- 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.
- - Read this at SGinvestors.io -
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%.
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
