From Best to Worst, Singapore's Top Stock Is No Longer No. 1
- Venture Corp. target price cut by analysts after 1Q results
- It has lost over $2 billion of its market cap since April 20
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Venture Corp., which was Singapore’s best performing stock in 2018 until this week, has lost almost a third of its market value in just five days.
The combination of a weak earnings outlook by key customer Phillip Morris International Inc., report of short selling, and its own results yesterday that failed to impress sent bulls scurrying. Shares of the electronics services provider have lost 27 percent, or S$2.24 billion of its market capitalization, since April 20, and it’s the worst performer on the Straits Times Index Thursday.