Venture's earnings expected to decline in 1Q12

But there's nothing to worry about as 1Q12 is a low season quarter anyway, says Maybank.

Venture’s solid cash flow generation puts a strong floor to its dividends.

Here's more from Maybank Kim Eng:

1Q12 earnings, to be announced on 3 May, is expected to have declined YoY and QoQ. This is nothing to be alarmed about, as 1Q12 is a low season quarter. Barring further economic shocks, 2012 should turn around from last year’s macro-economy driven shortfall. However, only single digit growth may be expected for now.

Investors are encouraged to look beyond short term earnings growth and focus on its ability to generate cash. Venture’s solid cash flow generation puts a strong floor to its dividends, which is what the stock is attractive for. In addition, Venture may want to sweeten the deal with a twice-annual payment of dividends in future.