SG : Frencken Group Ltd - Semicon leads the charge into FY21F

Frencken’s1Q21 net profit was above expectations at 32.3/29.5% of our/consensus’ FY21F forecasts. The better-than-expected performance was driven by the semicon segment which registered a 58% yoy revenue growth in the quarter. We believe the semicon segment will continue to exhibit strong growth momentum, driving our higher target price. Reiterate Add.

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