Stock Name: F & N
Company Name: FRASER AND NEAVE, LIMITED
Research House: CIMB
Company Name: FRASER AND NEAVE, LIMITED
Research House: CIMB
CIMB upgrades Fraser & Neave (F99.SG) to Outperform from Neutral but cuts its target price to $6.84 from $6.91. It notes F&N has been de-rated by 19% since the house downgraded the stock to Neutral in November 2010, underperforming the STI by 9% YTD, and it now believes value has re-emerged.
“Despite nuclear-meltdown concerns in Japan, we believe its solid F&B franchise in ASEAN will continue to grow through rising volumes and earnings, with Kirin still the wild card for longer-term restructuring potential.”
“Despite nuclear-meltdown concerns in Japan, we believe its solid F&B franchise in ASEAN will continue to grow through rising volumes and earnings, with Kirin still the wild card for longer-term restructuring potential.”
F&N now replaces Keppel Land (K17.SG) as one of its key picks for the sector. It says stock catalysts are further streamlining of capital-recycling.
The house raises its sum-of-parts estimate by 9% to $7.60 primarily on a higher APB (A46.SG) share price and a variety of recent corporate actions, though sets its target price at a 10% discount to SOP (from parity previously) to factor in greater policy risks in the property sector. Shares are off 1.9% at $5.32.
No comments:
Post a Comment