Frencken - Maybank Research 2023-03-01: Hit By Semi-Con Softness; 1H23 Facing Headwinds

Frencken - Hit By Semi-Con Softness; 1H23 Facing Headwinds

  • Frencken (SGX:E28) reported strong FY22 PATMI of S$51.9m, above ours and consensus estimates. However, its outlook for its semi-con segment was worse than expected - despite a key customer with a great outlook - as other Asian-based semi customers are suffering slowdowns.
  • - Read this at -

Semicon segment hit by customers in Asia

  • - Read this at -
  • However, another similar size key customer with a large Singapore presence has a lot of existing inventory hence new orders will likely be pushed towards 2024 which will likely result in a slowdown for Frencken. It has also taken on a similar customer in Malaysia which is facing similar issues.
  • Hence, we believe a slowdown is inevitable for Frencken while management is guiding that 1H will be much weaker than 2H22. We expect semi-con revenue to pick up again in FY24E.

Analytical and life science a bright spark

  •

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Jarick Seet Maybank Research | 2023-03-01

Read also Maybank's most recent report:
2024-05-27 Frencken - Applied Materials Partnership To Drive More Growth.

Previous report by Maybank:
2024-05-15 Frencken Group - The Only Shining Beacon.

Price targets by 2 other brokers at Frencken Target Prices.

Listing of research reports at Frencken Analyst Reports.

Relevant links:
Frencken Share Price History,
Frencken Announcements,
Frencken Dividends & Corporate Actions,
Frencken News Articles


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