F&N: Mgt have reiterated that they are not looking to sell their APB business, even if a bid comes in at premium multiples (APB is currently at 23x trailing P/E), over out phone conversation. House do not see a sale on the cards in the near-term, and see growth normalizing this year. Maintain Neutral, TP $6.75.
On a separate note, grp has established a $1b multicurrency medium-term note program to fund general corporate purposes, loan refinancing and investments, the food and beverage company. Grp may issue under the program bonds in any currency with various amounts and tenors. The notes may bear fixed, floating, variable, index-linked or hybrid rates. DBS Bank is the arranger and dealer for the program.
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