On 13 November 2025, Venture Corporation Limited (“Venture”) released their third quarter business update for FY2025. Venture appears to have moderated the pace of its recent decline despite the broader macroeconomic headwinds. The group continues to hold a net cash position exceeding SGD1 billion, even after funding interim and special dividends as well as share buybacks. This robust liquidity profile provides the flexibility to absorb near-term softness and allocate capital toward strategic growth initiatives.
That said, given management’s repeated emphasis on securing new business wins in recent quarters, there is a need to monitor if these efforts translate into stronger financial performance. This will be particularly important as the company navigates intensifying global competition and ongoing supply-chain uncertainties.
Disclaimer: Not financial advice. All data and information provided on this site is for informational purposes only. It does not take into account your individual needs, investment objectives and specific financial circumstances.
Website: General Announcement::Business Update For 3Q 2025
Financial Highlights
Revenue
| Metrics | Current | Previous |
|---|---|---|
| Revenue | -2.8% | -8.8% |
| Rating | Unfavourable | Unfavourable |
The revenue metric will be assessed on a quarterly basis given the information available from the business updates.
Revenue for the third quarter of FY2025 has decreased by 2.8% to SGD627 million when compared to SGD645 million in the previous quarter. Management have disclosed that Group revenue reflects expected softness in the Lifestyle Consumer technology domain. The metric remains Unfavourable.
Earnings Per Share
| Metrics | Current | Previous |
|---|---|---|
| Earnings per share | -3.0% | -7.9% |
| Rating | Unfavourable | Unfavourable |
The earnings per share metric will be assessed on a quarterly basis given the information available from the business updates.
Earnings per share for the third quarter of FY2025 has decreased by 3.0% to SGD0.192 per share as compared to SGD 0.198 per share in the previous quarter. The decrease is aligned to the decrease in revenue, as the Group maintained its net profit margin at 8.9%. The metric remains Unfavourable.
Operating Cash Flows
| Metrics | Current | Previous |
|---|---|---|
| Operating Cash Flows | -57.8% | -44.6% |
| Rating | Unfavourable | Unfavourable |
The operating cash flows metric will be assessed on a quarterly basis given the information available from the business updates.
Based on the announcement on 13 November 2025, management have provided an update that net cash generated from operating activities amounted to SGD189 million for the first 9 months of FY2025. Cashflow breakdown for Venture will be as follows:
- Third Quarter of FY2025: SGD39.8 million
- Second Quarter of FY2025: 94.4 million
- First Quarter of FY2025: SGD55.4 million
Cash flow generated from operations for the third quarter of FY2025 has decreased by 57.8% to SGD39.8 million as compared to SGD94.4 million in the previous quarter. The metrics remains Unfavourable.
Gearing Ratio
| Metrics | Current | Previous |
|---|---|---|
| Gearing Ratio | No Update | 22.3% |
| Rating | Favourable | Favourable |
The gearing ratio metric will be assessed on a half yearly basis given the information available from the business updates.
Based on the announcement on 13 November 2025, no detailed breakdown of the financial position to determine the gearing ratio was provided in the business update for the third quarter of FY2025.
The metric was Favourable in the previous quarter as the gearing ratio as of 30 June 2025 stands at 22.3%. This is computed using total assets of SGD3,533 million and total liabilities of SGD789 million.
Interest Coverage
| Metrics | Current | Previous |
|---|---|---|
| Interest Coverage | No Update | 261.2x |
| Rating | Favourable | Favourable |
The interest coverage metric will be assessed on a half yearly basis given the information available from the business updates.
Based on the announcement on 13 November 2025, no detailed breakdown of the financial results to determine the interest coverage was provided in the business update for the third quarter of FY2025.
The metric was Favourable in the previous quarter as the interest coverage as of 30 June 2025 stands at 261.2 times. This is computed using profit before tax of SGD141 million and interest expense of SGD0.543 million. The extremely high interest coverage is due to the Group has no external borrowings, which is a good position to be at in view of the current high-interest rate environment.
