Frencken - Maybank Research 2026-05-06: Slower 1H26, Ramp Up In 2H26

• We expect Frencken (SGX:E28)’s 1H26 numbers, including its upcoming 1Q26 report (due end may 2026) to be weaker y-o-y, as its key European semi-con customer is likely to face weakness in 1H26E due to a drawdown of inventories. But we expect a ramp up for both its key semi-conductor customers in 2H26E to cover a shortfall in 1H26.

Softer 1H26E – European semi-con client drawing down inventory

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• We expect inventory levels to be depleted by the end of 2Q26, and the ramp up for this customer could happen in 3Q26E. As a result, we expect a softer 1H26, including a softer upcoming 1Q26E.

2H26E will potentially see a huge ramp up

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FY26E should still be positive despite a weaker 1H26E

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Previous report by Maybank:
2026-03-01 Frencken - Semi-com Ramp-up In 2H26E.

Price targets by 3 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