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04-11-2015, 02:29 PM
broker's report - http://www.theedgemarkets.com/sg/article...e-says-dbs
F&N is ‘definitely an interested party’ in raising Vinamilk stake, says DBS.
SINGAPORE (Nov 4): DBS Vickers says Fraser and Neave (FNN) ( Valuation: 0.80, Fundamental: 1.55) is “definitely an interested party” in increasing its stake in Vinamilk.
According to Bloomberg, quoting Saigon Times, FNN is offering US$4 billion ($5.6 billion) for Vietnam’s State Capital Investment Corporation’s (SCIC) 45.1% stake in Vinamilk.
But FNN has issued an announcement indicating that it “has not submitted any offer letter to Vinamilk or SICC with regards to any offer to purchase SCIC’s stake in Vinamilk”.
The quoted offer price is about 40% premium to Vinamilk’s current traded price and values it at a market cap of US$8.9 billion.
This works out to a PE of 28x/25x on FY15F/16F, based on Bloomberg consensus’ estimates.
F&N is ‘definitely an interested party’ in raising Vinamilk stake, says DBS.
SINGAPORE (Nov 4): DBS Vickers says Fraser and Neave (FNN) ( Valuation: 0.80, Fundamental: 1.55) is “definitely an interested party” in increasing its stake in Vinamilk.
According to Bloomberg, quoting Saigon Times, FNN is offering US$4 billion ($5.6 billion) for Vietnam’s State Capital Investment Corporation’s (SCIC) 45.1% stake in Vinamilk.
But FNN has issued an announcement indicating that it “has not submitted any offer letter to Vinamilk or SICC with regards to any offer to purchase SCIC’s stake in Vinamilk”.
The quoted offer price is about 40% premium to Vinamilk’s current traded price and values it at a market cap of US$8.9 billion.
This works out to a PE of 28x/25x on FY15F/16F, based on Bloomberg consensus’ estimates.