- Frencken’s 1H25 earnings of S$20m (+12% y-o-y) are in line with our expectations, forming 50% of our full-year forecast. The results improvement was driven by a 16% y-o-y revenue growth as well as a stable net margin.
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Revenue growth across three key segments offset by drop in analytical life sciences and industrial automation revenues.
- Frencken’s 1H25 revenue grew 16% y-o-y, mainly driven by the semiconductor (+38% y-o-y), medical (+3% y-o-y) and industrial automation (+20% y-o-y) segments.
- Growth in the semiconductor segment was driven by steady growth from a key customer in Europe and rebound in sales from its Asia operations. Operations in Asia benefitted from a broader product portfolio and a recovery in demand in certain segments of the semiconductor equipment sector.
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- The automotive (-14% y-o-y) segment also saw a decline in revenue.
Expect 2H25 revenue to be broadly stable h-o-h vs 1H25.
- Frencken holds a prudent outlook for 2H25, with segment performances as follows:
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