F&N

F&N: FY11 results slightly ahead.
4Q grows 23% yoy, taking FY11 net profit to $621m, +6.2% yoy.
Earnings growth was underpinned by growth from the F&B division which grew 13% yoy on the back of volume growth and price increases for Soft drinks and Beer.
Soft drink sales in 4Q improved ahead of the cessation of the Coke bottling arrangement, while margins improved with better sales mix.
APB posted 13% rise in FY11 net profit, with sales up 18% on strong volume growth from Oceania (+11%), Indochina (+17%), SE Asia (+20%) and new contribution from Indonesia and Caledonia.
Dairies however, posted a loss for the quarter due to loyalty provisions and lower volumes due to competition in the Msian mkt.
Regarding FNN's Rojana plant in Thailand, FNN stated that assets and operations are insured, and expects the plant to be back online in 4-6 months.

Property development earnings were flat for the year, driven mainly from Spore and bolstered by asset sales.
4Q11 Development PBIT (profit before interest and tax) grew 27% YoY to $153.6m, as a $40m gain from the divestment of 50% of its stake in its One Central Park project to Sekisui Holdings offset lower completions in China.
Commercial property PBIT fell 3.6% to $45m.
Momentum remains firm in Australia with 118 units (48%) sold at its recently launched QIII project in Perth and 77 units sold at One Central Park (from OCP and Park Lane phases).
In Spore, 171 units and 218 units were sold respectively at mass-market projects Seastrand and Boathouse during 4QFY11.
Mgt believes a moderation in demand and pricing may occur due to economic uncertainty and rising supply.However, long term prospects remain steady supported by low interest rates and unemployment. FCT and FCOT saw relatively flattish net property income for the quarter.

Nomura keeps Buy but lowers TP to $7.29 from $7.60 to account for lower valuation of its listed companies.
DBSV maintains Buy with TP $7.20