Maybank IB, which has a ''hold'' recommendation on Frontken, lowered its FY20 earnings forecast by 9% to factor in the softer oil and gas segment's earnings due to prolonged weakness in the industry.
However, the research house maintained its target price of RM3.60, pegged to an unchanged 37x FY21 forecast price-earnings at about plus-2 standard deviation of mean due to Frontken's earnings resilience.