Venture's Hold Rating: Balancing Current Challenges with Future ProspectsWe expect any turnaround in Venture’s operations will be in 2H26. The new products, namely networking and lifestyle consumer, will be the largest driver of the recovery. Apart from the significant drop in lifestyle consumer revenue, other drags on net profit will be lower interest rates and a weaker US dollar. Venture’s operating expenses and labour are mainly in Singapore dollars and Malaysian ringgit. In contrast, most of the revenue is in US dollars. Maintain NEUTRAL with a higher TP of S$13.00 (prev. S$11.80) We maintain FY25e revenue but lower PATMI by 1%.