- 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.
- - Read this at SGinvestors.io -
Medical and industrial automation segments continue to grow.
- Read more at SGinvestors.io.
