F&N: Our in-house report maintains a Hold (TP$6.72). Recent acquisition and divestment activity, King’s Creameries for F&B and Bedok Point into Fraser Centrepoint is in line with strategy…
Further acquisitions in F&B or return of surplus capital expected. Highlights possible spin-off on Frasers Hospitality after opening of serviced residences in Osaka, Shanghai and Dubai.
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