Revenue growth to continue into 2H21F■ Frencken's 2Q21 net profit was 10.4% above our expectation, driven bystrong growth in the semiconductor business.■ Frencken guides that 2H21F will see modest growth on a hoh basis.■ With continued strong demand from customers, we raise our FY21F-23Frevenue forecasts, leading to a higher S$2.49 TP. Reiterate Add.

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