+ Recovery in revenues. Revenue rebounded 9% YoY to S$905mn, just 3% shy of pre-pandemic levels. We believe some of the growth was driven by spill-over from prior quarter shutdowns in Malaysia. Growth was across all verticals.
– Cash-flow generated lower due to inventory build-up. Free cash flow generated in FY21 was S$91mn, a sharp drop from FY20 S$425mn. Around $382mn of working capital has been deployed to build up inventory to cope with component shortages. FY21 capex was a record low of S$11mn. Net cash in the balance sheet stands at S$807.9mn (FY20: 928.7mn).
Venture guided that demand is robust based on customer orders and forecast across all sectors. Notable strength is from analytical instruments, gene sequencing, instrumentation and lifestyle and wellness products.
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Our FY22e revenue is unchanged but PATMI is raised by 4%.