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3Q21: No Surprises In Business Update

Frencken’s 3Q21 earnings of S$14.8m (+10.7% yoy, -10.8% qoq) took 9M21 net profit to 77% of our full-year estimate. The business update presented no surprises, as revenue continued to be led by a positive momentum in the semiconductor segment, driving improved operating leverage. We expect the semiconductor segment to continue driving growth going forward, driven by the accelerating development of 5G technology. Maintain BUY and target price of S$2.62.

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