F&N

BNP keeps Buy call and raises F&N target price to $5.48 from $4.52, pegged at 20% discount to RNAV valuation of $6.85, reflecting higher selling prices of its residential properties, increased earnings assumptions for F&B operations. Notes F&N has accumulated unrealised property sales, estimated at $1.9bn, which will support earnings in next 2-3 years; group also turning focus to extract value from its little-known but large land bank in China and Australia.