Frencken (SGX:E28)'s 1Q26 earnings appear soft but are in line with expectations. Earnings of S$8 (-20% y-o-y) formed 18% of our full-year forecast, in line with expectations. The decline was driven by a 6% y-o-y revenue growth and marginally softer net margin.
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Revenue fell across two key segments offset by an increase in medical revenues.
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Frencken's 1Q26 revenue fell 6% y-o-y, driven by the semiconductor (-7% y-o-y) and analytical life sciences (-21% y-o-y) segments. Decline in the semiconductor segment was due to moderation in orders of an advanced module from its peak level in 2025.
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The medical segment (+5% y-o-y) grew on increased customer demand in Europe.
Outlook appears soft for 1H26 but 2H26 revenue is expected to catch up and drive earnings growth for 2026.
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Expect 1H26 revenue to be stable y-o-y vs 1H25, with segment performances as follows:
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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
John Cheong UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-05-20
Previous report by UOB:
2025-11-18 Frencken - Outlook For 2H25 Downgraded Due To Semiconductor Softness.
Price targets by 4 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
