F&N

F&N: CIMB note that FNN shares have commenced “ex” trading and believe that more clarity from TCC/Thai Bev on its plans to 1) restructure FNN’s F&B and property businesses and 2) restore the stock’s public float will be the key milestones to watch for and could catalyse the stock. House slash our SOP estimates from $10.94 to $7.60, largely to account for the capital reduction. House FY14-15 core EPS numbers are cut by 3-6%. (still based on a 20% discount to its property RNAV) is now lower. We estimate that investors will be getting its property business at an implied discount to RNAV of 37% – among the widest in the sector. Maintain Outperform.