Fraser & Neave (F & N)

With this Capital Payout, the natural downward market adjustment to the share price has resulted in an "improved" PE & Yield plus any other financial ratio which uses "P"...Haha...

(23-07-2013, 10:05 AM)NTL Wrote:

(23-07-2013, 09:48 AM)KopiKat Wrote: With this Capital Payout, the natural downward market adjustment to the share price has resulted in an "improved" PE & Yield plus any other financial ratio which uses "P"...Haha...

Except P/B?

Aww.... but good to see it running up now (+28ct @ $5.91) , although on low vol (162 lots)...

(23-07-2013, 10:10 AM)KopiKat Wrote:

(23-07-2013, 10:05 AM)NTL Wrote:

(23-07-2013, 09:48 AM)KopiKat Wrote: With this Capital Payout, the natural downward market adjustment to the share price has resulted in an "improved" PE & Yield plus any other financial ratio which uses "P"...Haha...

Except P/B?

Aww.... but good to see it running up now (+28ct @ $5.91) , although on low vol (162 lots)...

Public float only 9+%, don't have much to trade. Only own 1 lot for myself. Can't do much with it too.

(23-07-2013, 10:34 AM)NTL Wrote:

(23-07-2013, 10:10 AM)KopiKat Wrote:

(23-07-2013, 10:05 AM)NTL Wrote:

(23-07-2013, 09:48 AM)KopiKat Wrote: With this Capital Payout, the natural downward market adjustment to the share price has resulted in an "improved" PE & Yield plus any other financial ratio which uses "P"...Haha...

Except P/B?

Aww.... but good to see it running up now (+28ct @ $5.91) , although on low vol (162 lots)...

Public float only 9+%, don't have much to trade. Only own 1 lot for myself. Can't do much with it too.

Decided to take profit @ $5.93 & $5.90. All local CPs - DSBV, OCBC, Phillip, UOBKH. No idea why this sudden buy up but still below Thai tycoon's G.O. price.

Good luck to those vested!

(23-07-2013, 10:49 AM)KopiKat Wrote:

(23-07-2013, 10:34 AM)NTL Wrote:

(23-07-2013, 10:10 AM)KopiKat Wrote:

(23-07-2013, 10:05 AM)NTL Wrote:

(23-07-2013, 09:48 AM)KopiKat Wrote: With this Capital Payout, the natural downward market adjustment to the share price has resulted in an "improved" PE & Yield plus any other financial ratio which uses "P"...Haha...

Except P/B?

Aww.... but good to see it running up now (+28ct @ $5.91) , although on low vol (162 lots)...

Public float only 9+%, don't have much to trade. Only own 1 lot for myself. Can't do much with it too.

Decided to take profit @ $5.93 & $5.90. All local CPs - DSBV, OCBC, Phillip, UOBKH. No idea why this sudden buy up but still below Thai tycoon's G.O. price.

Good luck to those vested!

Thanks!

CIMB Recommends:

SOP value after capital reduction
FNN shares have commenced “ex” trading. We 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.
We slash our SOP estimates from
S$10.94 to S$7.60, largely to account
for the capital reduction. Our FY14-15
core EPS numbers are cut by 3-6%.
Thus, our target price (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.
What Happened
FNN’s shares have commenced “ex”
trading, following the proposed cash
distribution of S$3.28 via capital
reduction. Book closure date will take
place on 24 Jul 13 at 5pm, with the
expected payment date on or about 31
Jul 13.
What We Think
In our view, the decision to repay
shareholders is the first of many
corporate actions expected of the
group. On 28 Jun 13, FNN announced
that it will carry out a strategic review
of the group, which may involve a
break-up of the current conglomerate
structure. Media reports also suggest
that its controlling shareholder,
Charoen Sirivadhanabhakdi, may be
spinning off FNN’s hospitality assets
into a REIT, along with assets under
his TCC group. TCC/Thai Bev has yet
to reveal its strategy for FNN. The
final deadline to restore FNN’s free
float to 10% or above has been
extended to 31 Dec 13, and we expect
TCC/Thai Bev to finalise its
intentions in the next few months.
Overall, we believe that there is a
huge potential for the stock’s
valuation gap to narrow via more
corporate restructuring moves. TCC
Land owns a large portfolio of
investment properties in the region
(e.g. the largest owner of Marriotbranded
hotels in Asia Pacific). FNN,
which currently has two REITs in
place and over S$1.4bn worth of
serviced apartments, should be TCC’s
ideal property vehicle for pursuing
growth. At current levels, we estimate
that investors of FNN will be getting
its property business at an implied
RNAV discount of 37%, backed by a
low FY13F net gearing of 12%.
What You Should Do
Maintain Outperform with more
corporate actions expected to act as
share price catalysts.

I checked with bank account, the capital distribution of $3.28 per share is credited.

Next is to wait for exciting news from its property and/or F&B segments...

(vested)

Vested myself at $5.59 when she EX last week. I think it is a steal at this price. Sold early at $9.2 before the EX.

F&N after break up can worth more meh?
Not vested until now.

(31-07-2013, 07:46 PM)Temperament Wrote: F&N after break up can worth more meh?
Not vested until now.

Uncle Temperament,

Stock market is one the place with illogical math of

1 + 1 > 2 (for merger with synergistic result)

and

2 < 1 + 1 (for quality spin-offs)



(vested)