- Frencken’s 3Q23 earnings of S$7m (-30% y-o-y/+3% q-o-q) were in line with expectations, with 9M23 earnings accounting for 74% of our full-year estimate. 3Q23 revenue grew 3% q-o-q but fell 6% y-o-y as all segments saw revenue declines, except for medical (+20% y-o-y) and analytical & life sciences (+22% y-o-y).
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3Q23 earnings of S$7m (-30% y-o-y/+3% q-o-q) are in line with expectations.
- Frencken (SGX:E28) reported earnings that are in line with our forecast, with 9M23 earnings of S$19m (-48% y-o-y) accounting for 74% of our full-year estimate.
- - Read this at SGinvestors.io -
Revenue declined across 4 segments, while that for medical and analytical & life sciences rose.
- Frencken’s 3Q23 revenue grew 3% q-o-q but the drop of 6% y-o-y was led by declines in the
- industrial automation (-64% y-o-y),
- semiconductor (-11% y-o-y),
- consumer & industrial electronics (-4% y-o-y) and
- automobile (-6% y-o-y) segments.
- In the semiconductor space, sales to a key customer in Europe was higher y-o-y in 1H23. However, this was insufficient to compensate for the decline in sales in Asia.
- Sales in the medical (+20% y-o-y) segment grew due to higher sales to a significant European customer, while sales of the analytical & life science segment rose 22% y-o-y.
Earnings have already bottomed in 1H23
- Read more at SGinvestors.io.
