$Frencken (E28.SG)$ CGS-CIMB has an add rating for Frencken ...

CGS-CIMB has an add rating for Frencken with tp 1.37 from 1.10 on rollover to FY25F.

FY24-25F outlook is likely to improve.

They expect Frencken to issue its 3Q23 business update by after the market close on 27 Nov 2023.

They estimate Frencken posting a SGD176.8m revenue (-9.5% yoy, -1.0% qoq) and SGD6.0m net profit (-45.1% yoy, -12.5% qoq) for 3Q23F.

Their FY23-25F forecasts and P/E multiples are unchanged.