Frencken Group's earnings likely face multiple headwinds in 2H, CGS International's William Tng says in a research report. Management sees headwinds such as potential escalation in geopolitical conflicts and increasing trade tensions, the analyst notes. Management also foresees an uneven recovery across markets, which has led to delayed demand in some of the company's sub-segments. The brokerage cuts the stock's target price to S$1.38 from S$1.55 to reflect its lowered 2024-2026 EPS forecasts for the company. However, the brokerage reaffirms the stock's add rating as order recovery among the integrated technology solutions provider's semiconductor customers looks intact, the analyst says. Shares are 2.4% lower S$1.21. (ronnie.harui@wsj.com)
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