Frencken - Maybank Research 2025-11-17: Short-term Weakness In 4Q

• Frencken (SGX:E28)'s 3Q25 PATMI of S$9.9m is in line with consensus forecasts and ours.

Pockets of weakness, but still positive long term

• We see weakness in analytical life sciences and this could persist in 4Q. Management also guided for lower revenue from a key semi-con customer in Europe due to end market demand moderating, especially in 4Q. As a result, we cut our FY25/26E PATMI estimates by 4.8% and 9.1% to reflect this weakness.
• - Read this at SGinvestors.io -

Weakness of key semi-con European client

• - Read this at SGinvestors.io -
• Weakness in the analytical life science business in Europe will also continue, which should also impact profitability.

Longer term growth prospects unchanged

• Nevertheless, management remains confident about its long-term growth prospects, especially as it will begin construction of a larger facility in Singapore.
• Frencken will also build new manufacturing facilities in the US. Larger cleanrooms are likely to be built in the new Singapore facility for its key semi-con clients.

Still our Top Pick

• 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/.

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