Frencken Group - Maybank Research 2024-02-28: Continued Recovery In 2024

• If the semi-con recovery ramps up in 2H24, we believe Frencken (SGX:E28) will be a key beneficiary and profitability could even surge beyond our bullish forecast.
• Frencken’s 4Q23 PATMI of S$13m was significantly higher than our and consensus estimates (S$7-8m), mainly due to higher orders from the semicon and medical segments and pull-in orders slated for 1Q24.

Semicon a key segment to watch

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• 2H24’s performance will depend on whether the semicon industry ramps up. If so, Frencken will likely be a main beneficiary and enjoy stronger profitability than we have forecast.

Gradual sequential recovery

• 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:
2025-11-17 Frencken - Short-term Weakness In 4Q.

Previous report by Maybank:
2025-08-17 Frencken - 2H25 Guidance Disappointing.

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