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)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.