Frencken Group - Maybank Research 2023-11-24: Rock Bottom Hit; Recovery On Track

Frencken Group - Rock Bottom Hit; Recovery On Track

Frencken (SGX:E28) | SGinvestors.ioFrencken (SGX:E28)
  • Frencken (SGX:E28) reported a positive 3Q23, with PATMI at S$7.1m, down 35.3% y-o-y but up 2.9% q-o-q, slightly ahead of our expectation. We raise our target price for Frencken to S$1.39 from S$1.27 as we peg to a higher 12x from 11x FY24E P/E.
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3Q23 improved q-o-q

  • Frencken's 3Q23 revenue rose 3.3% q-o-q to S$184.4m while PATMI rose 2.9% q-o-q to S$7.1m, continuing its quarterly recovery since 1Q23. Gross margin was maintained at 12.4%.
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  • The Medical & Analytical and Life Science segments reported strong y-o-y growth of 19.5% and 22.4%, to S$31.1m and S$42.9m, respectively, while Industrial Automation fell 63.5% y-o-y to S$6.8m.

Recovery in FY24E

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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 | 2023-11-24

Read also Maybank's most recent report:
2024-02-28 Frencken Group - Continued Recovery In 2024.

Previous report by Maybank:
2024-02-16 Frencken - Strengthening Recovery.

Price targets by 4 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


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