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

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

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.</li><li>CSE Global's target price raised to $1.20+ after key partnership with Amazon.</li><li>Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.</li></ul>

Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.CSE Global's target price raised to $1.20+ after key partnership with Amazon.Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

<ul><li>Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.</li><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.</li></ul>

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.RHB raises STI year-end target to 4,690 and highlights top sector picks.CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.</li>
<li>While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. </li>
<li>The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  </li>
</ul>



Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value. 
The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.  


Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

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

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43

While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)