Frencken - Phillip Securities 2025-11-19: Stronger Growth On The Back Half Of 2026

• Frencken (SGX:E28)'s 3Q25 revenue/PATMI were within expectations, at 73%/72% of our FY25e forecasts.
• 3Q25 revenue/PATMI growth of 7%/8% y-o-y was driven by semiconductor’s 8% y-o-y revenue growth, due to higher sales in its Asia operations. Medical and industrial automation revenue also increased by 6%/52% y-o-y, driven by higher demand for patient tables and data storage solutions, respectively.
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• We believe Frencken’s semiconductor segment will face temporary demand softness in 2H25e and 1H26e, from longer EUV lead times and pull in of demand for China in 2024. Nevertheless, both customers indicated that 2H26e will be a stronger half, driven by an expected high-NA EUV order ramp and acceleration in wafer fabrication equipment (WFE) spending.

The Positives

Expansion in Asia operations drives semiconductor segment.

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Medical and industrial automation segments continue to grow.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2026-01-05 Frencken - Where Growth Meets Value.

Price targets by 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