# Venture (VEM.F)

Canonical: https://gigainvestors.com/s/VEM.F

Analysis as of: 2026-10-16T07:33:38.254Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 10.90 per share; close as of 2026-10-15.

Estimated value: low EUR 8.82 per share, central EUR 9.68 per share, high EUR 10.82 per share. Buy at or below the central value EUR 9.68 per share. Valuation as of 2026-10-16T07:33:38.254Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.11×

- FY2018: 0.12×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: pass

- ROIC, median of available years: 23.2%

- ROIC, second-lowest year: 20.5%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 25.7%

- Recent gross margin (lower of latest and 3-year median): 25.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 16.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.6%

- FY2017: 44.8%

- FY2018: 36.2%

- FY2019: 29.8%

- FY2020: 25.4%

- FY2021: 21.4%

- FY2022: 24.9%

- FY2023: 20.5%

- FY2024: 21.0%

- FY2025: 21.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 1.4B

- Net income, five-year total: SGD 1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.5 pp

- Working capital / revenue, final three-year average: 34.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 0.99×

- FY2023: 0.92×

- FY2024: 1.04×

- FY2025: 1.01×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 36.2% vs 21.0%

- Per-share earnings: 1.07 to 0.84 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- Per-share value growth: -5.9%

- Per-share value change: SGD -0.23

- Per-share value, starting three-year median: SGD 1.07

- Per-share value, ending three-year median: SGD 0.84

- Buybacks concentrated in cheaper years (correlation): -0.54

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: SGD 3.3M

- Cumulative net income, 10 years: SGD 3.0B

- ROIC, first three-year median: 36.2%

- ROIC, last three-year median: 21.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD 1.26

- FY2020: SGD 1.03

- FY2021: SGD 1.07

- FY2022: SGD 1.27

- FY2023: SGD 0.93

- FY2024: SGD 0.84

- FY2025: SGD 0.78

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.8%

- FY2017: -2.4%

- FY2018: 3.6%

- FY2019: 4.1%

- FY2020: -4.8%

- FY2021: 5.8%

- FY2022: 2.7%

- FY2023: -7.1%

- FY2024: -6.4%

- FY2025: -0.7%

## Holders

## Price story

Price needs cash profits to grow 2.9% a year for ten years · sales -7.4%

Story as of 2026-10-16T09:59:56.378Z; price observation 2026-10-15.

