F&N

F&N: Hospitality unit expands into Japan with opening of a 114-unit project in Japan, called Fraser Residence Nankai Osaka (FRNO). This is one of 12 new properties this year under both the Fraser brand and its second brand Modena. F&N now has 35 properties in total across 21 cities. It plans to double its individual residences to 10,600 units by 2012 +0.3% at $6.40, just shy of new all-time high of $6.43 created earlier. Momentum has been strong, with prices rising 19% since the recent low 6-wks ago. Nevertheless, we note that prices are approaching the top end of Street targets (Deutsche, Nomura have $6.55 TP), while indicators are looking very overbought. Near term support at $6.00 (20-day MA).