- 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
- - Read this at SGinvestors.io -
- 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
- - Read this at SGinvestors.io -
FY26E should still be positive despite a weaker 1H26E
- Read more at SGinvestors.io.
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/.
Jarick Seet Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-06
Read also Maybank's most recent report:
2026-05-19 Frencken - Robust 2H26E Should Offset Weaker 1H26.
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
