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We stay positive on Frencken (SGX:E28) over the robust global semiconductor outlook. 1Q26 revenue and core earnings were within expectations, with momentum expected to accelerate into 2Q26 and 2H26. We expect growth to be led by more orders, on the back of better visibility on customers’ projected orders.
1Q26 revenue in line.
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The mechatronics division’s decline was led by the semiconductor segment (-7% y-o-y to S$99m) as a result of lower sales to Europe, as orders moderated from its peak level in 2025 for an advanced module in extreme ultraviolet (EUV) systems. Revenue from the medical segment grew 5% y-o-y to S$35m from more customer orders in Europe. The analytical life sciences segment’s revenue fell 21% y-o-y to S$36m on soft customer demand in Europe. The industrial automation segment’s revenue was stable at S$8m, as its key data storage customer upgraded and maintained its assembly and test lines. The APS division’s revenue growth was due to automotive (12% y-o-y, S$16m), offset by slower sales in the consumer and industrial electronics (-5.2% y-o-y, S$4m) segments.
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Expect a stronger 2H26.
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