- Frencken (SGX:E28)’s 9M25 earnings of S$29.8m (+9% y-o-y) formed 75% of our full-year forecast, in line with expectations. The results improvement was driven by a 13% y-o-y revenue growth as well as stable net margin.
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Revenue growth across three key segments offset by drop in analytical life sciences revenue.
- Frencken’s 3Q25 revenue grew 7% y-o-y, mainly driven by the semiconductor (+8% y-o-y), medical (+6% y-o-y) and industrial automation (+51% y-o-y) segments. Growth in the semiconductor segment was driven by stronger Asia sales, due to a broader product portfolio and a recovery in demand.
- Revenue of the analytical life sciences (-8% y-o-y) segment fell on lower customer demand in Europe, while that of the automotive (1% y-o-y) segment remained stable.
Outlook downgraded but y-o-y revenue growth still expected despite market pressure.
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- Nonetheless, Frencken still expects y-o-y revenue growth for 2025.
Expect 2H25 revenue to be marginally lower h-o-h vs 1H25 (reduced from broadly stable in the quarter before).
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