- In FY24, Frencken (SGX:E28)'s revenue and profit after tax and minority interests (PATMI) grew by 7% and 14% y-o-y, reaching S$794.3m and S$37.1m, respectively. FY24 PATMI accounted for 99.4% of our forecast. Consequently, PATMI margin increased y-o-y from 4.4% to 4.7%.
Earnings growth picks up through robust growth in its semiconductor segment.
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- Frencken's management anticipates a sequential increase in orders for its Reticle Masking (ReMa) module, a key component in High Numerical Aperture (High NA) Extreme Ultraviolet (EUV) lithography machines, with the run rate expected to increase from 1 unit per month to 1.5 units per month.
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Expecting stability in other segments while we see push back in serial production for its radar antennas to 2026.
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