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$Frencken (E28.SG)$ Maybank downgraded it to hold and reduce...

$Frencken (E28.SG)$
Maybank downgraded it to hold and reduced tp from 1.80 to 1.05.
Tech stocks globally are still undergoing a de-rating and with a potential recession looming, they are mindful demand might suddenly taper off unexpectedly. As a result, they cut their FY22-23E earnings by 2-14% to factor in slower growth across certain segments and reduce their target multiple from 14x to 8.5x and downgrade Frencken from BUY to HOLD with a lower tp of 1.05 due to the muted macro outlook.
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