F&N: DBSV upgrade to Buy with revised TP of $7.00 frm %6.90. Note of Kirin’s yesterday open-market purchase of F&N shares, increasing its stake to 15% from 14.68%. Add that share price has retreated 8% house downgraded stock in Nov10. Note that F&N offers more value now with 18% total return upside to house revised TP….
With Kirin’s increasing its stake to 15%, house believes this could provide support to share price, and possibly provide catalyst for restructuring over the medium to long term. On the property front, believe the recent property measures could largely have been priced in. Response to grp’s latest launch also looks decent.
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