• 9M26 revenue exceeded expectations at 81%, while PAT was within at 73% of FY26e forecast. 3Q26 earnings jumped 22% YoY to S$67.8mn. We believe AI-related products, namely networking cards, semiconductors, transceivers and test equipment, drove around 38% YoY revenue growth.
• Venture’s guidance mentioned robust demand. Growth is in multiple domains, with life science beginning to recover. We expect FY27e growth to be even stronger, driven by new consumer lifestyle products.
• We maintain our FY26e earnings and BUY recommendation. We lower our target price to S$19.50 from S$22.10. We reduce our PE multiple from 25x to 22x FY26e PE, in line with US peers. We believe earnings growth is returning to Venture. The ramp in new products that support data centre infrastructure, together with new capacity in Malaysia, is driving earnings growth.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
Continue Reading

Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
Continue Reading