“So far, Frencken has delivered improving quarters since 1QFY2023 and we believe this trend is likely to persist,” says Seet in his Nov 24 report.
Maybank Securities analyst Jarick Seet has kept his “buy” call on Frencken with a higher target price of $1.39 from $1.27 after the group’s positive 3QFY2023 ended Sept 30 results. Seet’s new target price is pegged to a higher FY2024 P/E multiple of 12x from 11x.
While Frencken’s profit attributable to equity holders of the company (patmi) fell by 35.3% y-o-y to $7.1 million, it was up by 2.9% q-o-q, coming in slightly ahead of Seet’s expectations.
