FNN

FNN: CIMB maintains at Outperform; lifts TP from $9.85 to $10.03. Estimates current share price still implies at 41% discount to its property RNAV (considerably wider than big cap peers avg of 16%). Meanwhile, the group has continued to chalk up unit sales in Singapore and Australia. Unbilled presales remains robust at $3.3b, and is expected to underpin devt earnings for the next few years. FNN’s F&B profits have also recovered, with soft drinks volume up 6% yoy. Believes the operational weaknesses seen in FY12 are over. CIMB believes the corporate actions will not end here. FNN remains an investable stock, with current free float of over US$1b and a SOP value backed by an estimated net cash per share of $3.10 in FY13, implying potential for higher dividends.