75% of Venture's customers hold high hopes for 2014 results

But seasonal weaknes still lurks.

According to CIMB, core earnings were in line with expectations as a pick-up in orders in Dec led to revenue growth of 6% qoq and 5% yoy.

Venture remains cash generative and in a strong net cash of S$229.1m at end-FY13.

Here's more from CIMB:

The working capital weakness seen in 3Q continued, with the full-year working capital at S$713m, up 11% yoy.

Venture still has some leeway to lengthen the payment terms with its suppliers but evolving industry behaviour likely means that longer cash cycle days are here to stay. A DPS of S$0.50 was also declared.

In contrast to a more muted 3Q13 results briefing, the company has in the 4Q13 results briefing shared that on average, nearly two-thirds to three-quarters of its customers are more positive on their outlook for 2014.

However, the 1Q seasonal weakness remains, with business activities in Jan/Feb 14 slower than in the same period last year.

Venture has been working hard over the years building centres of excellence and pursuing profitable growth. This has been especially true for its Life Sciences segment, which may see more meaningful contribution over the next few years.

As for 3D printing, it is working with leading players on high-end 3D printers; something we have highlighted last year. However, unlike the market, we are less excited about this, other than Venture being the only listed exposure to 3D printing, as we do not expect any contributions from it in the near term.

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