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RHB upgrades Frencken to 'buy' on attractive valuations

Felicia Tan
Felicia Tan6/21/2022 11:12 AM GMT+08  • 2 min read
RHB upgrades Frencken to 'buy' on attractive valuations
Seet had downgraded Frencken to “neutral” previously with a lowered P/E of 10x from 14x.
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RHB Group Research analyst Jarick Seet has upgraded Frencken to “buy” with an unchanged target price of $1.24 on attractive valuations.

“Over the past month, Frencken has corrected [around] 20% and is now trading at just 8.5x FY2022 P/E, an attractive valuation, which we consider represents a good entry for a long-term investment,” writes Seet in his June 21 report.

Seet had downgraded Frencken to “neutral” previously with a lowered P/E of 10x from 14x as Frencken’s NPAT growth would have been hampered due to higher costs along with the devaluation of tech stocks globally.

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