Price-To-Book ratio
| Metrics | Current | Previous |
|---|---|---|
| Price to Book Ratio | 1.57 | 1.44 |
| Rating | Unfavourable | Unfavourable |
The price to book ratio metric will be assessed on a quarterly basis given the information available from the business updates.
Based on the announcement on 13 November 2025, net asset value (“NAV”) was not included in the business update for the third quarter of FY2025.
Price-to-book (“P/B”) ratio became more expensive at 1.57. This is computed using the closing share price of SGD14.97 per share as of 4 December 2025 and net asset value of the Group of SGD9.52 per share as of 30 June 2025. The metric shifted towards Unfavourable as investors will be paying a premium for its assets.
Do note that for the last few quarters, Venture has been generating more than sufficient earnings per share to pay-out their dividend. This has allowed their NAV to continue to increase.
Worth noting that Venture has cash and cash equivalents of SGD1,255 million and no borrowings as of 30 June 2025. With total ordinary shares of 289 million, this represents net cash of SGD4.34 per share.
As of 4 December 2025, the Market Capitalization is approximately SGD4,307 million.
Website: Yahoo Finance: Venture Corporation Limited (V03.SI)
Dividend
| Year | Yield | Total |
|---|---|---|
| 2025 | 5.34% | SGD 0.800 |
| 2024 | 5.01% | SGD 0.750 |
| 2023 | 5.01% | SGD 0.750 |
| 2022 | 5.01% | SGD 0.750 |
| 2021 | 5.01% | SGD 0.750 |
Although the Group does not have a formal dividend policy, it strives to pay dividends that are on par or higher than the previous year. Since FY2018, the Group has paid interim and final dividends. Barring unforeseen circumstances, the Group aims to declare dividends at sustainable rates.
There is an additional dividend of SGD0.050 per share paid out in September 2025. Excluding this special dividend, Venture has a recurring pay-out of SGD0.750 per share. This is a more conservative estimate for future periods.
With a closing share price of SGD14.97 per share as of 4 December 2025, this translates to a dividend yield of 5.01%. For my benchmark, a general reasonable yield would be around 4.25%. The dividend yield is Favourable.
Website: Reasonable Dividend Yield 2025Q4 – 4.25%
If using dividend yield of 5.25% as a benchmark, based on the dividend of SGD0.750 per share there is potential for Venture to see its share price drop by another 4.6% to SGD14.29 per share.
| Yield | Share Price | Downside |
|---|---|---|
| Current | 14.97 | – |
| 5.25% | 14.29 | -4.6% |
| 6.25% | 12.00 | -19.8% |
Summary
| Metrics | Financials | Rating |
|---|---|---|
| Revenue | -2.8% | Unfavourable |
| Earnings per share | -3.0% | Unfavourable |
| Operating Cash Flows | -57.8% | Unfavourable |
| Gearing ratio | No Update | Favourable |
| Interest coverage | No Update | Favourable |
| Price to Book Ratio | 1.57 | Unfavourable |
| Overall | Neutral |
Overall, Venture metrics remains Neutral. Although the pace of the downtrend appears to be moderating, Venture will need to demonstrate tangible operational improvements, particularly given the current macroeconomic headwinds. Management indicated that the company continues to secure new business wins, supported by its differentiated R&D, design, and advanced manufacturing capabilities. Venture maintains solid earnings and a strong balance sheet, positioning it well to capitalize on emerging opportunities and sustain long-term value creation for stakeholders.
Background
Established in 1989, Venture is a leading provider of technology services, products and solutions to over 100 global brands across the world. Headquartered in Singapore, they harness the collective strengths of their 12,000-strong team globally in differentiated capabilities spanning R&D, product industrialization, advanced manufacturing, supply chain solutions and product lifecycle management.
Over the years, they have built in-depth knowledge and differentiated capabilities in numerous technology domains. These include Life Science and MedTech; Lifestyle and Wellness; Smart Industrial; Test Measurement and Instrumentation; NextGen Communications and other breakthrough technologies.
With more than 5,000 products and solutions and over three decades of experience in advanced manufacturing technology, they will continue to expand into new technology domains through its collaborations with their customers and partners in selected ecosystems of interest.
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Website: Venture Corporation Limited (SGX: V03): 2025 Half Year Result
