Maybank Securities (Maybank) analyst Jarick Seet has upgraded his target price (TP) on Frencken Group (Frencken) from $1.34 previously to $1.75 to bring its valuation closer to its other local listed peers.

Presently, Frencken is trading at a “significant discount” to local peers at 14.5 times FY2025 P/E compared to 21 times for UMS and 23 times for AEM.

“We believe that the gap in valuations is an attractive opportunity, especially with the incoming $5 billion Monetary Authority of Singapore (MAS) equity programme,” writes Seet in his July 20 report.