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Frencken (SGX:E28) released 1Q26 update with limited financials. 1Q26 revenue was within our expectations at 21% of our FY26e forecasts, due to a stronger 2H26e expected. 1Q26 PATMI was below expectations, at 18% of our FY26e forecasts. PATMI declined 20% y-o-y, driven by a 7% y-o-y fall in semiconductor revenue due to lower EUV component volumes from Europe, and S$1.1mil foreign exchange loss.
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We believe memory players will drive demand for high-NA EUV equipment in 2H26e and 2027e to address the memory chip shortage. Memory players are expected to contribute ~44% of 2026e revenue to Frencken’s key semiconductor equipment customer (2025: 34%).
The Positives
Medical revenue increased 4.8% y-o-y to S$34.7mil.
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Automotive revenue increased 12% y-o-y to S$15.8mil.
- Read more at SGinvestors.io.
