Stock Name: F & N
Company Name: FRASER AND NEAVE, LIMITED
Company Name: FRASER AND NEAVE, LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 7.70 |
DBS Vickers increased its target price for Singapore’s property and food and beverage conglomerate Fraser and Neave to $7.70 from $7.20 and kept its buy rating, citing a higher market value of its listed entities.
The broker said F&N is also a good proxy to its unit Asia Pacific Breweries, which has a strong geographical presence in Southeast Asia but whose shares have limited liquidity.
Although DBS trimmed its earnings forecast for F&N by 12 and 6% in 2012 and 2013 respectively to reflect the recognition of earnings on the completion of its overseas projects, its property sales remain robust, it said.
By 11:06 a.m., F&N shares were up 0.9% at $6.88, and have gained 11% since the start of the year.
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