F&N

F&N: DBSV maintains Buy with with $7.00 TP, following grps 1Q11 results. Note that Grp’s F&B business should provide earnings stability and counter the cyclical nature of property development. While Grp is one of the larger property developers in Singapore, estimate that the unsold units account for 5% of RNAV. In addition, with Kirin’s recent increase in stake to 15%, this could provide a psychological support to share price. Tip RNAV at $7.39.