2023: Results Above Expectations; Semiconductor Segment Outperforms
Frencken’s 2023 earnings of S$33m (-37% yoy) are 27% above our expectation. Semiconductor and analytical & life science were the best performers in 2H23, recording 30% and 11% hoh growth respectively, mainly driven by strong demand of key customers from Europe. Frencken expects stable revenue in 1H24 vs 2H23 and will continue to focus on its programmes for customers to ensure it is well-positioned for a recovery. Maintain BUY with a 5% higher target price of S$1.74.
