F&N

F&N: CIMB downgrades to neutral with TP of $6.91. Highlight that share price has outperformed FSTI by 44% YTD, and with conclusion of World Cup and reality of much higher base effect going into FY11, a more measured growth trajectory is likely to resume. Current share price at 1.5x P/B is now beyond the $6.50 which Kirin paid for. Recommend investors lock in profits now.