Frencken - Maybank Research 2024-11-20: Slower Recovery But Still The Cream Of The Crop

• Frencken reported 3Q24 revenue of S$198.6m and PATMI of S$9.2m, up 7.7% q-o-q and 29.3% y-o-y, below consensus and our estimates. This was mainly due to a decline in the medical and automotive segments as well as lower-than-expected growth in the life sciences and semi-con segments.

Maintain BUY with a lower target price of S$1.50

• - Read this at SGinvestors.io -
• Frencken remains our Top Pick in the Singapore tech sector.

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

• - Read this at SGinvestors.io -
• Potential trade restrictions between major powers the US and China will continue to impact global demand but we believe that the long-term growth story is intact.

Life sciences/medical growth 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