Frencken Group Set to Benefit From Key Client's 2Q Guidance Upgrade -- Market Talk

Dow Jones02-19

0723 GMT - Frencken Group stands to benefit from the stellar 1Q results and 2Q earnings guidance upgrade by key client Applied Materials, Maybank Research analyst Jarick Seet says in a research report. Maybank now foresees Applied Materials' inventories will likely be drawn down, boosting the probability of more orders for Frencken, Seet says. The Singapore-listed technology-solutions company will also be a major beneficiary of Applied Materials' production shift to Southeast Asia via new projects and volumes, Seet adds. Maybank raises the stock's target price to S$1.61 from S$1.39 with an unchanged buy rating. Shares are 3.5% higher at S$1.47. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 19, 2024 02:23 ET (07:23 GMT)

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