Price needs cash profits to grow 2.9% a year for ten years

### Sales · FY2024–2025

sales -7.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: SGD 2.9B 

- FY2017: SGD 4.0B 

- FY2018: SGD 3.5B 

- FY2019: SGD 3.6B 

- FY2020: SGD 3.0B 

- FY2021: SGD 3.1B 

- FY2022: SGD 3.9B 

- FY2023: SGD 3.0B 

- FY2024: SGD 2.7B 

- FY2025: SGD 2.5B 

### Gross margin · FY2025

gross margin 27.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 24.4% 

- FY2017: 24.1% 

- FY2018: 27.4% 

- FY2019: 24.9% 

- FY2020: 26.3% 

- FY2021: 26.0% 

- FY2022: 24.3% 

- FY2023: 25.4% 

- FY2024: 25.9% 

- FY2025: 27.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are SGD 2.5 billion.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2025-12-31 (filed 2026-10-16T07:33:38.254Z); FY2025: revenue 2532204000; grossProfit 699358000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VEM.F: Venture Corporation Limited, together with its subsidiaries, provides technology solutions, products, and services in Singapore, the Asia Pacific, and internationally. The company provides manufacturing, product design and development, engineering, and supply-chain management services. It is also involved in manufacturing and trading of electronic products, components, equipment, devices and instruments; wholesale of computer hardware and peripheral equipment; manufacture and repair of process control equipment and related products; customisation and logistic services; manufacture and sale of terminal units; develop and market colour imaging products for label printing; manufacturing and assembly of electronic and other computer products and peripheral; letting of factory building; and manufacturing of medical devices. In addition, the company provides engineering, customization, logistics, design solutions and services, information system development and support; and manufacturing and sale of sub- assemblies, printed circuit board assemblies for communication/networking equipment, and medical and scientific equipment/instrumentation, consumer electronics, measuring equipment, testing equipment, navigating and control equipment, optical instruments and equipment, plastic precision engineering components and mould, and plastic injection moulds and mouldings with secondary processes. Further, it engages in the research and experimental development on biotechnology, and life and medical science; repair of engineering and scientific instruments; design, development, manufacture, sales, installation and servicing of computers and related products; and provision of manufacturing services for original design. Venture Corporation Limited was incorporated in 1984 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 25.4% to 27.6% during 2023–25; it earns 23.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2023-12-31 (filed 2026-10-16T07:33:38.254Z); FY2023: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2024-12-31 (filed 2026-10-16T07:33:38.254Z); FY2024: grossProfit / revenue = 25.9%.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2025-12-31 (filed 2026-10-16T07:33:38.254Z); FY2025: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.254Z); 10-year return on capital observations [[2016,0.18631802283965923],[2017,0.447845385283688],[2018,0.36183544704834447],[2019,0.29805927029252105],[2020,0.2536610257259238],[2021,0.21387047364730968],[2022,0.24928914155223433],[2023,0.2054098039050552],[2024,0.21012496713890283],[2025,0.2142850933136389]]; median 0.23178711743293662. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 24% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.254Z); Gross margin observations: [[2021,0.26033439062969754],[2022,0.24310445124399607],[2023,0.2541011190640219]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back SGD 18 million of shares.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2016-12-31 (filed 2026-10-16T07:33:38.254Z); FY2016: growth capex 0; upkeep 33506000; owner earnings 193578000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2017-12-31 (filed 2026-10-16T07:33:38.254Z); FY2017: growth capex 0; upkeep 36966000; owner earnings 411562000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2018-12-31 (filed 2026-10-16T07:33:38.254Z); FY2018: growth capex 0; upkeep 58846000; owner earnings 341942000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2019-12-31 (filed 2026-10-16T07:33:38.254Z); FY2019: growth capex 0; upkeep 35191000; owner earnings 361047200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2020-12-31 (filed 2026-10-16T07:33:38.254Z); FY2020: growth capex 0; upkeep 28046000; owner earnings 306696000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2021-12-31 (filed 2026-10-16T07:33:38.254Z); FY2021: growth capex 0; upkeep 11360000; owner earnings 334863800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2022-12-31 (filed 2026-10-16T07:33:38.254Z); FY2022: growth capex 745000; upkeep 32851000; owner earnings 364760000. Growth capex / owner earnings = 0.0020424388639105166.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2023-12-31 (filed 2026-10-16T07:33:38.254Z); FY2023: growth capex 0; upkeep 47918000; owner earnings 248074800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2024-12-31 (filed 2026-10-16T07:33:38.254Z); FY2024: growth capex 0; upkeep 16772000; owner earnings 254981400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2025-12-31 (filed 2026-10-16T07:33:38.254Z); FY2025: growth capex 0; upkeep 28061000; owner earnings 228854400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.254Z); Dividend observations: [[2016,138403000],[2017,140728000],[2018,230021000],[2019,201694000],[2020,216900000],[2021,217822000],[2022,218115000],[2023,218233000],[2024,217537000],[2025,230150000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/VEM.F.json#2025-12-31 (filed 2026-10-16T07:33:38.254Z); FY2025: cash repurchases 18040000 SGD.

### Are managers owners

Insiders own 13.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VEM.F SharesStats.PercentInsiders = 13.746 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.254Z); Ten-year compound average after fade. Initial solved rate 0.028492639206807557. Price 10.9; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 6.14 per share

