F&N

F&N: Deutsche maintains a Buy with a price target of $6.75. F&N has plans to acquire King’s Creameries for $20.8m, approximately an NTA of 1.4x. Given its size, the acquisition is not expected to affect profitability. 2010 forecasts remain unaffected with net profit of $580.1m and EPS of 0.42. King’s is a significant ice cream player in Malaysia and Singapore and F&N is in line with its current strategy to scale up its existing ice cream business.