[%rEFG%] 
Research by Maybank 
Buy – TP RM 3.63

" Briefing updates”

We turn more positive on Frontken’s 2H24 earnings outlook following our recent meeting with mgmt, coupled with its recent share price correction (-23% since 10 Jul 2024). We maintain FY24-26E earnings, but U/G the stock to BUY from HOLD on improving risk-reward amidst more palatable valuations (currently trading at 30x FY25E PER). Our TP of MYR4.20 is still pegged to 35x FY25E PER, at LT mean)

Analyst: 
Anand Pathmakanthan
[%sQrX%]
Arvind Jayaratnam
[%Cpmn%]

$KLSE-FRONTKN 
Research by Maybank 
Buy – TP RM 3.63

" Briefing updates”

We turn more positive on Frontken’s 2H24 earnings outlook following our recent meeting with mgmt, coupled with its recent share price correction (-23% since 10 Jul 2024). We maintain FY24-26E earnings, but U/G the stock to BUY from HOLD on improving risk-reward amidst more palatable valuations (currently trading at 30x FY25E PER). Our TP of MYR4.20 is still pegged to 35x FY25E PER, at LT mean)

Analyst: 
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com

$FRONTKN / 0128 (FRONTKEN CORPORATION BERHAD)