- 2016-11: EUR 6.34 per share

- 2016-12: EUR 6.24 per share

- 2017-01: EUR 6.39 per share

- 2017-02: EUR 6.98 per share

- 2017-03: EUR 7.93 per share

- 2017-04: EUR 7.69 per share

- 2017-05: EUR 8.00 per share

- 2017-06: EUR 7.34 per share

- 2017-07: EUR 7.84 per share

- 2017-08: EUR 10.08 per share

- 2017-09: EUR 10.62 per share

- 2017-10: EUR 11.54 per share

- 2017-11: EUR 12.51 per share

- 2017-12: EUR 12.42 per share

- 2018-01: EUR 14.18 per share

- 2018-02: EUR 16.41 per share

- 2018-03: EUR 16.99 per share

- 2018-04: EUR 12.90 per share

- 2018-05: EUR 13.07 per share

- 2018-06: EUR 11.00 per share

- 2018-07: EUR 10.37 per share

- 2018-08: EUR 11.10 per share

- 2018-09: EUR 11.06 per share

- 2018-10: EUR 9.48 per share

- 2018-11: EUR 9.39 per share

- 2018-12: EUR 8.66 per share

- 2019-01: EUR 10.31 per share

- 2019-02: EUR 11.47 per share

- 2019-03: EUR 11.60 per share

- 2019-04: EUR 11.26 per share

- 2019-05: EUR 9.47 per share

- 2019-06: EUR 10.30 per share

- 2019-07: EUR 10.26 per share

- 2019-08: EUR 9.66 per share

- 2019-09: EUR 10.03 per share

- 2019-10: EUR 10.20 per share

- 2019-11: EUR 10.33 per share

- 2019-12: EUR 10.59 per share

- 2020-01: EUR 10.90 per share

- 2020-02: EUR 10.35 per share

- 2020-03: EUR 8.38 per share

- 2020-04: EUR 10.20 per share

- 2020-05: EUR 9.65 per share

- 2020-06: EUR 10.10 per share

- 2020-07: EUR 10.79 per share

- 2020-08: EUR 12.21 per share

- 2020-09: EUR 11.95 per share

- 2020-10: EUR 12.02 per share

- 2020-11: EUR 11.81 per share

- 2020-12: EUR 12.17 per share

- 2021-01: EUR 12.19 per share

- 2021-02: EUR 11.87 per share

- 2021-03: EUR 12.68 per share

- 2021-04: EUR 12.49 per share

- 2021-05: EUR 11.77 per share

- 2021-06: EUR 11.99 per share

- 2021-07: EUR 11.89 per share

- 2021-08: EUR 12.08 per share

- 2021-09: EUR 11.25 per share

- 2021-10: EUR 12.11 per share

- 2021-11: EUR 11.94 per share

- 2021-12: EUR 11.85 per share

- 2022-01: EUR 11.55 per share

- 2022-02: EUR 11.64 per share

- 2022-03: EUR 11.70 per share

- 2022-04: EUR 11.70 per share

- 2022-05: EUR 12.07 per share

- 2022-06: EUR 11.44 per share

- 2022-07: EUR 12.42 per share

- 2022-08: EUR 12.95 per share

- 2022-09: EUR 11.65 per share

- 2022-10: EUR 11.36 per share

- 2022-11: EUR 12.12 per share

- 2022-12: EUR 11.92 per share

- 2023-01: EUR 12.82 per share

- 2023-02: EUR 12.15 per share

- 2023-03: EUR 12.13 per share

- 2023-04: EUR 11.52 per share

- 2023-05: EUR 10.40 per share

- 2023-06: EUR 9.92 per share

- 2023-07: EUR 10.25 per share

- 2023-08: EUR 8.54 per share

- 2023-09: EUR 8.57 per share

- 2023-10: EUR 8.00 per share

- 2023-11: EUR 8.57 per share

- 2023-12: EUR 9.29 per share

- 2024-01: EUR 9.21 per share

- 2024-02: EUR 9.63 per share

- 2024-03: EUR 9.75 per share

- 2024-04: EUR 9.91 per share

- 2024-05: EUR 9.54 per share

- 2024-06: EUR 9.76 per share

- 2024-07: EUR 10.30 per share

- 2024-08: EUR 9.60 per share

- 2024-09: EUR 9.93 per share

- 2024-10: EUR 9.18 per share

- 2024-11: EUR 8.97 per share

- 2024-12: EUR 9.28 per share

- 2025-01: EUR 8.95 per share

- 2025-02: EUR 8.98 per share

- 2025-03: EUR 8.34 per share

- 2025-04: EUR 7.72 per share

- 2025-05: EUR 7.55 per share

- 2025-06: EUR 7.63 per share

- 2025-07: EUR 8.67 per share

- 2025-08: EUR 8.99 per share

- 2025-09: EUR 9.09 per share

- 2025-10: EUR 9.71 per share

- 2025-11: EUR 9.85 per share

- 2025-12: EUR 9.82 per share

- 2026-01: EUR 10.78 per share

- 2026-02: EUR 10.39 per share

- 2026-03: EUR 10.49 per share

- 2026-04: EUR 10.83 per share

- 2026-05: EUR 11.95 per share

- 2026-06: EUR 11.58 per share

- 2026-07: EUR 10.52 per share

- 2026-08: EUR 11.21 per share

- 2026-09: EUR 11.25 per share

- 2026-10: EUR 10.91 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 9.93 per share, central EUR 11.02 per share, high EUR 12.46 per share

- FY2021: low EUR 10.07 per share, central EUR 11.21 per share, high EUR 12.73 per share

- FY2022: low EUR 11.77 per share, central EUR 13.15 per share, high EUR 14.99 per share

- FY2023: low EUR 10.22 per share, central EUR 11.30 per share, high EUR 12.74 per share

- FY2024: low EUR 9.79 per share, central EUR 10.72 per share, high EUR 11.96 per share

- FY2025: low EUR 9.16 per share, central EUR 10.01 per share, high EUR 11.15 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.