Frencken Group's 4Q Earnings May Surprise to Upside -- Market Talk

Dow Jones02-21

0557 GMT - Frencken Group's 4Q earnings may surprise to the upside, partly thanks to better-than-expected results of its semiconductor customers Applied Materials and ASML, UOB Kay Hian analyst John Cheong says in a research note. Outlook of both clients is positive for 2024, suggesting that semiconductor equipment demand may improve, driven by strong order wins and higher PC, cloud and artificial-intelligence data center spending, the analyst says. The Singapore-listed technology solutions company's long-term growth is supported by its diversified segments and new programs, the analyst adds. The brokerage raises the stock's target price to S$1.65 from S$1.23 with an unchanged buy rating. Shares are 0.7% higher at S$1.53. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 21, 2024 00:57 ET (05:57 GMT)

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The Singapore-listed technology solutions company's long-term growth is supported by its diversified segments and new programs, the analyst adds. The brokerage raises the stock's target price to S$1.65 from S$1.23 with an unchanged buy rating. Shares are 0.7% higher at S$1.53. 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