• Frencken Group Limited (SGX:E28) is a manufacturing solutions provider with a global presence and 2 key divisions – mechatronics and integrated manufacturing services (IMS). 
• We project Frencken Group to have a net cash balance sheet by end-FY21F. We estimate dividend yields over FY19-21F of 4.1-4.3%. Initiate with ADD and Target Price of S$0.90.
• We believe Frencken Group's earnings will be driven by industrial automation segment, where demand from a key customer is strong. 

Global Integrated Solutions Provider

• Listed on the SGX Mainboard, Frencken Group Limited (SGX:E28) is a global integrated technology solutions company.
• Frencken provides manufacturing solutions for companies in the automotive, healthcare, industrial, life sciences and semiconductor industries. Frencken is able to offer end-to-end solutions across the entire customer value chain - from product conceptualisation, integrated design, prototyping and new product introductions to supply chain design and management, volume manufacturing and logistics services.
• Frencken has 3,500 employees located in 16 operating sites across Asia, Europe and the US.

Source: CGS-CIMB Research - 16 Apr 2019