F&N

F&N: IIFL initiate Buy with $7.56 TP. Expect new shareholder to drive consumer unit with property here to stay, Property business contributes 63% to FY11 SOTP value. Recurrent income from commercial and REIT assets, and its exposure to the esidential market in Australia are welcome stabilisers. Tip more divestment of commercial assets into REITs in the near term to free-up capital for further investments.