Frencken - Maybank Research 2024-10-14: Ramp Up Likely Only From 2-3Q25 Onwards

• We are still not seeing any big ramp up in orders through our channel checks in the semi-con sector and now believe that the much anticipated acceleration in orders will likely occur from 2-3Q25 onwards.

Positive 2H24 outlook

• We still expect Frencken's profitability to be stronger in 2H24 vs 1H24 but earnings likely won’t be as strong as anticipated due to slower-than expected growth in the life science sector. Hence, we cut our FY24/25E PATMI forecast for Frencken by 15%/18% respectively, and lower our Frencken's target price to S$1.54, pegged to an unchanged 15.5x FY24E P/E.
• - Read this at SGinvestors.io -

Semi-con ramp up likely delayed to 2-3Q25

• - Read this at SGinvestors.io -
• However, we believe the much anticipated ramp up in orders will now likely only come in 2Q/3Q25 as we do not see any signs of incoming ramp up yet from our channel checks.

Life science growth likely slower than expected

• 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