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Frencken’s 1QFY26 PATMI fell 20% y-o-y to S$8m, in line with our estimates. We expected 1H26 to be weaker y-o-y, however, we see a ramp up for both its key semi-conductor customers in 2HFY26E to cover a shortfall in 1QFY26, accompanied by higher margin revenue mix from the semi-con segment and better operating leverage,
Semicon ramp up much stronger in 2H26E
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We expect strong order growth from the deep ultraviolet (DUV) and extreme ultraviolet (EUV segments), especially in 2027, for new products (NPI) which could add S$50-100m of revenue. There is currently strong demand and we expect 30-40% y-o-y growth in 2H orders from its Asia customer.
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Life science orders likely bottomed and picking up
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The life science revenue segment should have bottomed in 1QFY26 and with new NPIs being ramped up in the subsequent quarters; we expect q-o-q revenue growth from this segment.
Still a stronger FY26E
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