Fraser & Neave (F & N)

[weijian]

I was very disappointed when they did that. When F&N placed out new shares to Temasek back then, I imagined that they were acquiring a strategic interest to fend off any potential takeover. But, for a quick profit, I don't see any sense of national pride or patroitism in them (maybe too many non-Singaporean decision makers there), even when we are looking at 100-yr brands... same thing last time for Raffles Hotel via Capitaland.. And the govt wonders why our citizens are becoming like them...only money talks...

Look at Khanazah. From Pantai to IHH. If I were a Malaysian, I'd be very proud... even tho' it's likely related to elections... even tho' the Turkey assets looks toxic... Still something to be proud of..

As a MSIAN, i was sceptical when Khanazah entered into a bidding war with Fortis back then - i thought it was paying over the roof. Now, the same folks who were responsible ARE making me eat humble pie with this IPO.
In this IPO, i am STILL sceptical - i do not understand how and why so many SWF and institutional folks are buying at such expensive valuations (over and over the roof) - Again, i guess this takes a long time for an average joe like me to understand (bigger fool theory? healthcare is the next growth frontier as asia ages?)
Deep inside, I have a (conspiracy) theory that there is some kind of 'you scratch my back, i scratch yours' deals going on.

Temasek is actually a commericially driven investor. They are NOT expected to be less efficient because of patriotism etc.