F&N: Nomura reiterates Buy, TP$7.60 from $7.24, citing good cost mgmt and attractive valuation at 1.2x P/B. Soft drinks and breweries see strong momentum, dairies hit by higher raw materials and Sg property offers good visibility for earnings. Group rationalisation continues, possible catalysts for re-rating include
1) divestment of Times Publishing;
2) Kirin accumulating more shares
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