- We initiate coverage on Frencken with a BUY recommendation and target price S$1.76.
- We believe Frencken is the key supplier for components in the most advanced lithography machine used to produce 2nm chips by their Netherlands-based customer. Frencken will ride on the organic growth of lithography, new products turning into mass production and customer shifting production into Asia. The investments into new capacity have been made as the ramp begins for multiple years.
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Company Background:
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- Frencken operates in two business segments,
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