SINGAPORE (Oct 2): UOB Kay Hian is maintaining its “hold” call on Venture Corporation with a recommended entry price of $16 and target price of $18.20, which is pegged to 14 times 2018F P/E.

The research house’s rating reiteration follows Philip Morris International’s (PMI) Investor Day 2018 last week, which revealed a pickup in sales of IQOS (I quit ordinary smoking) smoke-free electronic devices with approximately 1.8 million IQOS units sold in 2Q18 and 1.7 million units sold in the first two months of  the subsequent quarter.

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