Frencken - UOB Kay Hian 2024-11-20: 3Q24 Results Below Expectations; Expect Gradual Recovery

• Frencken's 3Q24 earnings of S$9.2m (+29% y-o-y/flat q-o-q) missed our expectations by 16%, with 9M24 earnings forming only 61% of our full-year forecast.
• Frencken expects an uneven recovery for its business but maintains its guidance of better revenue for 2H24 vs 1H24.

Slower-than-expected revenue recovery.

• - Read this at SGinvestors.io -
• Gross margin grew 1.6ppt y-o-y to 14.0% in 3Q24 mainly due to better operating leverage.

Revenue growth across two key segments offset by drop in medical and automotive revenues.

• - Read this at SGinvestors.io -
• The analytical life sciences segment saw higher sales from a key customer in Europe.

Uneven recovery in semiconductor industry but long-term outlook continues to be positive

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-03-03 Frencken - 2024 Results In Line; Cautiously Optimistic Amid Uncertain Times.

Price targets by 3 other brokers at Frencken Target Prices.

Listing of research reports at Frencken Analyst Reports.

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