SINGAPORE (Apr 24): UOB Kay Hian is maintaining its “buy” call on Venture Corporation with a lower target price of $30.60.
In a Monday report, analyst Foo Zhi Wei says Venture's share price has largely overreacted to Phillip Morris International’s (PMI) slower 1Q18 growth of I Quit Ordinary Smoking (IQOS) e-cigarette products in its key market of Japan.
This was attributed to sales reaching an older segment of users in their 50s at a faster-than-expected rate, resulting in a slowdown in growth due to slower adoption.
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