Wednesday, December 8, 2010

F&N

F&N: KE reiterates Buy; says asset restructuring could drive a re-rating of the stock. Notes mgt has several options, such as by relisting its property arm, selling non-core businesses, investing in global F&B brands or even privatizing F&N Hldgs Bhd. Believes the sum of the values of the businesses as separate entities should be 26% higher compared to the conglomerate approach. Gives $8.98 TP (highest in the Street), based on break-up value of firm.

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