Frencken Group's much-anticipated ramp-up in orders from the semiconductor sector is likely delayed to 2Q-3Q next year, says Maybank Research. There are no signs of an incoming increase in these orders yet, based on channel checks, Jarick Seet writes in a report. The technology solutions provider's 3Q results were below expectations due to factors including slower-than-expected growth in the semiconductor segment, he notes. Maybank trims its 2024 and 2025 PATMI forecasts for the company by 12% and 7%, respectively. It also cuts the stock's target price to S$1.50 from S$1.54, with an unchanged buy rating. Shares are last at S$1.22.(amanda.lee@wsj.com)
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