- 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 the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Jarick Seet Maybank Research | https://www.maybank.com/ 2024-10-14
Read also Maybank's most recent report:
2024-11-20 Frencken - Slower Recovery But Still The Cream Of The Crop.
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
