Broker Name: DBS
Date of Report: (Date not specified in the provided text; inferred to be after FY25 results, likely in 2024 or early 2025)

Excerpt from DBS report.

Report Summary

• Frencken’s FY25 revenue and earnings slightly exceeded expectations, supported by recovering semiconductor demand and resilient medical and industrial automation segments.
• Semiconductor, accounting for nearly half of total revenue, saw strong growth, while medical and industrial automation also improved; analytical life sciences and automotive segments were softer.
• Outlook remains positive for FY26, with semiconductor activity expected to strengthen in 2H26, and automotive radar antenna solutions poised for growth as ADAS demand accelerates.
• 1H26 revenue is expected to remain flat, but net profit should improve due to growth in Asian Mechatronics operations and margin optimisation initiatives.
• The target price is raised to SGD2.50, reflecting optimism in key segments and a valuation that still offers a discount to global peers; DBS maintains a BUY rating on Frencken.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com.sg