Frencken - Maybank Research 2023-05-22: Hit By Semicon Weakness But Worst Should Be Over

• Frencken (SGX:E28) reported a much weaker 1Q23 than expected, with revenue declining 13% y-o-y to S$172.5m while PATMI fell 59.5% y-o-y to S$5.2 m, mainly due to weakness in the semi-con and industrial automation segments as well as a lower utilisation rate.
• - Read this at SGinvestors.io -

Weaker semi-con demand leading to lower utilisation

• - Read this at SGinvestors.io -
• Frencken's key customer in Singapore has high inventory levels hence new orders are likely to be delayed towards 2024. Hence, we believe a continued slowdown is inevitable and we don’t expect semi-con revenue to pick up again until FY24E.

Analytical revenues to continue to grow

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-06-10 Frencken - Singapore Expansion Validates Outlook.

Previous report by Maybank:
2025-05-22 Frencken - Semicon, Hard Carry.

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 Dividend Payout Dates & Corporate Actions,
Frencken News