His higher target price is due to a rollover to FY2025 still based on an unchanged FY2025 P/E of 12.2x based on its five-year FY2019 to FY2023 average.
CGS-CIMB Research analyst William Tng has kept his “add” call on Frencken Group (SGX:E28
) with a higher target price of $1.37 from $1.10 previously.
“We reiterate our ‘add’ call on Frencken as it seems to be seeing the early stages of recovery among its semiconductor customers, in our view, leading to a potential resumption in double-digit core earnings per share (EPS) growth in FY2024 to FY2025,” Tng writes in his Oct 19 report.
