FNN

FNN: nomura says the TCC group's offer for FNN looks too low, compared with the Singapore conglomerate's intrinsic value. After updating its valuations for F&N's property business, it estimates a sum-of-the-parts valuation of $10.73/sh after ascribing a 5% conglomerate discount, raises TP to $10.19 from $9.86. Notes, if TCC is happy just to retain influence on F&N without majority control, then it will not raise its offer, but adds, with F&N's current share price still significantly undervalued, it makes sense for the group to once and for all secure majority control and raise its offer price to ensure success. Unlocking further value will also benefit the Thai group, as well as offering it regional and global exposure for its F&B and property activities. Nomura keeps a Buy call. F&N ended Thursday up 0.1% at $8.89, vs the Thai group's $8.88/sh bid price.