"Longer-term growth drivers remain intact, but near-term visibility and catalysts are limited," says Ling in her May 15 note.
Ling Lee Keng of DBS Group Research has downgraded Venture Corp from "buy" to "hold" along with a reduced target price of $11.80 from $14.70, after the company reported lower 1QFY2025 numbers, while facing "muted" near-term growth outlook and lack of clear re-rating drivers.
In her May 15 note, Ling has cut her FY2025 and FY2026 earnings by 9% each, based on a 15x earnings multiple which is -1 sd below Venture's 4-year average.
