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Venture Corp joins STI Reserve List
Its capitalised stocks gained 20% in August.
According to SGX, Venture will join the STI Reserve List on 18 September. With a market capitalisation of $4.5b, Venture makes up a third of the combined market capitalisation of the IT Sector.
Institutional net buy flows into the company reached $103.2m over the last eight months.
Venture's returns reached 66.3% in the first eight months of the year.
Its price also rose from $9.9 to $15.8, along with a dividend distribution of S$0.50 per share which went ex-div on 15 May.
Here's more from SGX:
In its 2QFY17 financials, Venture registered a 61% jump in net profit to S$69.8 million.
Venture maintained the improvement in profitability was through high value creation and capture underpinned by Venture’s deep engineering bench strength.
In its 1HFY17, net profit improved by 49.5% to S$118.4 million.
In its outlook, management noted that the dynamics of the business environment such as geopolitical tensions and customers’ consolidations may introduce some degree of uncertainty -however Venture remains fully committed to provide strong value creation for the success of its business alliances and partnerships.
Venture has been diversifying its businesses from the traditional Technology segment with revenue from its Test & Measurement/Medical & Life Science/Others segment in 2016 almost double the level five years ago, representing more than 40% of its overall revenue.
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