul>

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

Union Steel co-founder Ang Yew Chye ups stake

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

<ul><li>Singapore's manufacturing sector saw a reduced contraction of 0.7% in the first five months of 2024, improving from a 4.3% contraction the previous year.</li><li>The iEdge SG Adv Manufacturing Index has also booked more than S$90 million of net institutional inflow in 2024 (up to 8 July) led by net inflows to YZJ Shipbldg, ST Engineering, Venture, SATS and ThaiBev, while Beng Kuang Marine, Dyna-Mac, Frencken, Global Invacom and Marco Polo Marine saw highest net inflow relative to market cap.</li><li>Leading the net institutional inflow for the 2024 year (up to 8 July) within the iEdge SG Advanced Manufacturing Index, were five STI stocks Yangzijiang Shipbuilding, Singapore Technologies Engineering, Venture Corporation, SATS and Thai Beverage: https://investors.sgx.com/securities/stocks?security=BS6 maintains an ROE of 21% and P/B of 4x, compared its 5-year average P/B of 0.9x.</li></ul>

Singapore's manufacturing sector saw a reduced contraction of 0.7% in the first five months of 2024, improving from a 4.3% contraction the previous year.The iEdge SG Adv Manufacturing Index has also booked more than S$90 million of net institutional inflow in 2024 (up to 8 July) led by net inflows to YZJ Shipbldg, ST Engineering, Venture, SATS and ThaiBev, while Beng Kuang Marine, Dyna-Mac, Frencken, Global Invacom and Marco Polo Marine saw highest net inflow relative to market cap.Leading the net institutional inflow for the 2024 year (up to 8 July) within the iEdge SG Advanced Manufacturing Index, were five STI stocks Yangzijiang Shipbuilding, Singapore Technologies Engineering, Venture Corporation, SATS and Thai Beverage: https://investors.sgx.com/securities/stocks?security=BS6 maintains an ROE of 21% and P/B of 4x, compared its 5-year average P/B of 0.9x.

Market Mechanics: Evaluating Singapore's Manufacturing and Equities

<ul><li>Institutions were net buyers of Singapore stocks over the four trading sessions through to May 2, with S$12.9 million of net institutional inflow, as 17 primary-listed companies conducted buybacks with a total consideration of S$28.4 million.</li><li>Leading the net institutional inflow over the four sessions were DBS, UOB, Seatrium, City Developments, UOL Group, iFast Corporation, Singapore Tech Engineering, Singapore Exchange, Cortina Holdings, CapitaLand Integrated Commercial Trust and Hongkong Land Holdings.</li><li>For the month of April, Singapore stocks booked S$225 million of net institutional inflow, following S$1.15 billion of net institutional outflow in Q1.</li></ul>

Institutions were net buyers of Singapore stocks over the four trading sessions through to May 2, with S$12.9 million of net institutional inflow, as 17 primary-listed companies conducted buybacks with a total consideration of S$28.4 million.Leading the net institutional inflow over the four sessions were DBS, UOB, Seatrium, City Developments, UOL Group, iFast Corporation, Singapore Tech Engineering, Singapore Exchange, Cortina Holdings, CapitaLand Integrated Commercial Trust and Hongkong Land Holdings.For the month of April, Singapore stocks booked S$225 million of net institutional inflow, following S$1.15 billion of net institutional outflow in Q1.

Singapore

Venture Corporation Limited provides contract manufacturing services to electronics companies worldwide.  The Company also provides manufacturing, design, engineering, customization, and logistic services.  Venture Corporation trades and manufactures electronics and computer-related products, develops and markets color imaging products for label printing.

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Venture Corp (VMS SP)

Venture Corporation - A Dialogue from the Past Might Give Some Insight on the Future

Taking a look after fifteen years - excellent anchor customers have boosted margins, but too much focus on margins has been counterproductive in...

Pyari Menon

Union Steel co-founder Ang Yew Chye ups stake

Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the...

Singapore Exchange Ltd (SGX)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Market Mechanics: Evaluating Singapore's Manufacturing and Equities

Singapore's manufacturing sector saw a reduced contraction of 0.7% in the first five months of 2024, improving from a 4.3% contraction the...

Singapore Exchange Ltd (SGX)

Seatrium initiates buyback programme

Institutions were net buyers of Singapore stocks over the four trading sessions through to May 2, with S$12.9 million of net institutional inflow,...

Singapore Exchange Ltd (SGX)

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