Stock Name: F & N
Company Name: FRASER AND NEAVE, LIMITED
Nomura Research in a Dec 1 research report says: "Although F&N lost the Coke bottling franchise in October this year, it should be able to partially recover the lost volumes through expanding into Singapore, organic growth in Malaysia and expanding into ASEAN.
"One new market that it intends to tap is Myanmar, while expanding further into Indonesia. In the absence of provisioning for royalties made in 4Q, the dairies division is likely to see improved profitability.
"F&N has remained disciplined in its landbanking in Singapore to mitigate downside risks and is well positioned to hold on to its properties in China and Australia given the low land costs. Target price remains at $7.29. MAINTAIN BUY."
Company Name: FRASER AND NEAVE, LIMITED
| Research House: Nomura | Price Call: BUY | Target Price: 7.29 |
Nomura Research in a Dec 1 research report says: "Although F&N lost the Coke bottling franchise in October this year, it should be able to partially recover the lost volumes through expanding into Singapore, organic growth in Malaysia and expanding into ASEAN.
"One new market that it intends to tap is Myanmar, while expanding further into Indonesia. In the absence of provisioning for royalties made in 4Q, the dairies division is likely to see improved profitability.
"F&N has remained disciplined in its landbanking in Singapore to mitigate downside risks and is well positioned to hold on to its properties in China and Australia given the low land costs. Target price remains at $7.29. MAINTAIN BUY."
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