- Frencken (SGX:E28)'s FY25 PATMI of S$39.1m is slightly better than our estimate (S$38m). We believe semi-conductor will continue to be the main driver of the company.
- Frencken's key European semi-con customer is likely to face some weakness in 1H26E due to the drawdown of inventories but we believe the shortfall will be aided by the Asia customer ramping up. We believe both key customers could ramp up together in 4Q26.
Semi-con European client drawing down inventory.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Potential ramp up for both key customers in 2H26E.
- While its key customer in Asia is continuing to ramp up, its European customer might potentially ramp up in the later part of 2H26E after it depletes its inventory level.
- We are positive the ramp up by both these key customers could result in a significantly high growth for Frencken in end FY26E or FY27E.
Clearer outlook after 1Q26E.
- Read more at SGinvestors.io.
