KUALA LUMPUR (July 19): Shares in Frontken Corp Bhd rose 3.8% this morning after Hong Leong IB (HLIB) Research picked the counter as its top pick in the technology sector.
At 11.22am, Frontken shares were up 6 sen at RM1.64 for a market capitalisation of RM1.73 billion.
HLIB Research has a "buy" rating on Frontken with a target price of RM1.67 pegged to 25x of FY20 earnings per share (EPS).
"We expect multi-year growth ahead on the back of sustainable global semiconductor market outlook, robust fab investment, leading edge technology, O&G (oil and gas) recovery, and strong balance sheet," it said in a sector outlook report today.